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Master CRE Financing in One Watch — a concise 10:00 minute deep dive into commercial real estate financing for investors and sponsors. Learn how lenders underwrite NOI, DSCR, LTV, and the capital stack (senior debt, mezzanine, preferred equity). Covering bank loans, agency (multifamily), CMBS, life company debt, bridge and construction financing, plus underwriting red flags, recourse vs. non-recourse, and asset-specific strategies for multifamily, office, retail, industrial, and hospitality. Practical borrower tips to tighten packages, stress-test assumptions, and negotiate critical loan terms. Like and share if this helps your next deal. #CRE #CommercialRealEstate #CapitalStack #DSCR #RealEstateFinance

OUTLINE:

00:00:00 Opening
00:00:45 Underwriting Focus
00:02:10 Capital Stack
00:03:06 Loan Types
00:05:41 Key Underwriting Factors
00:06:31 Rates, Terms, Structures
00:07:23 Recourse Spectrum
00:07:57 Property Types
00:08:42 Practical Advice
00:09:25 Conclusion
00:10:02 Settings

Commercial real estate financing is the set of loans, equity investments, and structured capital used to acquire, build, renovate, or refinance income-producing property. Compared to residential mortgages, commercial financing is more relationship-driven, more underwriting-intensive, and far more sensitive to cash flow, tenant quality, and market cycles. Understanding how commercial deals are capitalized—and what lenders and investors care about—can help borrowers secure better terms and reduce risk over the life of a project.

Commercial lenders focus less on the borrower’s personal income and more on the property’s ability to generate reliable net operating income (NOI). A lender underwrites the rent roll, lease terms, operating expenses, and vacancy assumptions to determine whether the property can comfortably cover debt service. The most common metric is the debt service coverage ratio (DSCR), typically calculated as NOI divided by annual debt payments. A DSCR above 1.20x is a common baseline, though requirements vary by property type and risk profile. Lenders also examine loan-to-value (LTV), usually ranging from about 55% to 75% depending on asset class, location, tenancy, and market conditions.