Commercial Mortgage Broker publishes SBA 504 at up to 90% combined LTV
Commercial Mortgage Broker publishes the highest leverage figure in this record and it needs its qualifier read carefully, because 90% combined is not 90% from a lender.
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What it publishes
Read 10 September 2026: 'SBA 504 loans: Up to 90% combined LTV (with the SBA debenture component)', alongside 'CMBS (conduit) lenders: Up to 75% LTV, sometimes 80% on select asset classes' and 'Bridge and hard money lenders: 65-75% LTV on as-is value, sometimes higher on ARV (after-repair value)'. It also states that the SBA 504 programme allows qualifying small businesses to finance commercial real estate at up to 90% LTV with a below-market fixed rate on the debenture portion.
What combined means, and who qualifies
Combined is across two loans: a bank first mortgage and the SBA debenture behind it, together reaching 90%. No single lender is advancing 90%. The programme also requires the business to occupy the property, so it is for owner-occupiers rather than investors, and it is the reason an owner-occupier can often borrow more against the same building than a landlord can.
Questions borrowers ask before they apply
Can I really refinance at 90% LTV?
On an SBA 504, up to 90% COMBINED across a bank first mortgage and the SBA debenture, and only if your business occupies the property. It is not 90% from one lender.
What does it publish for CMBS?
Up to 75% LTV, sometimes 80% on select asset classes, and bridge or hard money at 65% to 75% of as-is value.
