Free tools for commercial property owners.
The calculators, templates, and reference data we use on live loans. Nothing to sign up for. Everything runs in your browser and nothing you type is sent to us.
Commercial mortgage index rates
Commercial loans are priced as an index plus a spread. The index moves with the market every day; the spread is what the lender charges for your property, your leverage, and your loan structure, and it is the part we negotiate.
Treasury par yields: US Department of the Treasury, as of loading, with the change from the prior business day. SOFR and federal funds target: Federal Reserve Bank of New York, as of loading. Prime is shown by convention as three points over the top of the federal funds target range. Indexes only, not loan quotes.
Treasuries: fixed-rate loans
Bank, agency, CMBS, and life company fixed-rate loans are priced over the Treasury that matches the loan term. A 10-year fixed loan is quoted as the 10-year Treasury plus a spread.
SOFR: floating-rate loans
Bridge loans, construction loans, and most floating-rate bank debt are priced over SOFR, the Secured Overnight Financing Rate that replaced LIBOR. Lenders usually use a one-month term or 30-day average version.
Prime: bank and small-balance loans
Many community bank loans, lines of credit, and SBA loans float over Prime, which moves when the Federal Reserve changes its target rate.
Commercial mortgage calculator
Commercial loans usually amortize over 25 or 30 years but come due in 5, 7, or 10. That leaves a balloon balance at maturity, which is why you are refinancing in the first place.
Your figures
Example figures. Change any of them.
- Annual debt service
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- Interest-only payment
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- Balloon at maturity
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- Interest paid over the term
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- Loan constant
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Year-by-year schedule
| Period | Payments | Principal | Interest | Ending balance |
|---|
DSCR calculator
Debt service coverage ratio is net operating income divided by annual loan payments. It is the first number a commercial lender looks at, and it usually sets the size of your loan.
Your figures
Example figures. Change any of them.
- Annual debt service
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- Cash flow after debt service
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- Debt yield
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- Largest loan at 1.25x
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Pro forma and NOI calculator
Enter a year of income and your major expenses. You get net operating income, the cap rate that implies, coverage on a proposed loan, and a first estimate of how much a lender would advance.
Your figures
Example figures. Change any of them.
- Vacancy and credit loss
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- Effective gross income
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- Management fee
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- Total operating expenses
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- Expense ratio
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- Cap rate at this value
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- Loan to value
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- Annual debt service
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- DSCR
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- Debt yield
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Defeasance and yield maintenance calculator
Most fixed-rate commercial loans charge for early payoff. Before refinancing, know what leaving your current loan will cost. Your loan documents say which method applies.
Your figures
Example figures. Change any of them.
- As a share of balance
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- Calculated premium
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- Minimum penalty
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- Cost of replacement Treasuries
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- Premium as a share of balance
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Yield maintenance
You pay the lender the present value of the interest they lose: the gap between your note rate and the Treasury yield, on your balance, for the months remaining. Common on bank, agency, and life company loans.
Defeasance
Instead of paying off the loan, you buy a portfolio of Treasuries that makes your remaining payments for you, and the property is released. Standard on CMBS loans.
When rates have risen
If Treasury yields are above your note rate, yield maintenance drops to its minimum and defeasance can cost less than your balance. That can make an early refinance cheaper than waiting.
Templates
Excel workbooks laid out the way lenders ask for them. Formulas are built in and unlocked, so you can adapt them to your property.
Multifamily rent roll
One row per unit. Totals, occupancy, and loss-to-lease calculate as you fill it in.
- Unit, type, square feet, tenant, lease start and end
- Market rent against in-place rent
- Deposits, concessions, and status
- Unit mix summary by bedroom count
MixedUse rent roll
Residential units and commercial suites in one workbook, each with the columns a lender needs.
- Commercial: suite, tenant, square feet, lease dates, base rent, rent per square foot, reimbursements, options
- Residential: the same layout as the multifamily roll
- Combined income and occupancy summary
Trailing-12 operating statement
Twelve monthly columns of income and expenses with a running total and NOI, the standard format for underwriting.
- Income, vacancy, and concessions
- Expenses grouped the way underwriters group them
- NOI by month and for the year
Want us to look at it?
Send a completed rent roll and trailing-12 and we will tell you within 48 hours whether a refinance works and at roughly what size.
Refinance document checklist
What a commercial lender will ask for. Having these ready before you start is the single biggest thing you can do to close faster.
- Current rent roll, dated within 30 days
- Operating statements for the last two full years
- Trailing-12-month operating statement
- Year-to-date operating statement
- Current loan statement and a copy of the note
- Payoff letter or prepayment terms from the current lender
- Copies of all commercial leases and amendments
- Property tax bills and insurance declarations
- Schedule of capital improvements, last three years
- Personal financial statement for each guarantor
- Schedule of real estate owned
- Tax returns, two to three years, entity and personal
- Entity documents: operating agreement, articles, EIN letter
- Organizational chart showing ownership
- Existing appraisal, survey, and environmental reports, if any
- Existing title policy
- Property photographs, interior and exterior
- Management agreement, if third-party managed
Glossary
The terms that appear on a commercial term sheet, in plain English.
Net operating income (NOI)
Income the property collects in a year, minus the cost of operating it. It excludes loan payments, depreciation, and income tax. Lenders value and size loans from NOI.
Debt service coverage ratio (DSCR)
NOI divided by annual loan payments. A DSCR of 1.25x means the property earns $1.25 for every $1.00 of debt payment.
Loan to value (LTV)
The loan amount as a share of the appraised value. Most permanent commercial loans stop between 65% and 75%.
Debt yield
NOI divided by the loan amount. It tells a lender what return they would earn if they had to take the property back, regardless of interest rate or amortization.
Cap rate
NOI divided by property value. Buyers and appraisers use it to turn income into a value: the same income is worth more at a lower cap rate.
Amortization and term
Amortization is the schedule the payment is calculated on, often 25 or 30 years. Term is when the loan actually comes due, often 5 to 10 years. The gap between them leaves a balloon.
Balloon
The balance still owed when the term ends. It is paid by selling the property or refinancing.
Recourse and non-recourse
On a recourse loan the borrower personally guarantees repayment. On a non-recourse loan the lender can look only to the property, apart from specific carve-outs such as fraud.
Interest-only period
Months at the start of a loan when you pay interest and no principal. It lowers payments early on and raises coverage.
Rate lock
The point at which the lender fixes your interest rate ahead of closing, often after the loan is approved and usually with a deposit.
Cash-out refinance
A new loan larger than the one it replaces. The difference, less closing costs, comes back to you.
Trailing-12 (T-12)
The property's actual income and expenses for the most recent twelve months, shown month by month.