Commercial Real Estate Loan Programs

INSIGNIA arranges financing across all major capital sources: bank loans, credit union loans, Fannie Mae and Freddie Mac agency loans, CMBS conduit loans, FHA/HUD multifamily loans, SBA 504 and 7(a) loans, USDA B&I loans, bridge loans from debt funds, C-PACE financing, and equity from private sources including family offices, private equity, and REITs. We cover commercial, multifamily, healthcare, industrial, hospitality, self-storage, and residential investor properties.

We arrange commercial real estate loans starting at $250,000 through select credit union and bank programs. Most agency and CMBS programs begin at $750,000 to $2 million. If you have a smaller loan requirement, contact us and we'll advise on the best available path.

Loans under $3 million are typically placed with credit unions and community or regional banks, through SBA 504 and 7(a) programs for owner-occupied property, and through Freddie Mac Small Balance and Fannie Mae Small Loan programs for apartment properties with five or more units. Transitional properties can use bridge financing, although many debt funds set minimums at $1 million or above. We match the request to the lender type that fits the property, the sponsor, and the timeline.

A recourse loan allows the lender to pursue the borrower or guarantor beyond the collateral if sale proceeds fall short of the debt. A non-recourse loan limits the lender to the collateral, subject to customary carve-outs for acts such as fraud, misapplication of funds, and unpermitted transfers, which can convert the loan to full recourse. Agency, CMBS, HUD, and life company loans are generally non-recourse. SBA and USDA B&I loans require personal guarantees, and bank and bridge loans vary by transaction.

A CMBS (Commercial Mortgage-Backed Securities) loan is a non-recourse commercial mortgage that is pooled with other loans and sold to investors on the secondary market. CMBS loans are best suited for stabilized income-producing properties (office, retail, industrial, hospitality, or multifamily) where the borrower wants a fixed rate, non-recourse structure, and doesn't require flexible prepayment options. Yield maintenance or defeasance are typical prepayment mechanisms.

Both are government-sponsored enterprise (GSE) programs offering non-recourse, long-term financing for apartment properties. Fannie Mae's DUS program includes a Small Loans product for loans up to $9 million, while Freddie Mac's Small Balance Loan (SBL) program focuses on 5–50 unit properties. The right fit depends on loan size, property characteristics, and current market pricing. In most cases we'll quote both and let the market decide. See our multifamily loan and apartment loan pages for program detail.

Bridge loans are short-term financing (typically 1–3 years) used when a property is in transition, being repositioned, lease-stabilized, renovated, or acquired under tight timing. Debt funds are the primary source for bridge lending and can close faster than banks or agencies because they underwrite to the business plan and projected value, not just current cash flow. After stabilization, most bridge loans are refinanced into permanent financing.

Most lenders underwrite stabilized income-producing property to a minimum debt service coverage ratio of roughly 1.20x to 1.35x, depending on the program and property type. Conduit and life company lenders also size to a minimum debt yield, and bridge lenders size to cost and projected value rather than in-place coverage. You can test a scenario with our DSCR calculator.

INSIGNIA arranges commercial real estate financing nationwide, with the exception of Alaska, Arizona, Maine, Minnesota, Nebraska, Nevada, North Dakota, South Dakota, and Vermont, where we do not currently conduct business. We operate in all other states across the continental U.S. and Hawaii. Lender availability within a state varies by program and property type.