Key takeaways
- Local bank flexible; balloon risk.
- Regional bank larger; relationship-based.
- Agency (Fannie/Freddie) for stabilized.
- CMBS for $5M+.
- Recourse varies.
Core concepts
Local bank
Relationship + flexibility.
Agency
Cheapest for stabilized.
CMBS
Non-recourse; institutional.
Step-by-step framework
- 1Build broker relationships.
- 2Match product to deal.
- 3Compare 3 quotes.
- 4Close.
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Common mistakes to avoid
- Wrong product for stage.
Frequently asked questions
LTV?
65–80%.
Term?
5–10 years.
Recourse?
Varies.
Min loan?
$1M typical.
Action checklist
- ☐Broker engaged.
- ☐Three quotes.
- ☐Product matches plan.
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