Non-Recourse · Fixed Rate
CMBS Conduit Loans
CMBS (Commercial Mortgage-Backed Security) conduit loans offer the lowest fixed rates available for stabilized commercial properties. First Realty Capital has direct conduit relationships — no broker markup, no intermediary spread.
Rate (Apr 2026)
6.74% Fixed
Best for: Select-service hotels, full-service hotels, multifamily (5+ units), office, industrial, and self-storage assets with a 12+ month operating history and stabilized occupancy.
CMBS Hotel PIP Refinance: FRC structures PIP reserves at closing, satisfying franchise renovation requirements without out-of-pocket capital from the borrower. Convert SBA 7(a) at 9.50% to CMBS at 6.74% and fund the PIP simultaneously.
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Hotel Refinance Specialty
Hotel PIP Financing
Brand-mandated Property Improvement Plans (PIPs) are the #1 capital event for select-service hotel owners at the 8–11 year mark. First Realty Capital specializes in PIP refinances that accomplish three goals simultaneously: pay off the existing loan, fund the renovation, and convert from floating SBA to fixed CMBS.
Brands We've Financed
Holiday Inn Express · Hampton Inn · Courtyard by Marriott · Fairfield Inn · SpringHill Suites · Hilton Garden Inn · Hyatt Place · La Quinta · Best Western Plus · Comfort Suites
Typical PIP Refinance Structure
- CMBS first lien at 6.74% fixed, 10-year term, 25-year amortization
- PIP reserve funded and escrowed at closing ($8,000–$25,000 per room)
- Existing SBA 7(a) or conventional loan retired at settlement
- Non-recourse structure — personal guarantee eliminated
- LTV tested at post-renovation appraised value
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Owner-Occupied Commercial RE
SBA 504 Loans
The SBA 504 program provides long-term, fixed-rate financing for owner-occupied commercial real estate. Structure: 50% conventional bank first lien + 40% SBA CDC debenture (fixed for 20–25 years) + 10% borrower equity.
Max CDC Portion
$5.5 Million
Borrower Equity
10% Minimum
Occupancy Req.
51% Owner-Occ.
Eligible Use
RE + Equipment
Best for: Hotel owners who operate the property as a business (owner-occupied), assisted living facility operators, medical offices, and restaurants purchasing their building.
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Acquisition & Construction
SBA 7(a) Loans
SBA 7(a) loans provide flexible financing for hotel acquisition, construction, and working capital. Rates float at prime + 2.75% (currently 9.50%). Note: Once stabilized, consider refinancing to CMBS to lock in a fixed rate and eliminate prime rate exposure.
Current Rate
9.50% Floating
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Rural Business · Gov't Guaranteed
USDA Business & Industry Guaranteed Loans
The USDA B&I program provides up to 80% government guarantee on rural commercial loans. Eligible for hotels, assisted living facilities, agribusiness, and rural healthcare in areas with populations under 50,000.
Rate (Apr 2026)
6.80% Fixed
Eligible Area
Pop. < 50,000
Florida USDA Eligible Counties: Osceola, Levy, Gilchrist, Lafayette, Dixie, Jefferson, and other rural counties. Verify eligibility at eligibility.sc.egov.usda.gov.
Check USDA Eligibility →