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Commercial Property

Commercial Real Estate Loans

Select Commercial is recognized for its expertise in commercial mortgage lending, with loans starting at $1,500,000. We finance every major commercial property type across the 48 contiguous states and work to deliver the best rates and a tailored solution for each. For pricing on all loan products, see today’s commercial mortgage rates.

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Commercial Property Types We Finance

From a single tenant building to a large shopping center, we arrange financing on all major commercial property types nationwide:

Retail / Shopping CenterStrip centers, shopping centers and single-tenant retail.Office BuildingMulti-tenant and single-tenant office, for investors and owner-users.Industrial / WarehouseWarehouse, distribution, manufacturing and flex space.Self-StorageAcquisition, refinance and expansion of storage facilities.Medical / HealthcareMedical office and healthcare-related property.Mobile Home ParkManufactured housing communities and mobile home parks.Hotel / MotelFlagged and independent hotels and motels.NNN / Single-TenantSingle-tenant, triple-net credit-tenant property.ManufacturingOwner-occupied manufacturing and production facilities.MotelPurchase and refinance of independent and franchised motels.Dental PracticeDental office real estate and practice acquisition financing.Underlying Co-opUnderlying mortgages for residential co-op buildings.1031 ExchangeFinancing for replacement property in 1031 exchanges.Investment PropertyFinancing for income-producing commercial investment property.Special PurposeCar washes, gas stations, marinas and other special-use assets.RestaurantPurchase and refinance for owner-operated restaurants.Gas StationGas station and convenience store financing.Car WashExpress, full-service and self-serve car wash financing.MarinaMarinas, boatyards and waterfront service businesses.Bowling AlleyBowling centers and family entertainment venues.Campground / RV ParkCampgrounds and RV parks, seasonal and year-round.

Commercial Real Estate Loan Rates

Commercial mortgage pricing depends on the property type, loan size, leverage and the strength of both the borrower and the property’s cash flow. The starting rates below are a snapshot across our most requested products. For live pricing on every program, see our commercial mortgage rates page, which we update regularly.

Starting rates by property type
Loan TypeRate*Max LTV
Multifamily / Apartment6.14%80%
Retail, Office & Industrial7.25%75%
CMBS Conduit7.03%75%
NNN / Single-Tenant6.85%75%
SBA 504 (Owner-Occupied)6.97%90%
Bridge9.00%75%

Rates last updated October 29, 2026. Rates and maximum LTV shown represent our best-case pricing scenarios. Actual rates, LTV, and loan terms are subject to underwriting approval and may vary. See all current commercial mortgage rates →

How Commercial Real Estate Loans Work

A commercial real estate loan is underwritten primarily to the property, not just the borrower. Lenders look first at whether the building’s income comfortably covers the debt, then at leverage, the sponsor and the market. Understanding the main terms helps you compare offers on equal footing:

Because terms vary widely by capital source, working with a commercial mortgage broker lets you compare agency, bank, CMBS, bridge and private options side by side rather than accepting the first quote. See today’s commercial mortgage rates or request a free quote to get started.

Investment Property Loans

Most commercial real estate loans are investment property loans: financing for income-producing buildings you own as an investor rather than occupy. As a commercial mortgage broker, Select Commercial compares agency, bank, CMBS, bridge and private capital sources and matches your property and business plan to the loan with the best terms and the highest certainty of closing. If your business will occupy the building, see our business (owner-occupied) loans.

What Our Clients Say

Trustpilot★★★★★BBBBBBA+ AccreditedGoogle★★★★★
★★★★★

“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 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, IL
★★★★★

“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, MA

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Commercial Real Estate: 2026 Outlook

2026 is a refinancing and repositioning year. An estimated $875 billion of commercial and multifamily mortgage debt matures in 2026, about 17% of the $5.0 trillion outstanding (Mortgage Bankers Association, February 2026), and investor sentiment has improved, with the industry outlook score rising to 2.81 from 2.75 in the latest national survey. Sector by sector, using data as of mid-2026:

  • Multifamily: about 4.3% national vacancy in Q2 2026 with 167,000 units absorbed, and agency lending capacity up 20.5% to a combined $176 billion. See our apartment loans for properties under $6 million.
  • Industrial: vacancy fell to about 6.8% in Q2 2026 on 99.1 million SF of absorption, the strongest leasing in more than three years.
  • Retail: the tightest major sector, about 6.0% vacancy versus a 7.4% long-run average, with new construction at a 20-year low and rents up 2.2% year over year.
  • Office: a selective recovery, 20.1% national vacancy but trailing-year absorption of +14.3 million SF, the best since 2020, with leasing at a post-pandemic high.
  • Hotels: RevPAR forecast up 0.6% to 0.9% for 2026 with a World Cup tailwind, and about 30% of hotel mortgage balances mature this year, the most of any type.
  • Medical office: record 92.7% occupancy as of March 2026 with construction starts near 1% of inventory.
  • Self-storage: stabilizing, with the national street rate at $135 (June 2026) and a development pipeline near just 2.3% of inventory.
  • Manufactured housing: 95% occupancy and 6.8% lot-rent growth through Q1 2026, among the strongest fundamentals anywhere.
  • Net lease: single-tenant cap rates steady at 6.82% overall in Q2 2026, with retail at 6.60%.

Owners with maturing debt should start 6 to 12 months early. Compare today’s commercial mortgage rates across every program.

The Hottest Commercial Real Estate Markets in 2026

National surveys and mid-2026 sector data agree on where momentum is concentrated. The Emerging Trends in Real Estate 2026 survey ranks Dallas/Fort Worth, Jersey City, Miami, Brooklyn and Houston as the top markets to watch, and the performance data backs it up:

Every market above links to our local financing page, and the full list of state pages is below. For apartment-specific data, see the metro snapshots on our multifamily loans page.

Commercial Real Estate Loans by State

Commercial lending rules change at the state line. For each of the 48 contiguous states and Washington, D.C., you will find how commercial property is taxed, what is due at closing on a purchase or a loan, and a current sign of commercial demand, followed by a link to that state’s commercial mortgage page.

Figures come from state statutes, tax agencies, government data and company announcements as of October 2026. County and city add-ons vary, so confirm the numbers for your property before you close.

Northeast

Closing taxes deserve their own line in a Northeast budget: several states charge 1.5% or more on a commercial sale, and New York also taxes the mortgage itself.

  • ConnecticutTax: Assessors can require owners of income-producing property to file income and expense reports by June 1, and a missed filing can add 10% to the assessed value.Closing costs: Nonresidential sales other than unimproved land pay 1.25% state conveyance tax plus 0.25% to the town, $45,000 on $3,000,000; certain towns may add up to 0.25% more.Market: In July 2026 the Navy awarded Groton-based Electric Boat $71.6 billion to build 14 submarines.Connecticut Commercial Mortgages ›
  • MaineTax: Owners have 30 days to answer an assessor’s written questions on income and expenses, and ignoring a mailed request can cost them the right to seek an abatement.Closing costs: Transfer tax is $2.20 per $500 of value plus $3.80 per $500 above $1 million, $28,400 on a $3,000,000 sale, split evenly between buyer and seller.Market: Mölnlycke broke ground in September 2025 on a $135 million, 78,000-square-foot expansion of its Brunswick Landing plant, due to finish by early 2027.Maine Commercial Mortgages ›
  • MassachusettsTax: Cities and towns can tax commercial property at a higher rate than homes; Boston’s fiscal 2026 rates were $26.96 commercial and $12.40 residential per $1,000.Closing costs: Deeds in Barnstable County pay $6.48 per $1,000 in combined state and county excise, $19,440 on a $3,000,000 sale, and the state portion is higher in other counties.Market: Education and health services employment was 860,100 in September 2026, up 1.6% in a year, according to preliminary federal data.Massachusetts Commercial Mortgages ›
  • New HampshireTax: Towns must reappraise all real estate at full value at least every five years, and commercial bills also carry the statewide education property tax.Closing costs: Transfer tax is $0.75 per $100, charged to both buyer and seller: $22,500 each, or $45,000 in total, on a $3,000,000 sale.Market: Core life sciences employers grew to 536 in 2025 from 325 in 2019, and their jobs rose 24%, versus 4% for all private employment.New Hampshire Commercial Mortgages ›
  • New JerseyTax: An owner of income-producing property who ignores an assessor’s certified-mail request for income data for 45 days can lose the right to appeal the assessment.Closing costs: Sellers pay the realty transfer fee plus a 1% to 3.5% graduated fee on Class 4A commercial sales over $1 million, about $108,800 on a $3,000,000 sale.Market: Building permits issued in 2025 covered an estimated $11.0 billion of nonresidential construction, including 10.0 million square feet of storage-class space such as warehouses and parking garages.New Jersey Commercial Mortgages ›
  • New YorkTax: New York City assesses commercial property at 45% of market value, against 6% for one- to three-family homes, and phases changes in over five years.Closing costs: Recording a commercial mortgage of $500,000 or more in New York City costs 2.8%, $56,000 on a $2,000,000 loan; elsewhere the state rate is generally 1% to 1.05%.Market: Micron broke ground in January 2026 on a $100 billion chip complex in Clay, Onondaga County, and poured its first concrete ahead of schedule in July.New York Commercial Mortgages ›
  • PennsylvaniaTax: State ratios for 2026 to 2027 put assessments near 5.6% of market value in Bucks County and about 49% in Allegheny, so compare effective rates, not millage.Closing costs: The state realty transfer tax is 1%, $30,000 on a $3,000,000 sale, before any local transfer tax, and buyer and seller are jointly and severally liable.Market: In October 2026 the state announced $371.5 million for an $837 million PhilaPort expansion projected to lift container capacity 122% and create over 6,000 jobs.Pennsylvania Commercial Mortgages ›
  • Rhode IslandTax: Cities and towns may tax commercial and industrial real estate as a separate class, generally capped at 1.5 times the residential rate, with Providence and two towns excepted.Closing costs: The seller pays a conveyance tax of $3.75 per $500 unless the contract says otherwise, $22,500 on a $3,000,000 sale, up from $2.30 before October 2025.Market: Quonset Business Park in North Kingstown passed 15,000 jobs in October 2025, with $2 billion of private investment since 2005.Rhode Island Commercial Mortgages ›
  • VermontTax: Commercial property pays the statewide nonhomestead education tax, $1.643 per $100 of equalized value for fiscal 2027, plus municipal taxes.Closing costs: The property transfer tax is 1.25% plus a 0.22% clean water surcharge, $44,100 on a $3,000,000 purchase, and it also reaches controlling-interest sales.Market: Weidmann opened an expansion of its St. Johnsbury plant in May 2026 that the company says raises total transformerboard production capacity by more than 30%.Vermont Commercial Mortgages ›

Mid-Atlantic

Recordation and transfer taxes stack up in this region, so a $3,000,000 commercial purchase can carry $120,000 of realty transfer tax in Delaware and $87,000 in the District.

  • DelawareTax: Under a 2026 law, school districts located entirely in New Castle County may tax commercial property at up to 1.85 times their residential school rate.Closing costs: Realty transfer tax totals 4% where the town or county levies its full 1.5% share, $120,000 on a $3,000,000 purchase; elsewhere the state rate is 3%.Market: Merck broke ground in April 2025 on a $1 billion, 470,000-square-foot biologics center in Wilmington, planning more than 500 jobs and lab operations by 2028.Delaware Commercial Mortgages ›
  • MarylandTax: Property is reassessed every three years; in the 2026 round commercial values rose 11% on average, phased in over three years with no 10% homestead cap.Closing costs: The state transfer tax is 0.5%, $15,000 on a $3,000,000 purchase, before county recordation and transfer taxes, which vary by county.Market: Baltimore’s Seagirt Marine Terminal moved a record 1,113,309 TEUs in 2025, and the port logged a record 2,223 cargo vessel visits.Maryland Commercial Mortgages ›
  • VirginiaTax: Northern Virginia Transportation Authority localities may add up to $0.125 per $100 on commercial and industrial property, and Fairfax County levies all of it.Closing costs: State and local recordation taxes come to $10,000 on a $3,000,000 purchase where the locality adds its one-third share, plus a $3,000 grantor’s tax.Market: Dredging of Norfolk Harbor and its main channel to 55 feet, a $450 million part of the port’s $1.4 billion Gateway program, finished in February 2026.Virginia Commercial Mortgages ›
  • West VirginiaTax: Property is assessed at 60% of market value each July 1, and industrial property is appraised by the State Tax Commissioner rather than the county assessor.Closing costs: Deed excise taxes run $1.65 to $2.75 per $500 depending on the county, $9,900 to $16,500 on a $3,000,000 purchase, paid by the grantor.Market: Toyota is investing $453 million at its Buffalo plant in Putnam County for hybrid engines and components, adding 80 jobs, the state announced in March 2026.West Virginia Commercial Mortgages ›
  • Washington DCTax: Commercial property pays $1.65, $1.77 or $1.89 per $100 of assessed value as its value passes $5 million and $10 million, versus $0.85 for most residential.Closing costs: Deed recordation and transfer taxes are 1.45% each, $87,000 in all on a $3,000,000 purchase, and the transfer tax falls on the seller by statute.Market: The Commanders are investing at least $2.7 billion in a stadium on the 180-acre RFK campus, slated to open in 2030.Washington DC Commercial Mortgages ›

Southeast

Alabama, Florida, Georgia and Tennessee tax the mortgage itself, so the loan amount feeds the closing bill, and several states here assess commercial property at a higher ratio than homes.

  • AlabamaTax: Commercial property is assessed at 20% of value, twice the ratio for owner-occupied homes; a temporary 7% cap on yearly growth resets the year after a sale.Closing costs: Mortgage tax is $0.15 per $100, $3,000 on a $2,000,000 loan; the $0.50 per $500 deed tax skips value covered by a mortgage that paid mortgage tax.Market: Economic development announcements in 2025 set a record of $14.6 billion in capital investment across 234 projects, with 9,388 new job commitments.Alabama Commercial Mortgages ›
  • FloridaTax: Since October 1, 2025, rent for office, retail, warehouse and self-storage space carries no state sales tax or local surtax, ending the 2% business rent tax.Closing costs: Documentary stamp and intangible taxes total $11,000 on a $2,000,000 mortgage; deed stamps on a $3,000,000 purchase run $21,000, or $31,500 in Miami-Dade.Market: Port Everglades handled a record 1,167,552 TEUs in fiscal 2025 on preliminary figures, and also set records for cruise passengers and energy.Florida Commercial Mortgages ›
  • GeorgiaTax: Commercial property is assessed at 40% of fair market value, and assessors must consider the income approach for income-producing property when data are available.Closing costs: Intangible recording tax is $1.50 per $500 on long-term notes, $6,000 on a $2,000,000 loan and capped at $25,000; transfer tax is $3,000 on a $3,000,000 sale.Market: An October 2026 announcement said the Army Corps approved the permit for the $2.3 billion Savannah Container Terminal, sized for 3.5 million TEUs; construction starts January 2028.Georgia Commercial Mortgages ›
  • KentuckyTax: Property can be revalued yearly and must be inspected at least every four years, and the state rate drops when revenue from existing property would grow over 4%.Closing costs: The grantor pays a deed transfer tax of $0.50 per $500, $3,000 on a $3,000,000 sale, and transfers between an LLC and its members are exempt.Market: A $1 billion GE Appliances and IUE-CWA investment announced in September 2026 includes more than $400 million to move dryer production from Mexico to Louisville.Kentucky Commercial Mortgages ›
  • MississippiTax: Commercial real estate falls in Class II, assessed at 15% of true value against 10% for owner-occupied homes, and assessors revalue at least every four years.Closing costs: No tax is charged on a deed or deed of trust; chancery clerks bill $25 for the first five pages recorded and $1 for each page after.Market: Hitachi Energy announced a $528 million, 654-job expansion of its Copiah County transformer operations in September 2026, with production set to start in 2029.Mississippi Commercial Mortgages ›
  • North CarolinaTax: Commercial property is appraised at 100% of market value and taxed at the same county and city rates as homes; only the legislature can classify property.Closing costs: The transferor pays an excise tax of $1 per $500, $6,000 on a $3,000,000 sale, and deeds of trust securing a loan are exempt.Market: Toyota opened its first North American battery plant in Liberty, Randolph County, in November 2025, a $13.9 billion investment creating more than 5,100 jobs.North Carolina Commercial Mortgages ›
  • South CarolinaTax: Commercial real estate is assessed at 6% of fair market value, compared with 4% for an owner’s legal residence, under a five-year countywide reappraisal cycle.Closing costs: The deed recording fee is $1.85 per $500 of value, $1.30 state and $0.55 county, or $11,100 on a $3,000,000 purchase.Market: Westinghouse announced in October 2026 a roughly $1 billion expansion of its nuclear fuel plant in Hopkins; construction is underway, with operations expected in 2030.South Carolina Commercial Mortgages ›
  • TennesseeTax: The assessment ratio is 40% for commercial real estate and 25% for homes, and since 2024 the franchise tax is figured on net worth with no property measure.Closing costs: Buyers pay a 0.37% transfer tax, $11,100 on a $3,000,000 purchase, and borrowers pay 0.115% on mortgage debt, about $2,300 on a $2,000,000 loan.Market: Korea Zinc plans a $6.6 billion critical-minerals smelter in Clarksville, announced December 2025, with about 750 jobs and phased operations targeted for 2029.Tennessee Commercial Mortgages ›

Midwest

Commercial property carries a heavier tax line than housing across most of the Midwest, through higher assessment ratios, class rates or school levies, so underwrite the real bill rather than a residential comparison.

  • IllinoisTax: Cook County assesses commercial property at 25% of market value versus 10% for homes; business effective tax rates there typically ran 5.8% to 6.9% in 2012 to 2023.Closing costs: The state transfer tax is $0.50 per $500, $3,000 on a $3,000,000 sale; Cook County adds $1,500 and Chicago another $31,500.Market: Hyundai Translead plans $600 million and 3,750 jobs at two Will County trailer plants on former Caterpillar and Lion Electric sites, the state announced in October 2026.Illinois Commercial Mortgages ›
  • IndianaTax: Tax bills on commercial property are capped at 3% of gross assessed value, versus 1% for homesteads, though voter-approved referendum levies can sit above the cap.Closing costs: Before a deed is filed, the parties submit a sales disclosure form with a $20 fee, and disclosures filed since July 2008 are publicly searchable online.Market: Defense companies have committed $2.5 billion since 2020; Prometheus Energetics, backed by an initial $175 million, is building a rocket motor plant near Crane, projecting production in 2027.Indiana Commercial Mortgages ›
  • IowaTax: Commercial property is assessed at 90% of its value above $150,000, while the first $150,000 of each property unit gets the residential assessment limitation, or rollback.Closing costs: Transfer tax is $0.80 per $500 above the first $500, about $4,800 on a $3,000,000 purchase, and title coverage comes from the state’s own Title Guaranty division.Market: Google announced $7 billion more in May 2025 for a new Cedar Rapids data center and an expansion in Council Bluffs.Iowa Commercial Mortgages ›
  • MichiganTax: Commercial real estate pays up to 18 mills of school operating tax, $18 for every $1,000 of taxable value, that owner-occupied principal residences are exempt from.Closing costs: The seller owes state transfer tax of $3.75 per $500 and county tax of $0.55, $25,800 combined on a $3,000,000 sale.Market: In August 2026 fairlife broke ground on a $650 million expansion in Coopersville, Ottawa County, adding about 200 full-time jobs.Michigan Commercial Mortgages ›
  • MinnesotaTax: Commercial property’s class rate is 1.5% on the first $150,000 of market value and 2% above that, where a state general levy also applies.Closing costs: Deed tax is 0.33%, $9,900 on a $3,000,000 purchase, and mortgage registry tax is 0.23%, $4,600 on a $2,000,000 loan; Hennepin and Ramsey add 0.01%.Market: Mayo Clinic’s Bold. Forward. Unbound. program in Rochester is part of a $10 billion investment in integrated digital and physical health care spaces, Mayo said in September 2026.Minnesota Commercial Mortgages ›
  • MissouriTax: Commercial real estate carries a 32% assessment ratio, against 19% for residential, with new values set as of January 1 of each odd-numbered year.Closing costs: A 2010 constitutional amendment bars the state, counties and other political subdivisions from imposing any new tax, including a sales tax, on real estate sales or transfers.Market: Google announced a $15 billion infrastructure investment in May 2026, including a new data center in Montgomery County.Missouri Commercial Mortgages ›
  • OhioTax: Commercial property is taxed in a separate class from homes and farms; in Cincinnati for tax year 2025 its effective rate is 82.84 mills versus 69.24.Closing costs: Conveyance fees run $1 per $1,000 statewide plus up to $3 by county: $9,000 on a $3,000,000 sale in Franklin or Hamilton County, $12,000 in Cuyahoga.Market: Anduril’s Arsenal-1 near Rickenbacker rolled its first Fury aircraft off the line in July 2026, with $910.5 million and 4,008 jobs committed by 2035.Ohio Commercial Mortgages ›
  • WisconsinTax: Business furniture and equipment have been exempt from property tax since January 1, 2024, and the state, not a local assessor, assesses real estate used mainly for manufacturing.Closing costs: The grantor pays a real estate transfer fee of 30 cents per $100 of value, $9,000 on a $3,000,000 sale.Market: Microsoft began limited operations at its $3.3 billion Mount Pleasant AI datacenter in 2026, and a second, budgeted at about $4 billion, is under construction.Wisconsin Commercial Mortgages ›

Great Plains

Deed taxes are light here: North Dakota’s constitution bars transfer and mortgage taxes, Kansas repealed its mortgage registration tax in 2019, and Nebraska’s $3.32 per $1,000 is the highest deed tax in the group.

  • KansasTax: The state constitution sets the assessment rate at 25% for commercial and industrial real estate, more than double the 11.5% rate for residential property.Closing costs: The mortgage registration tax was repealed starting in 2019, and state law restricts sale prices on the sales questionnaire to listed parties such as appraisers.Market: The Chiefs’ $3 billion domed stadium in Wyandotte County, part of a $4 billion project with $1 billion of mixed-use development, is slated to open in 2031.Kansas Commercial Mortgages ›
  • NebraskaTax: Commercial real estate is valued at 100% of market value, versus 75% for farmland, and each county’s commercial assessment level must fall between 92% and 100%.Closing costs: The grantor pays documentary stamp tax of $3.32 per $1,000 since July 18, 2026, $9,960 on a $3,000,000 sale, scheduled to drop to $2.32 in 2032.Market: Google, which reports more than $15 billion invested in the state, lists 2026 as the year its Lincoln data center comes online, joining Papillion and Omaha.Nebraska Commercial Mortgages ›
  • North DakotaTax: Taxable value is 5% of market value for commercial property versus 4.5% for residential, and only primary residences can claim a credit of up to $1,600.Closing costs: The state constitution bars mortgage and transfer taxes on real property, and buyers must state the full price paid on the face of the deed unless exempt.Market: Applied Digital’s Polaris Forge 1 AI campus in Ellendale had 250 megawatts running in October 2026, on the way to a fully leased 400 megawatts.North Dakota Commercial Mortgages ›
  • OklahomaTax: The fair cash value used to tax commercial property can rise no more than 5% a year, except in a year the property sells or is improved.Closing costs: Documentary stamps on a deed cost 75 cents per $500 of consideration, $4,500 on a $3,000,000 purchase with no assumed debt.Market: Google announced $9 billion for cloud and AI infrastructure in 2025 and lists data center campuses in development in Stillwater, Muskogee County and Tulsa County.Oklahoma Commercial Mortgages ›
  • South DakotaTax: From taxes payable in 2027, the school general fund levy can reach $4.867 per $1,000 of taxable value on commercial property, versus $0.669 on owner-occupied homes.Closing costs: The grantor pays a transfer fee of 50 cents per $500 of value, $3,000 on a $3,000,000 sale, and a certificate of value must accompany the deed.Market: Smithfield plans a $1.29 billion plant in Sioux Falls’ Foundation Park, approved for state support in June 2026, replacing its downtown plant and retaining over 3,100 jobs.South Dakota Commercial Mortgages ›

South Central

Texas and Louisiana levy no state transfer tax and constitutionally bar new ones, while Arkansas charges $3.30 per $1,000 of the price.

  • ArkansasTax: After a countywide reappraisal, an existing commercial parcel’s taxable value can rise only 10% a year toward full value, versus 5% for homesteads.Closing costs: Deeds carry a state transfer tax of $3.30 per $1,000 of consideration, $9,900 on a $3,000,000 purchase.Market: Google is investing $4 billion through 2027, including a West Memphis data center campus under construction since October 2025.Arkansas Commercial Mortgages ›
  • LouisianaTax: Commercial buildings are assessed at 15% of fair market value, versus 10% for land and homes, and all property must be reappraised at least every four years.Closing costs: No state transfer tax applies and new ones are barred; an authentic-act mortgage with a confession of judgment allows seizure and sale without a prior judgment.Market: In July 2026 Meta raised its Richland Parish data center commitment to more than $50 billion, with plans for nearly 10 million square feet and 5 gigawatts.Louisiana Commercial Mortgages ›
  • TexasTax: A 20% yearly appraisal cap on non-homestead property worth up to about $5 million covers only tax years 2024 to 2026, and buyers do not inherit it.Closing costs: No state deed or mortgage tax applies, and since 2016 the state constitution has barred enacting a transfer tax on sales of real property.Market: Nonfarm payrolls grew by 154,300 jobs in the 12 months to September 2026, the largest gain of any state, according to preliminary Bureau of Labor Statistics data.Texas Commercial Mortgages ›

Mountain West

Most of these states tax commercial property on a larger share of its value than a home, and in Idaho, Montana and Wyoming the price paid is not public record.

  • ArizonaTax: Commercial property is assessed at 15.5% of value for 2026 and 15% from 2027, compared with 10% for owner-occupied homes.Closing costs: Under A.R.S. 11-1133, buyer and seller must jointly certify the price, the cash down payment and the type of financing in an affidavit recorded with the deed.Market: TSMC’s Phoenix commitment has grown from $12 billion to $265 billion, and its second fab targets volume production in the second half of 2027.Arizona Commercial Mortgages ›
  • ColoradoTax: Commercial property is assessed at 25% of actual value for 2026, down from 27% in 2025 and more than triple the roughly 7% residential rate.Closing costs: The state documentary fee is one cent per $100 of price, $300 on a $3,000,000 purchase, and the declaration filed with the deed reports the sale price.Market: Lockheed Martin Space announced in October 2026 an expansion in Douglas and Jefferson counties expected to add up to 1,250 jobs over four years.Colorado Commercial Mortgages ›
  • IdahoTax: Commercial property is assessed at 100% of market value with no homeowner’s exemption, which takes up to $125,000 off an owner-occupied primary home.Closing costs: Sale prices need not be disclosed, and Canyon County charges flat recording fees: $15 for a deed and $45 for a deed of trust, up to 30 pages.Market: As of June 2026, Micron planned 3,000 jobs in a $35 billion Boise expansion, and Tractor Supply a $225 million, 500-job project in Nampa.Idaho Commercial Mortgages ›
  • MontanaTax: For 2026, commercial taxable value is 1.5% of market value below $2,274,000 and 1.9% at or above it, versus 0.76% on a primary home’s first $378,000.Closing costs: A 2010 constitutional amendment bars any state or local tax on real estate sales, and the transfer certificate declaring the price paid is confidential, not public record.Market: Bozeman Yellowstone International Airport passed three million passengers in the 12 months through September 2026, beating its 2.9 million projection.Montana Commercial Mortgages ›
  • NevadaTax: Buildings are valued at replacement cost less 1.5% a year of depreciation, not market value, and yearly commercial tax bill increases are generally capped at 8% or less.Closing costs: Transfer tax is $1.95 per $500 of value, $11,700 on a $3,000,000 purchase; add-ons make it $12,300 in Washoe and Churchill counties and $15,300 in Clark County.Market: Tesla began high-volume Semi truck production at its plant near Reno in September 2026, nearly five months after the first production truck came off the line.Nevada Commercial Mortgages ›
  • New MexicoTax: Commercial property pays separate nonresidential mill rates on one-third of value, with no 3% cap; Albuquerque’s 2025 rate was 53.462 mills versus 48.323 residential.Closing costs: Title insurance premiums are set by order of the state superintendent of insurance in a rate case under Section 59A-30-8, and no other rates are allowed.Market: Pacific Fusion broke ground in August 2026 on a $1 billion research and manufacturing campus at Albuquerque’s Mesa del Sol, planned for about 200 permanent jobs.New Mexico Commercial Mortgages ›
  • UtahTax: Commercial property is taxed on 100% of market value, while primary residences get a 45% exemption and are taxed on 55%.Closing costs: Recording is a flat fee rather than a tax: Salt Lake County charges $40 per document for a deed or trust deed, whatever the price or loan size.Market: A state legislative brief from August 2026 counts 48 operating data centers, plus seven under construction that will need about 2,600 megawatts of additional power.Utah Commercial Mortgages ›
  • WyomingTax: Commercial property is assessed at 9.5% of market value and industrial property at 11.5%, and assessors must update values every year.Closing costs: Recording is charged by the page, not the price: Laramie County charges $12 for the first page of a deed or mortgage and $3 for each page after.Market: TerraPower officially began construction of its 345-megawatt Natrium nuclear plant at Kemmerer in April 2026 with about 1,600 workers, and expects about 250 full-time staff once running.Wyoming Commercial Mortgages ›

West Coast

A sale plays out three ways here: California reassesses the property, Oregon leaves its assessed value alone, and Washington’s graduated excise tax reaches 3% at the top bracket.

  • CaliforniaTax: Proposition 13 generally limits assessed value growth to 2% a year; a sale, or acquiring more than 50% of an owning entity, triggers reassessment to market.Closing costs: The county documentary transfer tax is $0.55 per $500, $3,300 on a $3,000,000 purchase, and some cities levy their own transfer taxes on top.Market: The Port of Los Angeles moved a record 1,042,652 TEUs in September 2026, and nearly 8.1 million in the first nine months of the year.California Commercial Mortgages ›
  • OregonTax: Assessed value is the lower of market value or a maximum assessed value that generally rises 3% a year, and a sale does not reset it.Closing costs: State law bars local transfer taxes not in effect by March 31, 1997; Washington County’s tax is $1 per $1,000, or $3,000 on a $3,000,000 sale.Market: Genentech announced in August 2026 an expansion of its Hillsboro campus that the governor’s office says will create 450 manufacturing and construction jobs.Oregon Commercial Mortgages ›
  • WashingtonTax: Assessors must value property at 100% of its market value; the 1% levy limit caps growth in each taxing district’s regular levy, not an individual building’s tax bill.Closing costs: The graduated state real estate excise tax of 1.1% to 3% comes to about $59,000 on a $3,000,000 sale, and Seattle’s 0.5% local tax adds $15,000.Market: Manufacturing payrolls rose 2.6% over the year to 275,500 jobs in September 2026, outpacing 0.7% growth in total nonfarm jobs, preliminary federal data show.Washington Commercial Mortgages ›

Commercial Real Estate Loan FAQs

What is a commercial real estate loan?
A commercial real estate loan is a mortgage on income-producing or business-use property such as retail, office, industrial, self-storage or multifamily, underwritten primarily to the property’s cash flow. Select Commercial arranges them nationwide from $1,500,000.
What types of commercial property do you finance?
We finance retail and shopping centers, office, industrial and warehouse, self-storage, medical and healthcare, mobile home parks, hotels and motels, NNN and single-tenant, manufacturing, dental practices, underlying co-ops, 1031 exchange purchases, investment property, and special-purpose businesses such as restaurants, gas stations, car washes, marinas, bowling alleys and campgrounds, across the 48 contiguous states.
What are current commercial mortgage rates?
Rates vary by property type, loan size, leverage and borrower strength. See today’s commercial mortgage rates for current pricing on every product.
How much can I borrow, and what LTV is available?
We finance from $1,500,000 with no maximum, typically up to 80% loan-to-value for qualified borrowers and stabilized properties.
What is an investment property loan?
Most commercial real estate loans are investment property loans: financing for income-producing buildings you own as an investor rather than occupy. We arrange them through agency, bank, CMBS, bridge and private capital.
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.
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