Financing
Financing options, from easiest to hardest
Not sure which one fits? Answer a few questions and we will show you which options usually fit.
SBA 7(a) & SBA 504 Loans
Government-backed loans for owners who run their own business or hotel, with as little as 10% down.
Learn more →Acquisition Financing
A loan to buy a property, secured by that property.
Learn more →Refinance & Cash-Out
Replace a loan that is coming due, lower your payment, or take cash out of a property that has grown in value.
Learn more →Bridge Loans
Short-term money for a property that is not ready for a long-term loan yet.
Learn more →Permanent Financing
Long-term, often fixed-rate debt for a property that is full and stable.
Learn more →Construction & Development
Money for new construction or a major renovation, paid out as the work gets done.
Learn more →C-PACE Financing
Long-term, fixed-rate money for energy and resilience upgrades, repaid on your property tax bill.
Learn more →Mezzanine & Preferred Equity
Extra money behind the main loan, so you put in less cash. Usually used last, to fill a gap on larger deals.
Learn more →Joint Venture Equity
A partner who puts in most of the cash in exchange for a share of the profits. Usually the hardest money to raise.
Learn more →By property type
What lenders look for on hotels, apartments, retail, office, industrial and more.
Learn more →The basics
Debt, structured capital and equity
| Position | What it is | Personal guarantee | Cost |
|---|---|---|---|
| Main loan (senior debt) | First loan secured by the property | Depends on the lender | Lowest |
| Mezzanine debt | Second loan secured by your ownership | Usually not | Higher |
| Preferred equity | Investment paid back before you | Not a loan | Higher |
| Partner (JV) equity | Ownership that shares the profits | Not a loan | Most expensive |
With a personal guarantee (recourse), you are personally liable if the property cannot repay. Without one (non-recourse), the lender can only take the property, except for "bad acts" such as fraud.