Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Answers
Frequently Asked Questions
Common questions about commercial and apartment financing with Select Commercial, grouped by topic. For anything not covered here, request a free quote or call us at 877-548-9454.
Get a Free QuoteWhat Our Clients Say
★★★★★
“As a real estate attorney, I trust that Select Commercial will deliver apartment building loans and commercial mortgages in a timely manner. The rates and terms offered are excellent. I heartily recommend them.”
David S. · New York City★★★★★
“I spoke to several commercial lenders before finding Select Commercial. They got me a lower rate and their service was exceptional. If you need a multifamily loan, you need to talk to Stephen.”
Nathan B. · Philadelphia, PA★★★★★
“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★★★★★
“I am a veterinarian who purchased an existing practice. I was surprised to find a company that offered 100% financing at a good rate, with great terms and rates for medical office financing.”
Carol K. · Chicago, ILGet Your Custom Rate Quote
No cost, no obligation. Written answers within 48 hours on 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
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Minimum loan size $1,500,000. No exceptions.
General
What types of properties do you finance?
Apartment and multifamily buildings of five or more units, plus retail, office, industrial and warehouse, self-storage, medical and healthcare, mobile home parks, hospitality, NNN and single-tenant, and special-purpose commercial property, nationwide from $1,500,000.
What areas do you serve?
We are a nationwide commercial mortgage broker serving the 48 contiguous states.
What is the minimum loan amount?
We finance from $1,500,000, with no maximum.
Do you charge upfront fees?
No. There are no upfront application or processing fees. We are compensated at closing.
How fast can I get a pre-approval?
We issue written pre-approvals within 48 hours at no cost and no obligation.
How much experience does Select Commercial have?
More than 30 years originating commercial mortgage loans, with an A+ rating from the Better Business Bureau.
Rates & Terms
What are current commercial mortgage rates?
Rates vary by program, property type, loan size and leverage. See today’s commercial mortgage rates for current pricing on every product.
How much can I borrow, and what LTV is available?
From $1,500,000 with no maximum, typically up to 80% loan-to-value for qualified borrowers and stabilized properties, and up to 90% (100% in some cases) with SBA for owner-occupied property.
What loan terms and amortizations are available?
Terms and amortizations up to 30 years, depending on the program, with fixed and floating options.
What debt-service-coverage ratio (DSCR) do lenders want?
Most lenders look for a DSCR of about 1.25 or higher, though it varies by program and property.
Can I get cash out on a refinance?
Yes, cash-out refinances are available for qualified properties across most programs.
Can I lock my rate?
Yes. Most programs allow a rate or spread lock once your loan is approved or at commitment, and some agency programs offer early rate-lock options.
Loan Programs
What loan programs do you offer?
Fannie Mae, Freddie Mac, Freddie Mac SBL, FHA/HUD, CMBS, bank and portfolio, bridge, and SBA 504 and 7(a). See our loan programs page.
Do you offer non-recourse loans?
Yes. Agency (Fannie and Freddie), CMBS and many bridge programs are non-recourse with standard carve-outs.
What is the difference between agency, bank and CMBS loans?
Agency loans generally carry the lowest long-term fixed rates for stabilized multifamily. CMBS offers non-recourse financing focused on the property. Bank portfolio loans offer relationship-based flexibility. As a broker, we compare all of them.
What is an SBA loan and who is it for?
SBA 504 and 7(a) loans finance owner-occupied business property with high leverage, up to 90% and in some cases 100%. See our SBA loans and business loans pages.
Do you finance affordable housing?
Yes, extensively, through agency programs including Section 8, tax-exempt, LIHTC and preservation loans.
Property Types
Do you finance apartment and multifamily properties?
Yes, buildings with five or more residential units, through agency, bank, FHA/HUD and CMBS programs. See apartment loans and multifamily loans.
What is the difference between an apartment loan and a multifamily loan?
They finance the same asset. In practice, apartment loan usually means financing under $6 million and multifamily loan means larger balances over $6 million.
Do you finance special-use or single-purpose businesses?
Yes, including restaurants, gas stations, car washes, bowling alleys, campgrounds and marinas, usually through SBA. See our special-purpose page.
Do you finance owner-occupied commercial property?
Yes. Owner-occupied property is financed through our business loans, often via SBA with high leverage.
Process & Getting Started
How do I get started?
Request a free quote and a loan specialist will review your property and goals and issue a written pre-approval within 48 hours at no cost or obligation.
How long does it take to close?
Most commercial and apartment loans close in 30 to 60 days, depending on the program and property.
What documents will I need?
Generally property financials and a rent roll, recent operating statements, a personal financial statement, and details on the property and your experience. We tell you exactly what is needed up front.
Do you work with self-employed borrowers?
Yes. We specialize in self-employed and owner-operator borrowers, including those whose credit or provable income does not fit typical bank standards.
How is Select Commercial paid?
We are compensated at closing, with no upfront application or processing fees, so our interests are aligned with getting your loan done on the best terms.