Cleveland Commercial Mortgage Loans
$1,000,000 Minimum

Cleveland Commercial Mortgage Rates - Rates updated March 7th, 2021

Loan Product Rates (start as low as) LTV
Multifamily Mortgage Rates (Over $6,000,000) 2.94% Up to 80% Get Free Quote
Multifamily Mortgage Rates (Under $6,000,000) 3.37% Up to 80% Get Free Quote
Single Tenant Lease Rates 3.50% Up to 75% Get Free Quote
Business Real Estate Loans 3.70% Up to 90% Get Free Quote
Commercial Mortgage Rates 3.75% Up to 75% Get Free Quote
Cleveland Commercial Real Estate Cleveland Commercial Mortgage

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 Cleveland. 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. Cleveland 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 Cleveland 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.

Cleveland Commercial Mortgage Benefits

Cleveland commercial mortgage rates start as low as 2.94% (as of March 7th, 2021)
• 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

Recent TRUSTPILOT Reviews

Select Commercial Funding Reviews from TRUSTPILOT

A three year journey
"Thanks Stephen for all of your hard work in getting our deal closed! I appreciate your professionalism and patience throughout a complicated process. You always were there for my partner and I whenever we had questions and needed answers quick. It was a pleasure to have worked with you and Select Commercial!"


Recent Closings

Cleveland Multifamily Loan Information

Cleveland Economic Trends Cleveland Economic Trends

Luxury Units Outside the Core Begin to Materialize; Interest in Shoreway Rises as Renovation Takes Hold

Luxury multifamily rental demand multiplies outside of urban core. Development continues in the central business district this year with three-fifths of Cleveland’s 1,100 apartment supply being completed here in 2020. While there is demand for luxury multifamily units in the city, renters are also seeking high-end apartments slightly east of the city, where the average effective rent is lower than the central business district’s rate. Developers are also enticing apartment renters to these areas by advancing the retail and entertainment components within new apartment buildings. This year in the town of Richmond Heights, construction will begin the first phase of The Belle Oaks multifamily neighborhood. The full development will be completed in 2022, featuring 790 apartments and approximately 315,000 square feet of retail, including Regal’s 20-screen theater complex. Increased leasing activity in this area has already lowered the submarkets vacancy close to 3.0 percent in 2019. Starting 2020, six out of 10 Cleveland submarkets will start with multifamily vacancy under 3.5 percent. Cleveland is definitely a place for investors to look into taking out an apartment loan to finance their next purchase.

Apartment investors fix eyes near Lake Erie beaches. Cleveland residents continue to flock around the Great Lakes Shoreway as the area rehabilitates with venues for experiential arts, entertainment, and culinary hot spots. As residential demand strengthens here, several buyers are targeting updated multifamily assets predating the mid-1900s as they are highly popular with renters who desire an eclectic residential experience. In 2019, sales picked up along the shore way, doubling the amount recorded a year prior. South of the shoreline, on the eastern side of the city, apartment demand continues to grow due to many of the city’s universities and several large healthcare employers located here. The persistent renter demand appeals to multifamily investors who scour the area for potential trades. Though the availability of Class C apartment assets is limited here, a property positioned strategically will receive competitive bidding, potentially lowering the trades cap rate down to the metro’s overall average of 8 percent range or lower. For all of these reasons, investors would be wise to look into procuring a multifamily loan to finance their next purchase in the Cleveland area.

2020 Cleveland Multifamily Market Forecast

Cleveland Completions vs. Absorption Cleveland Completions vs. Absorption

Cleveland National Multifamily Index Rank is at 42, up 1 place. Cap rates remaining well above the national average advance Cleveland in the Index this year.

Employment in Cleveland is up 0.6%. Job creation will slow this year as employers add 6,500 positions. Last year, Cleveland’s employment base grew 0.8 percent.

Construction of new apartment units in Cleveland is expected to exceed 1,100 units. Deliveries will rise by approximately a third. Construction will be prominent in Central Cleveland as renters seek space within the vibrant retail district.

Vacancy in Cleveland is up 10 bps. As units fill, leasing will fall behind this year’s development pipeline, ticking the metro vacancy rate minimally to 4.1 percent. In 2019, a 70-basis-point decline was recorded.

Rent in Cleveland is up 5.5%. This year will post the largest rent increase since 2000 as the average effective rent will lift to $1,000 per month.

Investment in Cleveland remains solid for investors looking to take out multifamily loans. Many buyers flock to east Cleveland, near University Circle and Euclid, as Class C assets can be purchased with first-year returns in the mid-7 percent cap range and higher. Investors should look at obtaining an apartment loan to finance their next purchase in Cleveland.

Data provided by Marcus & Millichap.

Commercial Mortgage Rate Trends in 2020

Cleveland Vacancy and Rents Cleveland Vacancy and Rents

At the beginning of 2020 the overall market outlook did not suggest any crucial factors that would negatively impact the commercial mortgage market. Commercial mortgage lenders and investors expected a very profitable 2020. Almost 65 percent of the top commercial real estate companies believed that commercial mortgage loan originations would go up this year and over 15 percent anticipated an overall rise of over 5 percent. Data released at the beginning of 2020 indicated that commercial mortgage lenders were expected to close over $680 billion of commercial mortgage loans this year. Experts were of the belief that commercial mortgage lenders would remain bullish about making loans. In addition, as commercial mortgages rates were expected to go down most industry leaders were convinced that borrowers in 2020 will have a strong desire to take out commercial mortgage loans. However, with the recent outbreak of the Covid-19 pandemic, the US and global economy has been incredibly unstable. The stock market seems to be bottoming out and commercial mortgage rates have been hit very hard. While the Fed has dropped short term interest rates, long term commercial mortgage rates have actually been rising. Huge cities like New York are shutting down. In this economic climate, many investors are scared to purchase commercial real estate and to take out commercial mortgages. Additionally, the oil industry has been hit hard. Not only are people traveling less due to coronavirus, China and Russia are currently involved in a price war which is driving the price of oil way down. Many people are optimistic that as spring and summer roll in and public health officials learns how to handle this pandemic, the economy should regain its strength.

What Happened with Commercial Mortgage Rates in 2019

Cleveland Sales Trends Cleveland Sales Trends

As we review the 2019 year, the commercial real estate market continued to flourish as the longest economic recovery in American history continued. Due to both GDP growth and a steady decline in the unemployment rate, 2019 saw the stock market make huge gains. Many investors thought that commercial mortgage rates would go up last year. However, in actuality commercial mortgage rates actually went down three times. These interest rates helped to spur investors to put more money into commercial real estate. With regards to commercial mortgage loan origination, the 2019 fiscal year far exceeded expectations due to solid fundamentals, low interest rates and higher demand for commercial mortgages. While 2018 commercial mortgage volume totaled about $339 billion, an increase of 18.9% from 2017, the 2019 numbers total about $369 billion. On a larger scale, the 2019 economy prospered overall. Over the course of the year about 2.1 million jobs were added to the market. In addition, the unemployment rate decreased about 50 basis points last year, matching the lowest unemployment rate in fifty years. At the beginning of 2019 many investors were expecting a recession. However, the economy improved as job growth rose and the unemployment rate decreased. This economic improvement had an immensely positive impact on the commercial real estate market as more investors rushed to put their money into commercial properties.

Cleveland Commercial Mortgage Loan Options

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 Cleveland 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.
Our company has multiple capital sources for these loans, including: national banks, regional and local banks, Fannie Mae, Freddie Mac, FHA, HUD, insurance companies, Wall Street conduit lenders (CMBS deals), credit unions and private lenders/hedge funds. Whether you are purchasing or refinancing, we have the right solutions available. We will entertain loan requests of all sizes, beginning at $1,000,000. Get started with a Free Commercial Mortgage Loan Quote.

Cleveland Commercial Mortgage Loans

Select Commercial provides commercial mortgage loans and multifamily financing throughout Cleveland and the state of Ohio including, but not limited to, the areas below.


Downtown, Edgewater, Glenville, Goodrich-Kirkland, Jefferson, Kamms Corner, Lee Miles, Mt Pleasant, North Collinwood, Ohio City-West Side, Old Brooklyn, Puritas Longmead, Saint Claire-Superior, South Broadway, Tremont, University District, West Boulevard.