Financing
Permanent Financing
Long-term, often fixed-rate debt for a property that is full and stable.
Five- to ten-year loans from life insurance companies, agency lenders (apartments only) and CMBS lenders. They often come without a personal guarantee.
A good fit when
- The property is stabilized with a track record
- You want a long fixed rate
- You prefer no personal guarantee
Quick facts
| Leverage | Life companies 50 to 65%; CMBS 60 to 70%; agency apartment loans up to 80% |
|---|---|
| Term | 5 to 10 years, paid over 25 to 30 years |
| Rate | Fixed, a Treasury yield plus a margin |
| Personal guarantee | Usually not, apart from standard "bad acts" carve-outs |
| Time to close | 45 to 90 days |
| Loan size | CMBS about $2 million and up; life companies prefer larger loans |
Typical ranges as of October 2026. Every lender and deal is different.
Watch out for
- Paying off early can cost a lot (yield maintenance or defeasance)
- Less flexibility to change things later
- Reserve and cash-management rules on some loans
General information, not an offer or commitment. Star Advantage Funding is not a lender; every lender sets its own terms.