Commercial Real Estate Mortgage Rates
PHOENIX FIRST provides the information below as guidance and for discussion purposes only. These rates are for different property types and terms. The rates are based upon Tier 1, well located and low leverage properties.
Rates will increase slightly to mitigate the credit risk for a higher LTV, loan structure request and lower debt coverage ratio.
The buttons will give you access to download the rate sheet or allow you to email a rate sheet to a person who may find the information useful.
| * Commercial Real Estate Rates as of Saturday, May 4, 2024 | |||
| 5 year Fixed | 10 year Fixed | 10 year Adjustable | |
| Industrial & Anchored Retail | 6.86% | 6.86% | 6.42% |
| Unanchored Retail & Medical Office | 6.96% | 6.96% | 6.52% |
| Apartment | 6.81% | 6.81% | 6.32% |
| General Office | 7.31% | 7.31% | 7.07% |
Other Property Types will be considered on a case by case basis. Call for pricing.
Other Conditions :
Rate reset every 6 months on adjustable rate loans.
Adjustable rates include a 6% lifetime cap above the initial rate.
Prepayment provision on fixed rate loans based on a yield maintenance formula.
Rates quoted are for well maintained, fully leased and located properties.
Rates subject to change without notice. Loans below $2.0mm require higher pricing.
Most loans are NON-RECOURSE
25-year amortization on all loans except apartment which is 30 year.
LTV’s subject to underwriting criteria, up to 80% loan to value on apartment and 75% on other properties.
Debt coverage minimum of 1.25x for Multi-Family, Industrial, and Anchored Retail; 1.30x for other types.
Closing process typically within 45-60 days from receipt of a complete application from Borrower.
Amortization of 20 to 30-year schedules available on most transactions, subject to underwriting criteria.
Rate lock available upon receipt of complete application, subject to Borrower qualification.
*** Bridge, Quick, short term, 14 days or less funding available for certain projects ***
(RATES AND CONDITIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE)
* The interest rates quoted above will increase slightly to mitigate underwriting constraints
* This Rate Sheet is intended for discussion purposes only