Commercial Mortgage Rates
Compare current commercial mortgage rates starting at 5.18% as of 2/18/26, including options for long-term financing, flexible repayment terms, and streamlined commercial loan approvals.
Commercial Mortgage Rates and Loan Terms as of February 18, 2026
| Loan Type | Starting Rate* | Max LTV |
|---|---|---|
| Multifamily Loan Over $6 Million | 5.18% | Up to 80% |
| Apartment Building Loan Under $6 Million | 5.58% | Up to 80% | Retail / Shopping Center Loan | 6.23% | Up to 75% |
| CMBS Loan | 6.29% | Up to 75% |
| NNN Single Tenant | 5.83% | Up to 75% |
| Mobile Home Park Loan | 5.58% | Up to 75% |
| Single Credit Tenant | 5.83% | Up to 75% |
| Owner-Occupied Commercial Loan | 6.03% | Up to 90% |
| Industrial Building Loan | 6.23% | Up to 75% |
| Office Building Loan | 6.23% | Up to 75% |
| Self-Storage Loan | 6.23% | Up to 75% |
| Medical Office / Healthcare Loan | 6.23% | Up to 75% |
| SBA 504 Loan | 5.68% | Up to 90% |
| SBA 7(a) Loan | 6.50% | Up to 90% |
| Special Purpose Property Loan | 6.50% | Up to 90% |
| Hotel Loan | 6.50% | Up to 90% |
| Motel Loan | 6.50% | Up to 90% |
| Bridge Loan | 9.00% | Up to 80% |
Commercial Mortgage Rates Update as of January 28, 2026
On January 28, 2026, the Federal Reserve kept the federal funds rate unchanged at 3.50% to 3.75%. Federal Reserve Chair Jerome Powell stated that the Committee will continue to monitor incoming economic data before changing course. This marked the first pause following three straight rate cuts in late 2025.
Why this matters for investors
As of the date this was written, the 10 year Treasury yield was approximately 4.26%, which has kept long term commercial loan rates from declining further. While short term rates have stabilized, lenders remain selective. Transactions with strong cash flow and conservative leverage continue to close, while marginal deals remain difficult.
Where rates are landing today
Commercial mortgage rates continue to track the 10 year Treasury and SOFR with deal by deal spreads. Treasury rates have trended higher despite earlier cuts to short term rates. Exact pricing depends on leverage, debt service coverage, property type, location, sponsor track record, and prepayment structure. Two borrowers on the same day may see very different outcomes.
Refinancing and loan maturities
Many loans originated between 2019 and 2021 are maturing in 2026 and are resetting at rates higher than their original notes. Borrowers should plan for tighter proceeds if net operating income has not kept pace and may need to pay down principal or consider bringing in a partner. Additional rate cuts are still expected later in 2026, but timing remains uncertain and data dependent.
Practical next steps for investors
- Underwrite new loans using current interest rates, realistic cap rates, and in place cash flow
- Look for opportunities to increase NOI by raising rents and reducing vacancy where possible
- Plan for more conservative loan to value ratios, debt service coverage requirements, and debt yield standards in today’s lending environment
Commercial Mortgage Benefits
Commercial mortgage rates start as low as 5.18% (as of February 18th, 2026)
• A commercial mortgage broker with over 30 years of lending experience
• 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 Reviews
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Multifamily Loan Rates - Detailed
Looking for comprehensive multifamily loan rates over $6 million, including national pricing, underwriting standards, and financing options? View our dedicated multifamily lending page for full details.
View Multifamily Loan Programs & Rates Over $6 Million
Multifamily Rates Updated February 18th, 2026
| Multifamily Loan Rates Over $6,000,000 | Rate* | Amortization | |
|---|---|---|---|
| 5 Year Fixed | 5.18% | Up to 30 years | |
| 7 Year Fixed | 5.23% | Up to 30 years | |
| 10 Year Fixed | 5.30% | Up to 30 years |
- Tier 2 – 75–80% / 1.25x
- Tier 3 – 65% / 1.35x
- Tier 4 – 55% / 1.55x
Apartment Building Loan Rates - Detailed
Looking for comprehensive apartment loan rates under $6 million, including pricing, underwriting guidelines, and financing options? View our dedicated apartment lending page for full details.
View Apartment Loan Programs & Rates Under $6 Million
Apartment Loan Rates Updated February 18th, 2026
| Apartment Loan Rates Under $6,000,000 | Rates* | Amortization | |
|---|---|---|---|
| 5 Year Fixed | 5.58% | Up to 30 years | |
| 7 Year Fixed | 5.63% | Up to 30 years | |
| 10 Year Fixed | 5.70% | Up to 30 years |
- Tier 2 - 75-80%/1.25x
- Tier 3 - 65%/1.35x
- Tier 4 – 55%/1.55x
CMBS Rates - Detailed
Looking for competitive CMBS loan rates for stabilized commercial properties, including apartments, retail, office, and hospitality? View our dedicated CMBS lending page for full program details.
View CMBS Loan Programs & Rates
Updated February 18th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 10 Year Fixed | 6.29%-7.30% | Up to 30 years |
NNN Lease - Detailed
Financing a triple net (NNN) leased property with a national or credit tenant? Explore our CMBS and NNN financing options for long-term, non-recourse structures.
Updated February 18th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 3 Year Fixed | 5.64% | Up to 30 years |
| 5 Year Fixed | 5.83% | Up to 30 years |
| 7 Year Fixed | 6.05% | Up to 30 years |
| 10 Year Fixed | 6.29% | Up to 30 years |
Fannie Mae Small Balance Multifamily - Detailed
Looking for competitive Fannie Mae multifamily loan rates, including both Small Balance and standard program options? View our dedicated Fannie Mae lending page covering all available structures and guidelines.
View Fannie Mae Multifamily Loan Programs & Rates
Updated February 18th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 5 Year Fixed | 5.58%-6.50% | Up to 30 years |
| 7 Year Fixed | 5.63%-6.60% | Up to 30 years |
| 10 Year Fixed | 5.70%-6.71% | Up to 30 years |
| 15 Year Fixed | 6.61%-7.17% | 30 years |
| 30 Year Fixed | 6.64%-7.15% | 30 years |
- Tier 2 – 75–80% / 1.25x
- Tier 3 – 65% / 1.35x
- Tier 4 – 55% / 1.55x
Fannie Mae Large Balance Multifamily - Detailed
Looking for competitive Fannie Mae multifamily loan rates for larger apartment properties? View our main Fannie Mae lending page covering both Small Balance and Large Balance programs.
View Fannie Mae Multifamily Loan Programs & Rates
Updated February 18th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 5 Year Fixed | 5.18%-6.07% | Up to 30 years |
| 7 Year Fixed | 5.23%-6.14% | Up to 30 years |
| 10 Year Fixed | 5.30%-6.22% | Up to 30 years |
| 15 Year Fixed | 6.25%-6.59% | 30 years |
| 30 Year Fixed | 6.27%-6.56% | 30 years |
- Tier 2 – 75–80% / 1.25x
- Tier 3 – 65% / 1.35x
- Tier 4 – 55% / 1.55x
Freddie Mac Small Balance Multifamily - Detailed
Looking for competitive Freddie Mac multifamily loan rates for small balance properties? View our main Freddie Mac lending page for full program details, underwriting guidelines, and available structures.
View Freddie Mac Multifamily Loan Programs & Rates
Updated February 18th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 5 Year Fixed | 6.12% | Up to 30 years |
| 7 Year Fixed | 5.98% | Up to 30 years |
| 10 Year Fixed | 5.93% | Up to 30 years |
- Tier 2 – 75–80% / 1.25x
- Tier 3 – 65% / 1.35x
- Tier 4 – 55% / 1.55x
Freddie Mac Large Balance Multifamily - Detailed
Looking for competitive Freddie Mac multifamily loan rates for larger stabilized and value-add properties? View our main Freddie Mac lending page covering both Small Balance and Large Balance programs.
View Freddie Mac Multifamily Loan Programs & Rates
Updated February 18th, 2026
| Freddie Mac Multifamily Rates Over $6,000,000 | Free Loan Quote | ||
|---|---|---|---|
| Loan Type | Rate* | LTV | |
| Multifamily 5 Year Fixed Loan Rates | 5.18% | Up to 80% | |
| Multifamily 7 Year Fixed Loan Rates | 5.23% | Up to 80% | |
| Multifamily 10 Year Fixed Loan Rates | 5.30% | Up to 80% | |
Bank Apartment Mortgage - Detailed
Updated February 18th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| 5 Year Fixed | 5.75%-6.25% | Up to 30 years |
| 7 Year Fixed | 5.75%-6.25% | Up to 30 years |
| 10 Year Fixed | 5.95%-6.50% | Up to 30 years |
- Tiered pricing from 55% – 80% LTV
- Simplified underwriting for small balance loans
- Loan amounts from $1,500,000 - $10,000,000+ Nationwide
- Loan to value ratios up to 80% on purchases and 75% on refinances
- Cash out refinances are acceptable
- Pricing based on loan-to-value and debt service coverage ratio:
- Tier 2 - 75-80%/1.25x
- Tier 3 - 65%/1.35x
- Tier 4 – 55%/1.55x
- Interest only loans are available
- Step down and yield maintenance prepayment penalties
- Nonrecourse loans are available
Small Business Administration (SBA) - Detailed
Updated February 18th, 2026
| Loan Product | Rate* | Amortization |
|---|---|---|
| Adjustable | 6.50%-7.75% | Up to 25 years |
| 5 Year Fixed | 6.50%-7.75% | Up to 25 years |