NYC Commercial Real Estate Loans

Choose the financing purpose before comparing proposals. A purchase finances an acquisition. A rate-and-term refinance replaces existing debt without treating the request as a cash-out transaction. A cash-out refinance seeks additional proceeds against the property. Tell the loan team how you intend to use the funds so it can assess the correct program and limit.

For an occupied apartment building, provide the unit mix, occupancy and rent roll. For a mixed-use building, identify the residential and commercial spaces separately. Include the commercial leases and explain any vacant or changing space. Calling a building mixed-use does not establish a loan size: the income, property condition, value and borrower still govern the review.

The New York state page covers both commercial and residential investor programs. A smaller residential rental may belong in the DSCR rental program instead. A property being rebuilt or substantially renovated may need another route. Describe the actual condition and business plan rather than selecting a program only because its advertised maximum is higher.

Prepare the property address, ownership details, purchase contract or refinance objective, requested loan amount, and existing debt information. Include a current rent roll and available leases. Explain whether the occupancy shown in your records reflects paying tenants, signed future leases or space still being marketed. Clear labels help the loan team understand what income is already in place.

Provide operating income and expense records, property tax and insurance information, and details of repairs or planned improvements. Net operating income means property income after operating expenses, before debt payments. The review checks the evidence behind that income and compares it with the proposed debt service. Gross rent alone does not show what remains to pay the mortgage.

Share the sponsor's credit profile, relevant experience and available funds for the purchase or refinance. Identify the borrowing entity and the parties involved in ownership. The final list of documents depends on the property and transaction. Published program thresholds do not replace valuation, title, documentation or borrower review, and a preliminary discussion does not guarantee final terms.

Begin with the existing loan's payoff and maturity date. Explain the goal: replacing maturing debt, changing the repayment structure or seeking cash out. Include any known restrictions or costs on repayment of the current loan. Compare the new payment and total transaction costs with the existing position, rather than judging a refinance only by its proposed interest rate.

For a cash-out request, state the intended use and requested proceeds separately from the existing debt. The cash-out loan maximum is different from the purchase and rate-and-term maximum. The supported value, permitted leverage and income coverage can each constrain the available loan. A published loan ceiling does not describe how much cash an owner will receive after a payoff and transaction costs.

Coordinate the document package, appraisal and title work with the loan team. Disclose upcoming lease changes, property work or other issues that could affect the review. Published commercial guidelines describe closing in as little as the stated program timeline, subject to underwriting and a complete file. They do not guarantee a closing date for a New York City transaction.