On this page
- What a hard money commercial loan is
- Commercial hard money lenders compared
- Hard money lenders for commercial property, by property type
- Residential hard money lenders mostly stop at 4 units
- How commercial real estate hard money loans are priced and sized
- Commercial hard money loan example
- Where a lender's own page disagrees
- Questions to ask a commercial hard money lender
- Before you apply
- Related guides
- Frequently asked questions
Based on each lender's published information; we did not apply for loans.
What a hard money commercial loan is
A commercial hard money loan is a short-term loan secured by income or business property, such as an apartment building, a retail center, an office or a warehouse, and sized mainly on the real estate. Fairview Commercial Lending puts it plainly: underwriting decisions are based on the borrower's "hard assets" (real estate assets). The trade-off for speed and flexibility is lower leverage and higher pricing than bank loans.
Commercial hard money lenders compared
| Lender | Loan size | Max leverage | Term | Pricing or credit |
|---|---|---|---|---|
| Hopkins Financial | $50,000 to $5,000,000 | Average 60% LTV, up to 80% | 6 months to 30 years (most with a 5 to 10 year balloon) | Typically 10% to 12%; points typically 3% to 5% |
| North Coast Financial Markets California loans | $30,000 to $3 million+ | Up to 60% of current value; 1sts and 2nds | Typically 1 to 2 years | Not stated |
| RCN Capital (5+ units) | $250K to $2M (its multifamily section); $250K to $3M (its fix-and-flip section) | Not stated | 12 to 18 months, extended terms available | 650 minimum FICO |
| RCN Capital (long-term, 5 to 9 units) | $150K to $1.5M | Not stated | Long-term rental loan | 700 minimum FICO |
| Lima One Capital (stabilized multifamily bridge) | $1M and up | Up to 75% LTC/LTV | 24 to 36 months, interest only | Low DSCR requirements; non-recourse options |
| Lima One Capital (value-add multifamily bridge) | $1M and up | Up to 85% LTC, 75% of ARV | 24 to 36 months, interest only | Non-recourse available |
| CoreVest (multifamily bridge) | $3M to $15M+ | Up to 75% of cost or 65% of value | Up to 36 months with extensions | Not stated |
| CoreVest (multifamily term loan) | $500K to $20M+ | Up to 65% of value | 3, 5, 7 or 10 years | Not stated |
| Fairview Commercial Lending | Not stated | Not stated | Not stated | Underwriting based on the real estate |
From each lender's own website, read October 29, 2026. "Not stated" means the pages we read do not say. Terms change; confirm with the lender. Not financial advice.
Hard money lenders for commercial property, by property type
| Lender | Multifamily (5+) | Mixed use | Retail | Office | Industrial | Other |
|---|---|---|---|---|---|---|
| Hopkins Financial | Yes | Not listed | Yes | Yes | Yes | Land development, mobile home parks, RV parks |
| North Coast Financial | Yes | Not listed | Yes | Yes | Yes | Healthcare, hotels, special purpose |
| RCN Capital | Yes | Yes, if 70%+ residential | Not listed | Not listed | Not listed | |
| Lima One Capital | Yes, no unit limit | Not listed | Not listed | Not listed | Not listed | |
| CoreVest | Yes | Not listed | Not listed | Not listed | Not listed |
"Not listed" means the lender's commercial page we read does not name that property type. Hopkins Financial says it lends on commercial or residential investment properties across the U.S.; North Coast Financial's page markets California loans.
Residential hard money lenders mostly stop at 4 units
Most of the national lenders on this site build their programs around 1 to 4 unit homes: Lima One's FixNFlip covers 1 to 4 units, RCN Capital sizes 1 to 4 family loans at $75K to $2M and runs 5+ units as a separate program, and CoreVest drops from up to 93.5% of cost on 1 to 4 units to 80% on 5 to 19 units with light rehab. A few go a little further: Easy Street Capital's EasyFix takes single-family and 2 to 8 unit properties, New Silver's DSCR loan 1 to 8 units, and Upright's DSCR loan asks a 1.25x minimum ratio on 5 to 10 units.
Above that, commercial and multifamily programs start much larger: Lima One's multifamily bridge loans start at $1M and CoreVest's multifamily bridge at $3M, while Hopkins Financial ($50,000) and North Coast Financial ($30,000) lend on smaller commercial deals.
How commercial real estate hard money loans are priced and sized
Leverage
Expect less than on a house flip. North Coast Financial lends up to 60% of current value; Hopkins Financial averages 60% (up to 80%); CoreVest's multifamily term loan goes to 65% of value. Value-add bridge loans lend more against cost: Lima One up to 85% of cost, capped at 75% of ARV.
Cost and term
Hopkins Financial quotes rates of typically 10% to 12% and points of typically 3% to 5%, with terms from 6 months to 30 years. North Coast Financial's loans are typically 1 to 2 years, in first or second position. Bridge loans on apartments run 24 to 36 months (Lima One) or up to 36 months with extensions (CoreVest).
Commercial hard money loan example
A $1,000,000 property financed at Hopkins Financial's published average of 60% of value, with its typical 3% to 5% points and 10% to 12% rates:
| Line | Amount |
|---|---|
| Property value | $1,000,000 |
| Loan at 60% of value | $600,000 |
| Your equity | $400,000 |
| Points at 3% to 5% | $18,000 to $30,000 |
| Monthly interest at 10% to 12%, interest only | $5,000 to $6,000 |
| One year of interest plus points | $78,000 to $102,000 |
Hopkins says rates depend on credit, property type and other factors, and points on the complexity of the loan, so treat these as ranges. Compare the one-year cost with the cash flow or sale price that will repay the loan.
Where a lender's own page disagrees
RCN Capital: its multifamily section lists loans of $250K to $2M for 5+ unit apartments and mixed-use buildings, while the fix-and-flip section of the same page lists $250K to $3M for multifamily (5+) and mixed-use. Ask which applies to your loan type.
Questions to ask a commercial hard money lender
| Ask the lender | What lenders publish |
|---|---|
| Is the loan recourse? | Lima One offers non-recourse options on its multifamily bridge loans. |
| First or second position? | North Coast Financial lends in 1sts and 2nds. |
| What term, and what then? | 1 to 2 years at North Coast; 24 to 36 months on Lima One's multifamily bridge; CoreVest's term loans run 3 to 10 years. |
| Do you lend on my property type? | Hopkins lists mobile home and RV parks; North Coast lists hotels and healthcare. |
| What is the minimum loan? | From $30,000 (North Coast) to $3M (CoreVest's multifamily bridge). |
Before you apply
- Match the property type and loan size to the lender's published range first; minimums rule out many programs.
- Have a rent roll and operating history ready for income property; Lima One advertises low DSCR requirements on its stabilized multifamily bridge.
- Ask about recourse: Lima One offers non-recourse options on multifamily bridge loans.
- Plan the exit, such as a sale or a longer-term loan like CoreVest's 3 to 10 year multifamily term loans.
Financing a 1 to 4 unit rental instead? Compare DSCR loans, or a short hold on a bridge loan. Local commercial lenders are listed on each state page, and private money lenders explains how to check one.
Related guides
Frequently asked questions
What is a commercial hard money loan?
A short-term loan on income or business property (apartments, retail, office, industrial) that a private lender sizes mainly on the real estate rather than your income. Fairview Commercial Lending says underwriting is based on the borrower's real estate assets.
What LTV do commercial hard money lenders offer?
Lower than on house flips. North Coast Financial lends up to 60% of current value, Hopkins Financial averages 60% with up to 80%, and CoreVest's multifamily loans go up to 65% of value (75% of cost on bridge loans).
Can I get a hard money loan on a multifamily building?
Yes. RCN Capital lends on 5+ unit apartments from $250K short term (its long-term 5 to 9 unit loan starts at $150K), Lima One's multifamily bridge loans start at $1M with no unit limit, and CoreVest's multifamily bridge loans run $3M to $15M+.
Do commercial hard money lenders lend on office and retail?
Some do. Hopkins Financial lists retail, office and industrial, and North Coast Financial lists retail, industrial, office buildings, healthcare, hotels and special purpose properties.
Are commercial hard money loans non-recourse?
Some are. Lima One offers non-recourse options on its multifamily bridge loans; most lenders we read do not say, so ask whether you must sign a personal guarantee.
What do commercial hard money loans cost?
Hopkins Financial quotes rates of typically 10% to 12% and points of typically 3% to 5%, depending on credit, property type and complexity. Many lenders do not publish commercial pricing.