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Exit hard money loans with permanent financing
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Fund fit-outs to attract quality tenants
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What Is a CRE Loan?
Fundamentals of commercial real estate financing
CRE Loan Requirements
Credit, DSCR, LTV, and documentation standards
CRE Loan Rates
Current rate ranges by property type and loan program
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Short-term capital while you secure permanent financing
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Qualify based on property income, not personal income
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SBA 504 Rates as Low as 6.5%
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Definitions for every term lenders use
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CRE Document Checklist 2025
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UPDATED JUNE 2026

Current CRE Loan Rates by Type

Commercial real estate rates range from 5.05% to 12.75% depending on loan type, property, and borrower profile. See how each program is priced and what drives the spread.

Overall Rate Range
5.05 - 12.75%
Fixed-rate benchmark
Daily Updated
Live Rates
Source from FRED
Calculators
23
Prepare Your Deals
CRE Loan Types
10+
Compared to Lower

Benchmark rates as of June 2026. CRE loan rates = benchmark + lender spread. Future: dynamic rate widget planned.

BENCHMARK RATES
LIVE
10-YR TREASURY
--
Fixed-rate benchmark
5-YR TREASURY
--
Mid-term benchmark
SOFR
--
Variable-rate benchmark
PRIME RATE
--
SBA 7(a) benchmark
Source: Federal Reserve (FRED) · Updated daily
RATES BY LOAN TYPE

What You’ll Pay by Program

Each CRE loan type is priced differently because of the underlying risk, funding source, and structure. Here are the current ranges for each program.

Agency (Fannie/Freddie)
Rate Range5.05 – 6.50%
Index5/10yr Treasury
TypeFixed
PropertyMultifamily only
SBA 504 (CDC)
Rate Range5.85 – 6.25%
Index10yr Treasury
TypeFixed 25yr
PropertyOwner-occupied
Details →
CMBS / Conduit
Rate Range6.32 – 8.00%
Index10yr Treasury + swap
TypeFixed 5/10yr
PropertyAll CRE ($2M+)
Details →
Conventional Bank
Rate Range6.50 – 8.75%
Index5yr Treasury / SOFR
TypeFixed or variable
PropertyAll CRE types
Details →
DSCR Loan
Rate Range6.50 – 9.00%
Index5/10yr Treasury
TypeFixed 5–30yr
PropertyInvestment, no docs
Details →
SBA 7(a)
Rate Range9.75 – 10.25%
IndexPrime + 2.25–2.75%
TypeVariable
PropertyOwner-occupied
Details →
Construction
Rate Range6.50 – 9.00%
IndexSOFR / Prime
TypeVariable (IO)
PropertyGround-up builds
Details →
Bridge Loan
Rate Range7.50 – 12.00%
IndexSOFR / Prime
TypeVariable (IO)
PropertyTransitional assets
Details →
Mezzanine
Rate Range8.00 – 15.00%
IndexNegotiated
TypeFixed (IO)
PropertyGap funding, $5M+
Details →
Hard Money
Rate Range9.00 – 14.00%
IndexAsset-based pricing
TypeFixed (IO)
PropertyDistressed, fast close
Details →
WHAT DRIVES YOUR RATE

6 Factors That Determine Your CRE Rate

Market benchmarks set the floor. These six factors determine where YOUR rate falls within each program’s range — and most of them are within your control.

01
DSCR Strength
A 1.35x DSCR gets significantly better pricing than 1.20x. Every 0.05x improvement can shave 10–25 bps off your rate. Use our DSCR Calculator to optimize.
02
Leverage (LTV)
Lower leverage = lower rate. A 60% LTV request will price 25–50 bps better than 75% on the same property. More equity signals less risk to every lender type.
03
Property Type
Multifamily and industrial get the best rates. Retail and office carry premiums due to vacancy risk. Hotels and restaurants see the widest spreads. Match your property to the right program.
04
Sponsor Experience
First-time CRE borrowers pay 25–75 bps more than experienced sponsors with proven track records. Portfolio size and prior deal history matter significantly.
05
Loan Size
Larger loans get better pricing because the lender’s fixed costs are spread across a bigger balance. $5M+ typically prices 25–50 bps better than sub-$1M loans.
06
Prepayment Structure
Accepting defeasance or yield maintenance (restrictive prepayment) lowers your rate vs. flexible prepayment. Longer lockout periods also improve pricing by 10–25 bps.

Model different scenarios: Payment Calculator · Refi Break-Even · Cash-on-Cash Return

FREQUENTLY ASKED QUESTIONS

CRE Loan Rate FAQ

What is a good interest rate for a commercial real estate loan in 2026?
For stabilized properties with strong borrower profiles: Agency multifamily at 5.0–6.5%, SBA 504 at 5.85–6.25%, CMBS at 6.3–8.0%, and conventional bank at 6.5–8.75%. Anything below 7% for a non-SBA, non-agency loan is considered very competitive in the current market.
Are commercial real estate rates expected to drop in 2026?
The Fed held rates steady through the first half of 2026 after three cuts in late 2025. Most market participants expect stable to modestly lower rates through year-end, but significant cuts are not priced in. The bigger opportunity is negotiating tighter spreads as lender competition increases.
How is a CRE loan rate different from a residential mortgage rate?
CRE rates are typically 1–4% higher than residential because commercial loans carry more risk, shorter terms, and balloon structures. CRE rates are priced off Treasury yields or SOFR plus a spread, while residential rates follow different secondary market dynamics through Fannie Mae and Freddie Mac.
Can I lock my CRE rate before closing?
Most CRE lenders don’t offer rate locks at term sheet stage. Rates are typically locked at commitment or application, after appraisal and preliminary underwriting. Some CMBS and agency lenders offer early rate locks for a fee (usually 0.5–1 point). SBA 504 debenture rates are set at pooling, not at application.
Why is my quoted rate higher than the ranges shown here?
Published ranges reflect best-case scenarios for strong borrowers and properties. Your rate may be higher due to lower DSCR, higher leverage, less experience, property condition issues, or challenging markets. Our advisors identify the specific factors raising your rate and recommend strategies to improve it.
How many lender quotes should I get?
At minimum, 3–5 quotes from different lender types. A bank, a CMBS conduit, and an SBA lender will quote the same deal very differently. BestLoanUSA compares options across our 30+ lender network so you see the full landscape without multiple applications.

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