Chicago Commercial Mortgage Loans from $1,000,000+
Chicago Commercial Mortgage Rates - Rates updated 07-15-2019
|Loan Product||Rates (start as low as)||LTV||Amortization|
|Commercial Mortgage Rates||3.98%||Up to 75%||Up to 25 years|
|Multifamily Mortgage Rates||3.53%||Up to 80%||Up to 30 years|
|Business Real Estate Loans||3.88%||Up to 90%||Up to 30 years|
Select Commercial is a leading commercial real estate lender. We have excellent commercial mortgage loan products and options available for owners and purchasers of commercial real estate and multifamily buildings throughout the city of Chicago. While we lend across the entire continental United States, we are able to give our best rates and loan programs to certain areas that we feel are strong markets. Chicago is one of the cities that we consider to be a premium market and we actively look to originate good quality loans here for our clients. We have a diverse array of many available loan products to help qualified Chicago borrowers looking to purchase or refinance a commercial property. If you are looking to obtain a multifamily building loan or commercial real estate loan, don't hesitate to contact us. There are many reasons why our customers like doing business with Select Commercial. We have a simplified application process and we do not charge any upfront application or processing fees. We typically offer 24-hour pre-approvals with no-cost and no-obligation. Our long term fixed rates are excellent, and we look to close within 45 days of application.
Our Commercial Real Estate Loan Benefits
Rates start as low as 3.53% (as of 07-15-2019)
• No upfront application or processing fees
• Simplified application process
• Up to 80% LTV on multifamily, 75% on commercial (90% with SBA)
• Terms and amortizations up to 30 years
• Loans for purchase and refinance, including cash-out
• 24 hour written pre-approvals with no cost and no obligation
Our staff is professional and knowledgeable, and we look forward to working with you on your next commercial mortgage transaction. We arrange financing in the city of Chicago for the following:
- Multifamily Building Loans – we actively lend on garden apartments, high-rise multifamily buildings, student housing complexes, underlying cooperatives, and all other types of residential dwellings. We consider loan requests up to 80% LTV. We offer loans with and without recourse (personal guarantees) and with and without prepayment penalties. We offer fixed rate loans with terms from 3 to 30 years.
- Office Building Loans – we lend on all types of office properties, including multi-tenant and single tenant buildings in all locations. We lend on both owner occupied and investor properties. We typically lend up to 75% LTV on investor properties and up to 90% on owner occupied properties. Most loans are written for either 5, 7, or 10 years at a fixed rate with a 25-year amortization.
- Retail Building Loans – we gladly consider requests for commercial mortgage loans on shopping centers, retail strip centers, and individual retail stores. We are a little bit more conservative on retail loans these days based on the current climate for retailers and will consider LTV ratios of 65%-75% depending on the deal. We actively lend on NNN single tenant retail locations such as Starbuck’s, CVS, Walgreens, Dollar General, and other national credit rated tenants.
- Industrial Property Loans – we love to lend on warehouses, distribution centers, manufacturing facilities and other industrial properties. Often, these properties are owner occupied by the owner’s business. We also lend on multi-tenant industrial properties as well. We look for properties in good locations with access to population centers and transportation.
- Single/Special Use Loans – we have a special lending division that understands small business lending secured by owner occupied businesses such as motels, gas stations, restaurants, car washes, retail stores, and other specialty properties. Many banks have a hard time with this type of lending as they often do not understand the underlying businesses.
- Investment Property Loans – any and all income producing property will be considered. We are cash flow driven lenders and look for properties that generate positive cash flow for their owners. We will consider portfolios of single family residences under this group.
- Bridge Loans – many borrowers do not qualify for regular institutional financing due to various short-term obstacles which need to be resolved before they can qualify for bank type financing. These borrowers often require short term loans, or bridge loans, to overcome these short-term problems.
Chicago Commercial Mortgage Loans
Select Commercial provides commercial mortgage loans and multifamily financing throughout Chicago and the state of Illinois including but not limited to the areas below.
Addison IL • Glen Ellyn • Northbrook • Algonquin • Glenview • Oak Brook • Arlington Heights • Gurnee • Oak Lawn • Aurora • Putnam • Oak Park • Barrington • Bolingbrook • Orland Park • Bartlett • Hanover Park • Rolling Meadows • Batavia • Highland Park • Round Lake Beach • Bolingbrook • Hinsdale • Schaumburg • Buffalo Grove • Joliet • St. Charles • Carol Stream • Lake Forest • Tinley Park • Des Plaines • Lombard • Waukegan • Downers Grove • Morton Grove • Westmont • Elgin • Mundelein • Wheaton • Elmhurst • Naperville • Wheeling