Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Chicago, Illinois
Chicago Commercial Mortgages in 2026
Select Commercial arranges Chicago commercial mortgage financing on office, retail, industrial, mixed-use and owner-occupied property, with rates as low as 6.37%, up to 75% LTV (90% owner-occupied with SBA) and terms to 30 years.
Get a Free QuoteFinancing Options in Chicago
Chicago apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Illinois commercial mortgages and Illinois apartment loans.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Chicago Commercial Mortgage Rates
| Loan Type | Rate* | Max LTV |
|---|---|---|
| Commercial Real Estate | 6.77% | Up to 75% |
| Single-Tenant Net Lease | 6.37% | Up to 75% |
| Owner-Occupied / SBA | 6.57% | Up to 90% |
| Apartment / Multifamily | 5.70% | Up to 80% |
- Chicago commercial mortgage rates as low as 6.37%
- Up to 75% LTV commercial, 90% owner-occupied
- Terms and amortizations up to 30 years
- Purchase and refinance, including cash-out
- No upfront application or processing fees
- 48-hour written pre-approvals, no cost or obligation
Rates start as low as shown. Your rate, LTV and amortization are set by underwriting.
Chicago Commercial Mortgage Benefits
- Chicago commercial mortgage rates as low as 6.37% on qualifying single-tenant net-lease property
- A commercial mortgage broker with 30+ years of lending experience
- No upfront application or processing fees
- Up to 75% LTV on commercial property, up to 90% on owner-occupied with SBA
- Terms and amortizations up to 30 years, purchase and refinance including cash-out
- 48-hour written pre-approvals, no cost and no obligation
2026 Chicago Commercial Real Estate Market Outlook
Chicago enters 2026 as one of the most supply-disciplined major markets in the country, and that shapes how lenders underwrite a Chicago commercial mortgage. Limited new construction, steady employment and durable rents keep well-located income property attractive to the banks, agencies and conduit lenders we work with.
Employment and demand
Metro employment is projected to expand by roughly 13,000 jobs in 2026, supporting tenant demand across office-alternative, industrial and retail-service space. Population-serving property in dense neighborhoods continues to perform, while commodity suburban office remains the most scrutinized asset class.
Supply stays constrained
New deliveries across property types remain well below the long-term average, holding vacancy in check for stabilized buildings. For borrowers, limited competing supply strengthens the cash-flow story lenders want to see on a Chicago commercial mortgage.
Rates and underwriting
Most commercial mortgages price over the 5, 7 or 10 year Treasury rather than the Prime Rate. Those benchmarks remain elevated versus the last cycle, so 2026 deals are sizing to debt-service coverage more than to a headline LTV. Buildings with strong occupancy and a debt-service-coverage ratio of at least 1.25x are clearing underwriting comfortably.
By property type
- Industrial: the strongest sector, with tight vacancy and steady rent growth near transportation corridors.
- Retail: neighborhood and necessity retail is resilient; national credit net-lease tenants price best.
- Office: selective, with premium and medical office financeable and commodity suburban office conservative.
- Mixed-use and multifamily: the deepest lender pool, supported by Chicago's tight apartment vacancy near 3.8%.
Recent Commercial Closings
A sample of commercial and apartment loans we have arranged for investors nationwide.
Chicago Commercial Properties We Finance
Whether you are purchasing or refinancing, we arrange Chicago commercial mortgage financing on:
- Office buildings, multi-tenant and single-tenant
- Retail, shopping centers and NNN single-tenant net-lease
- Industrial, warehouse and distribution
- Mixed-use and apartment over retail
- Owner-occupied business real estate (SBA up to 90% LTV)
- Self-storage, medical office and special-use property
We consider commercial loan requests of all sizes, beginning at $1,500,000.
How We Help Chicago Commercial Mortgage Clients
Select Commercial is a leading Chicago commercial mortgage broker. We have excellent loan products for owners and purchasers of commercial real estate throughout Chicago and the surrounding suburbs. While we lend across the continental United States, Chicago is a market we consider strong and actively originate in. With 30+ years of experience, we compare many sources of capital, national banks, regional and local banks, Fannie Mae, Freddie Mac, FHA and HUD, insurance companies, CMBS conduit lenders, credit unions and private lenders, to fit each client. Having many lenders to choose from is an advantage over any single source. We have a simplified application process, charge no upfront application or processing fees, and typically offer 24-to-48-hour written pre-approvals with no cost and no obligation. Our long-term fixed rates are competitive and we look to close within 45 days of application.
Other Property & Loan Types We Finance in Chicago
As a full-service commercial mortgage broker, we arrange Chicago financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
What Our Clients Say
“As a real estate attorney, I trust that Select Commercial will deliver commercial mortgages in a timely manner. My clients are always handled professionally, and the rates and terms are excellent. I heartily recommend them.”
David S. · New York City“I needed an SBA loan and found Select Commercial. It was obvious Stephen knew everything about commercial loans. If you are starting a small business, definitely give them a call.”
Larry S. · Washington, DC“Select Commercial was very helpful with my commercial mortgage. I needed to increase cash flow due to maintenance on my property. Stephen went over several options and got me the funds while lowering my payments.”
Gary M. · Portland, OR“Select Commercial offered 100% financing for my medical practice when my bank would have required 20% down. They delivered something my bank could not, and handled everything professionally.”
John C. · Boston, MAGet Your Chicago Commercial Mortgage Quote
No cost, no obligation. Written answers within 48 hours on Chicago commercial loans from $1,500,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up