Reviewed by Craig Hoebing, AZ Commercial Mortgage Banker CMB-1047342 · Updated October 2026
Commercial loan rates and calculator — dated public indexes and a sizing tool that uses numbers you type. Not a quote.
What this guide is, and what it is not
People type “capital markets” and land on a national definition: stocks, bonds, and firms that underwrite them. That is not this page. Capital Market Funds LLC is an Arizona commercial mortgage banker, license CMB-1047342. Craig Hoebing, NMLS 1445066, works from 7373 E Doubletree Ranch Rd #255, Scottsdale, AZ 85258. The phone is (480) 495-8072. The work is commercial real estate debt for Arizona property, including Phoenix files handled from that same office.
Two other phrases point at this same guide. “Commercial real estate capital markets Arizona” is this page, because the capital we arrange is real-estate debt. “Debt capital markets Arizona” is also this page when the debt is a commercial mortgage, a bridge loan, a bank construction loan, or an SBA or HUD structure. A second URL would repeat the same process. Corporate bonds, equity, and public offerings are not offered here, so they do not get a page.
The firm is also called Capital Market Funds, CapMarkFund, and CMF. Those names are the same Scottsdale desk. None of them means the firm is a bank, a direct lender, a Fannie Mae DUS lender, or a broker-dealer.
Who provides the capital
Banks and credit unions hold loans on their own books. They often want a guaranty, a relationship, and a leverage point that is tighter than a conduit loan. A bank file and an Arizona credit union file are arranged with the institution that will keep the note. Capital Market Funds does not take deposits and does not fund the loan.
Life companies buy long permanent debt on calm, leased property and often lock a rate at application. CMBS pools loans for bond buyers. Prepayment is usually yield maintenance or defeasance, which is why selling one building out of a blanket loan is hard. Those are life company and CMBS paths. We are not the life company and not the issuer.
Agency executions, Fannie Mae and Freddie Mac, are for multifamily that fits a program. HUD/FHA is for the multifamily, seniors, and healthcare paths the department publishes. Capital Market Funds places those files with the party that executes the program. The firm is not a Fannie Mae DUS lender, not a Freddie Mac Optigo seller/servicer, and does not claim MAP or LEAN approval. Read the limits on the agency and HUD pages.
Debt funds and bridge lenders finance a property that is not permanent yet: lease-up, a renovation, or a short clock. The bridge landscape sorts those types without naming or ranking firms. The Arizona execution page is bridge financing. Private capital is still not this firm lending its own paper.
SBA 504 is two loans plus borrower equity. A bank, or another SBA lender, makes the first mortgage. A certified development company makes the second loan, funded by a debenture the SBA guarantees. SBA 7(a) is a different guarantee, also made by an SBA lender. Capital Market Funds is not an SBA lender and not a CDC. The arrangement pages are Arizona SBA 504 and Arizona SBA 7(a).
The table under this section is the same structural comparison used elsewhere on the site: leverage, coverage, amortization, recourse, and a rough closing time. It has no interest rates. A life company that wants low leverage is not “ahead of” a bridge lender that will fund a renovation. They are different jobs.
| Lender type | LTV range | DSCR | Amortization | Recourse | Typical closing time |
|---|---|---|---|---|---|
| Bank | Often about 65–75% on stabilized income property | Often 1.25x or higher | Commonly 20–25 years, with a 5- or 10-year term | Frequently full or partial recourse | Often about 30–60 days when the file is complete |
| Credit union | Similar to banks, sometimes tighter on a single asset | Often 1.25x or higher | Similar to a bank hold, set by that credit union | Often recourse, sometimes with a deposit relationship | Often about 45–75 days |
| Life company | Often about 50–65% on core property | Often about 1.25x–1.50x | Often 15–30 years; some loans balloon | Often non-recourse with carve-outs on a clean asset | Often about 45–90 days; lock is commonly at application |
| CMBS | Often up to about 75% when the cash flow supports it | Often around 1.25x | Often 25–30 year amortization, 5–10 year term | Typically non-recourse with standard carve-outs | Often about 60–90 days |
| Agency (multifamily) | Conventional multifamily often discussed up to the low-80% area | Often around 1.25x, with program exceptions | Often up to 30 years | Generally non-recourse with carve-outs | Often about 45–90 days |
| HUD / FHA | Statutory maximums are published by HUD and are often higher than a bank | HUD publishes program minimums; they are not set on this page | 223(f) can run to 35 years | Generally non-recourse with program carve-outs | Often several months, because the HUD process is the calendar |
| Bridge / debt fund | Often underwritten to cost or as-is value, commonly below a permanent LTV | May be below 1.0x, or interest-only with a business plan | Usually interest-only for 1–3 years | Varies: carve-outs only, partial, or full | Often about 2–6 weeks |
| SBA 504 (project, not one loan) | Borrower injection, a bank first, and a CDC debenture — not a single LTV | The bank and the CDC each underwrite coverage | Debenture is 10, 20, or 25 years; the bank note is separate | Owners of 20% or more generally guaranty the 504 side | Often about 60–120 days |
| Mezzanine / preferred equity | Sits behind senior debt; the combined stack is the point | Looks at cash flow after the senior loan, or at accrued yield | Often co-terminus with the senior loan, or shorter | Usually a pledge of equity, not a second mortgage in every deal | Often about 45–90 days after the senior loan is identified |
Typical structural ranges, not quotes. No interest rates. Capital sources change leverage, coverage, recourse, and timing by asset. Capital Market Funds arranges financing and is not a lender, a bank, a CDC, or a Fannie Mae DUS lender.
How a mortgage banker runs the process
The first call names the address, the property type, and the job: a purchase, a refinance, or a plan that is not stabilized. A rent roll or a unit mix, and a trailing statement, are enough to see which source is even plausible. If a loan is already on the property, the payoff, the prepayment, and the maturity come before anyone talks about a new coupon.
Craig then says which box fits, or that none of them do. Packaging is the rent roll, the operating history, the sponsorship, the sources and uses, and the third-party reports the source will require. An application to a life company, a bank, an agency lender, or a HUD-approved lender is that source’s application. The form on this website is a request to talk. It is not an application.
A term sheet, when a source issues one, is still conditional. Appraisal, environmental, title, survey, insurance, and organizational documents follow. A rate lock, if it exists, is a separate agreement with a deadline. Closing is the funding date, not the day the term sheet arrived. One originator stays on the file. The lender of record is the capital source.
That sequence is the capital-markets process on this desk. It is shopping and arranging. It is not underwriting a security, and it is not a promise that every file finds a home.
What lenders look at
Debt service coverage is net operating income divided by the annual loan payment. Lenders adjust income for vacancy, management, taxes, and insurance before they do the division. The sponsor’s spreadsheet and the lender’s underwriting income are rarely the same number. Loan-to-value is the loan divided by value. Value might be an appraisal, a contract price, or a cap rate applied to income. Debt yield is income divided by the loan amount. It ignores the interest rate, which is why lenders use it when a low coupon would hide a large balance.
The Arizona commercial mortgage guide walks through those tests, the timeline, and the costs that are not the coupon. The calculator uses only numbers you type. It does not appraise the building and it does not suggest a spread. Leave a field blank and that test is skipped.
Sponsorship matters as much as the building. Lenders read experience, liquidity, and the story of this asset. A long lease to a credit tenant is a different file from a vacant building with a business plan. Owner-users who occupy the property are often a bank or SBA conversation. Investment property leased to other tenants is a conventional mortgage. Those are not interchangeable.
The existing note can decide the file before the new lender does. Yield maintenance, defeasance, or a step-down prepayment is a cost of refinancing. Estimate it before you compare coupons. The prepayment estimator illustrates patterns from numbers you type. The note controls the real figure.
Current conditions, without a coupon
Public indexes move. This page does not freeze them into a quote. The rates and calculator page shows 30-day Average SOFR, Treasury par yields, and Prime Rate, each with a source and an as-of date. You add a spread or type an all-in rate. The site does not suggest a market spread, and it does not print a Capital Market Funds coupon.
A written note on what those prints were, and what they are not, is the fourth-quarter 2026 lending update. It does not forecast the next print. Life companies, banks, CMBS, agency, and bridge capital do not all tighten or loosen on the same day. Say which source you mean before you describe “the market.”
A complete bank file is often measured in weeks. HUD is measured in months, because the department’s review is the calendar. A missing rent roll adds more time than the logo on the term sheet. None of those ranges is a promise.
Phoenix, Scottsdale, and the rest of Arizona
The office is in Scottsdale. Phoenix commercial real estate is covered from that desk, not from a second street address. The city readings are Phoenix capital markets and Scottsdale capital markets. The broader city pages, Phoenix and Scottsdale, keep the local mortgage and debt notes. Published closings stay on the page that names them. This guide does not add a dollar total.
Mesa, Chandler, Tempe, Gilbert, Glendale, Peoria, and Tucson are the same originator. They are not extra offices. The layer-by-layer menu, senior debt through SBA and HUD, is the commercial debt guide. The license page is the Arizona commercial mortgage banker.
Questions
- Is Capital Market Funds an investment bank or a securities firm?
- No. Capital Market Funds LLC arranges commercial real estate debt. It does not underwrite securities, sell stock, or run a bond desk. Arizona commercial mortgage banker license CMB-1047342. NMLS 1445066.
- Does this capital markets page quote interest rates?
- No. Dated public indexes are on the rates and calculator page, with sources. A coupon for a building is a term sheet from the capital source, not a number on this guide.
- Why is there no separate debt-capital-markets page?
- For this firm, Arizona debt capital markets means commercial real estate debt. That is this guide. A second page would repeat the same sources and the same process. Securities debt is not a product here.