Loan Product
Permanent CRE Debt: CMBS Conduit and Life Insurance Company Loans.
Once a property is stabilized, the right permanent loan locks in your lowest cost of capital for years. Outside of agency multifamily, the two main institutional permanent products are CMBS and life company loans. CMBS is non recourse, fixed rate, higher leverage, and works on most property types. Life company debt is the cheapest fixed rate available. Lower leverage. Longest terms. I place both. CMBS through every major Wall Street conduit desk and the small balance CMBS shops. Life co through the active US life insurance lender bench. One conversation. Every quote that matters.
When It's the Right Tool
- Asset is stabilized with 12+ months of trailing operating history.
- You want to lock in long term fixed rate, non-recourse debt.
- You're refinancing out of bridge, construction, or maturing CMBS.
- You want higher leverage than a life co will give (CMBS).
- You want the cheapest fixed rate available and you're okay with lower leverage (life co).
Permanent Capital On the Network
- CMBS conduit, $2M small balance to $250M institutional
- Life company permanent, $5M to $500M (most $10M+)
- All major asset classes: multifamily, office, retail, industrial, hotel, mixed use
- Stabilized small balance CMBS down to $2M through dedicated small-balance conduit desks
- 10-year fixed rate non-recourse
- Long fixed terms (15 to 25 years) through life cos
- Refinance out of construction or bridge into permanent
Loan Snapshot
- Loan Amounts
- $2M (small balance CMBS) to $500M (life co)
- LTV
- Up to 70 to 75% CMBS; up to 60 to 65% life co
- DSCR
- 1.25x to 1.40x minimum
- Term
- 10 year fixed standard CMBS; 15 to 25 year fixed life co
- Amortization
- 25 to 30 years; some IO
- Recourse
- Non recourse with standard carve outs
- Closing Time
- 45 to 90 days
Rates depend on the deal. Submit your file or jump on a call and I'll get you a real number.
CMBS vs. Life Company. How I Pick
CMBS: Higher leverage (up to 75%), non-recourse, broad asset class flexibility, but defeasance prepay and rigid servicing. Best when you need maximum proceeds, especially on retail, hotel, office, and small balance commercial. Life Co: Lower leverage (60 to 65%), but the absolute lowest fixed rates, longest terms (15 to 25 years), flexible servicing, and yield maintenance prepay. Best for trophy multifamily, Class A industrial, and core stabilized assets when leverage isn't the constraint.
Ready when you are.
Send me your file or pick up the phone. I answer 7 days a week.