Reviewed by Craig Hoebing, AZ Commercial Mortgage Banker CMB-1047342 · Updated October 2026
Sponsors ask which loan is 'best.' The useful question is which box the property can clear. A life company that wants a low loan-to-value and a calm rent roll is not competing with a bridge fund that will lend against a renovation budget. They are different products. Putting them in one table is a way to see the differences. Sorting them by a score would be a ranking, and this page does not do that.
The ranges are the ordinary patterns described in program materials and in day-to-day market practice: roughly where leverage, coverage, amortization, recourse, and timing tend to sit. They are not Capital Market Funds maximums, and they are not a promise that a given source will match the cell. HUD in particular publishes its own LTV and DSCR rules. The cell says so instead of copying a figure that a later mortgagee letter could change.
How to use the rows
Start with recourse and time, not with leverage. A sponsor who cannot sign a full guaranty should not spend a month on a bank path that will require one, unless the bank has already said otherwise. A sponsor with a forty-day purchase contract should not start with HUD. A sponsor who needs to sell buildings out of a pool should not start with conduit CMBS. Those are structural facts. The portfolio refinance page is the release-language version of the last point.
DSCR and LTV in the table are labels for the kind of test, not inputs for the calculator. The calculator uses the DSCR, LTV, and debt yield you type, at the rate you type. It does not look up this table and it does not know which capital source you are imagining.
SBA 504 is in the table as a project structure, not as a single loan-to-value. The bank first and the CDC debenture are two loans. Mezzanine and preferred equity sit behind a senior loan and are arranged through capital partners. The mezzanine page says that plainly. Agency rows are multifamily. Capital Market Funds is not a Fannie Mae DUS lender.
What is deliberately missing
Interest rates are missing. Indexes live on the rates page, with dates and sources. Spreads move, and a spread range printed here would be read as a quote no matter how many adjectives surrounded it. CBRE's published Q2 2026 spread commentary is cited on the rates page as CBRE's research, not as our grid.
Names of lenders are missing. The bridge landscape explains why: a named order is an endorsement. Insurance requirements are on their own page because they are not a column in a leverage table. Licensing limits are on the FAQ and the disclosures page.
| 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.