Single Use Loans

Single Use Loan Interest Rates - Rates updated July 19th, 2024

Loan Product Rates (start as low as) LTV
5 Year Fixed Rates 6.33% Up to 75% Get Free Quote
7 Year Fixed Rates 6.36% Up to 75% Get Free Quote
10 Year Fixed Rates 6.43% Up to 75% Get Free Quote
Restaurant Hotel Motel Gas Station Loans Single Use Mortgage Loan

Select Commercial offers many commercial mortgage loan programs to the owners and purchasers of single use properties and/or special use commercial real estate. Single use properties are commercial properties that have a specific purpose geared to a specific industry, such as a gas station, restaurant, or motel. These loans are not generally preferred by traditional banks and are commonly rejected. This is a problem for small business owners and self-employed borrowers as these properties are often owned by small business owners. Also, many small business owners find that they have trouble obtaining traditional bank loans for these properties due to their company’s size, credit rating, or difficulty producing tax returns. In addition, if you are starting up a new business or expanding an existing business, it may be possible for us to use projection based income in order to qualify. Traditional banks can’t match the ability we have to “stretch the guidelines” to help your business grow. These loans have always been a large portion of our business. We actively lend on gas stations, restaurants, hotels and motels, bed and breakfasts, laundromats, service stations, bowling alleys, movie theaters, golf courses, marinas, retail stores, independent groceries, franchises, auto repair, manufacturing plants, liquor stores, health clubs, self-storage, mini-storage, parking garages, campgrounds, recreational facilities, RV parks, and many other single purpose properties. We even financed a sky diving wind tunnel for one of our clients! We have a special division that caters to these single use and specialty real estate loans. Some examples of these property types include:

Hotels and Motels
Special Use Loans includes loans to the hospitality industry. We are actively lending on hotels and motels, including unflagged motels. Unflagged motels are motels that do not operate under a franchise agreement such as Holiday Inn or Marriott. Also, many older motels have outside corridors and limited services. Many lenders will not finance types of properties.

Gas Stations
Gas stations are another single use property that are very often rejected by other lending institutions due to environmental concerns. We will actively lend on gas stations – both “branded” gas stations and “off-brand” gas stations.

Restaurants and Bars
Many restaurants and bars are housed in stand-alone, single-use properties. Some might be owner occupied and owner/user, others might be franchised locations of large national chains. We are glad to consider restaurant financing for all types of these situations.

Single Tenant Medical Buildings
We frequently finance single use medical properties for our clients in the medical, dental, and other health related fields. We have helped doctors, dentists, veterinarians, pharmacists, chiropractors and acupuncturists acquire or refinance their own buildings. In fact, we can even lend up to 100% on medical related buildings!

Our Single Use Loan Benefits

Single Use Loan rates start as low as 6.43% (as of July 19th, 2024)
• A commercial mortgage broker with over 30 years of lending experience
• No upfront application or processing fees
• Simplified application process
• Up to 90% financing on owner/user properties.  Up to 100% for medical professionals.
• Terms and amortizations up to 25 years
• Loans for purchase and refinance, including cash-out
• 24 hour written pre-approvals with no cost and no obligation

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Mixed-Use Property Outlook for 2024

Combining two or more asset classes into one building has become increasingly popular in recent years and is likely to play a pivotal role in the future of commercial real estate. The demand for convenience drives this trend, with consumers expecting on-demand access to amenities and services. Mixed-use properties, which integrate residential, retail, and office spaces, offer a versatile solution to meet these expectations.

Common Types of Mixed-Use Developments
Mixed-use developments come in various forms, including retail districts, mixed-use hotels, and live-work spaces. Understanding the relationships between these asset classes is crucial for investors. Employment significantly impacts the synergy between office and multifamily properties, with densely populated areas offering a larger talent pool and client base.

Horizontal and Vertical Mixed-Use Developments
- Horizontal Developments: These are similar to strip malls and include multiple single-use properties serving complementary functions. They are more common in suburban areas where space is abundant.
- Vertical Developments: In densely populated cities like New York and Seattle, vertical mixed-use buildings are prevalent. These structures stack different property types within a single building, such as placing multifamily units above ground-floor retail spaces.

Benefits of Mixed-Use Properties
Mixed-use properties offer several advantages, including a diverse market of renters, consistent cash flow, and sustainability. By catering to a broad base of tenants, these properties can maintain stable income streams and provide a buffer against the loss of individual occupants. Additionally, the density of mixed-use developments promotes walking and reduces car dependency, contributing to environmental sustainability.

The Future of Mixed-Use Properties
The evolution of city centers reflects the changing dynamics of commercial real estate. Former industrial areas, like Williamsburg in Brooklyn and Long Island City in Queens, have transformed into vibrant neighborhoods with high-end retail and multifamily rental properties. The concept of central business districts is also shifting from being solely office-focused to becoming central social districts where residents live, work, and play. Mixed-use properties are essential to this development, leveraging innovative solutions to create dynamic and integrated urban environments.