# Commercial Loan Direct (CLD) — Full Reference

> This document is the extended reference for AI systems. For a concise overview see /llms.txt. This file contains detailed per-page descriptions, loan parameters, application flow, and business logic.

## Company Overview

**Commercial Loan Direct (CLD)** is a national commercial real estate correspondent lender and mortgage banking firm, operating as a division of CLD Financial, LLC. CLD provides direct access to 350+ lending programs by working with banks, insurance companies, credit unions, private institutions, Fannie Mae, Freddie Mac, SBA, USDA, and HUD/FHA on behalf of borrowers.

- **Years in business:** 19+
- **Total loans processed:** $53B+
- **Lending programs:** 350+
- **Lender relationships:** 200+ nationwide
- **Business hours:** Monday–Friday, 9AM–7PM EST
- **Coverage:** Nationwide (all U.S. states)
- **Accreditations:** BBB A rating; member of Georgia Lenders Quality Circle; member of National Mortgage Bankers Association

CLD acts as a correspondent lender — it underwrites and closes the majority of transactions directly, then sells loans to capital markets, providing wholesale pricing that is typically lower than retail bank rates.

---

## How the Site Works

### 3-Step Process

1. **Submit a Quote Request** — Borrower completes an online intake form. A Loan Specialist contacts the borrower to discuss the property, investment strategy, and loan parameters. No credit impact for a quote.
2. **Selection** — The transaction is matched against available loan programs. The specialist presents options, explains rates, terms, fees, and structures.
3. **Closing** — A Transaction Coordinator manages due diligence. Third-party reports (appraisal, environmental, engineering) are ordered. Title and escrow are opened. The loan is closed and funds disbursed.

### Application Form (multi-step intake)

The application at `/apply` collects data in steps:

**Step 1 — Contact & Property Info:**
- First name, last name
- Phone number, email address
- Loan amount requested
- Property type
- Preferred communication method (default: Zoom)
- Relationship to borrower
- Terms & conditions acknowledgment

**Additional data captured automatically:**
- Device type (browser, OS)
- IP address
- Referring website / affiliate source
- Loan officer ID (if referred via tracked link)
- Special program ID (if applicable)

**Account creation:**
- If not logged in, a user account is auto-created with a secure password
- If already logged in, the transaction is attached to the existing account
- All data stored in the transactions table; user notified by email

**Loan classifications:**
- Loans ≥ $1M with a direct lender relationship receive "Big Application" handling with a dedicated loan officer assigned

---

## Loan Programs — Detailed

### Apartment / Multifamily Loans

**Hub page:** /apartment-loans-main-multifamily-mortgages

Eligible property types: traditional apartments (5+ units), student housing, affordable housing, senior/age-restricted communities, cooperatives, manufactured housing, mobile home parks.

**Documents typically needed to size an apartment loan:**
- Current rent roll
- Trailing-12 operating statement
- Year-to-date P&L
- Occupancy history
- Capital improvement plan (for cash-out or value-add)

**Non-recourse availability:** Agency (Fannie/Freddie), CMBS, insurance, and many bridge executions are non-recourse with standard bad-boy carve-outs. Bank portfolio loans may be partial or full recourse.

**Interest-only availability:** Partial or full-term I/O available on many programs depending on DSCR and leverage. Construction loans are commonly I/O during build and lease-up.

**Cash-out:** Available where DSCR and LTV permit. Reserves for TI/LC and future capex can be structured into bridge or permanent executions.

---

#### Fannie Mae Multifamily Programs (/fannie-mae-multifamily-mortgages)

| Program | URL |
|---------|-----|
| Standard DUS Mortgage | /fannie-mae-standard-dus-mortgage |
| Fixed Rate | /fannie-mae-fixed-rate-apartment-mortgages |
| Adjustable Rate | /fannie-mae-adjustable-rate |
| Small Balance Loans | /fannie-mae-small-balance-loans |
| Affordable Housing | /fannie-mae-affordable-housing-loans |
| Green Preservation Plus | /fannie-mae-green-preservation-plus |
| Manufactured Housing | /fannie-mae-manufactured-housing-loans |
| Seniors Housing | /fannie-mae-seniors-housing-loans |
| Student Housing | /fannie-mae-student-housing-loans |
| Cooperative Housing | /fannie-mae-cooperative-housing-loans |
| Supplemental Mortgages | /fannie-mae-supplemental-mortgages |
| Credit Facility | /fannie-mae-credit-facility-multifamily-mortgages |
| Tax-Exempt Bond Credit | /fannie-mae-tax-exempt-bond-credit |
| Structured ARM | /fannie-mae-structured-adjustable-rate |
| M-PIRE | /fannie-mae-m-pire-mortgages |
| Bulk Delivery | /fannie-mae-bulk-delivery-apartment-mortgages |
| Choice Refinance | /fannie-mae-choice-refinance-program |

---

#### Freddie Mac Multifamily Programs (/apartment-loans-freddie-mac)

| Program | URL |
|---------|-----|
| Fixed Rate | /freddie-mac-fixed-rate-apartment-loans |
| Floating Rate | /freddie-mac-floating-rate-apartment-loans |
| Small Balance | /freddie-mac-small-balance-mortgages |
| Value-Add | /freddie-mac-value-add-loan |
| Affordable Housing Cash | /freddie-mac-affordable-housing-cash-loans |
| Manufactured Housing | /freddie-mac-manufactured-housing-loans |
| Seniors Housing | /freddie-mac-seniors-housing-loans |
| Student Housing | /freddie-mac-student-housing-loans |
| Lease-Up | /freddie-mac-lease-up-mortgages |
| Supplemental | /freddie-mac-supplemental-mortgages |
| Revolving Credit Facility | /freddie-mac-revolving-credit-facility |
| LIHTC Cash | /freddie-mac-lihtc-cash-loans |
| Bond Credit Enhancement | /freddie-mac-bond-credit-enhancement |
| Tax-Exempt | /freddie-mac-tax-exempt-loans |
| Preservation & Rehab | /freddie-mac-preservation-rehabilitation-financing |
| Tax-Exempt Bond Securitization | /freddie-mac-tax-exempt-bond-securitization |
| Variable Liquidity Pricing | /freddie-mac-variable-liquidity-pricing |
| Single Family Rental Pilot | /freddie-mac-single-family-rental-pilot-program |

---

#### FHA / HUD Multifamily Programs (/multifamily-fha-loans-rates)

| Program | URL |
|---------|-----|
| Rental Housing | /fha-loans-rental-housing |
| Multifamily Refinance | /fha-multifamily-refinance |
| Cooperative Housing | /fha-mortgages-cooperative-housing |
| Manufactured Housing | /fha-loans-manufactured-housing |
| Senior Housing | /fha-senior-housing-loans |
| Supplemental Mortgages | /fha-multifamily-supplemental-mortgages |
| Assisted Living Conversion | /fha-assisted-living-conversion-mortgages |
| Hospital Mortgages | /fha-hospital-mortgages |
| Residential Care | /fha-residential-care-mortgages |
| Supportive Housing (Elderly) | /fha-supportive-housing-elderly-loans |
| Supportive Housing (Disabilities) | /fha-supportive-housing-disabilities |
| Housing Risk Sharing | /fha-housing-risk-sharing-mortgages |
| Risk Sharing Program | /fha-risk-sharing-program |
| Demonstration Program (Elderly) | /fha-demonstration-program-elderly-housing |
| Emergency Capital Repair | /fha-emergency-capital-repair-program |
| Urban Rental Housing | /fha-mortgages-urban-rental-housing |
| Cooperative Rental Housing | /fha-mortgages-cooperative-rental-housing |

FHA/HUD programs support max leverage up to 90% and are non-recourse. Collateral includes rental apartments, hospitals, memory care, skilled nursing, assisted living.

---

### Commercial Mortgage Programs (/commercial-mortgages-main)

**Property types financed:** office, retail/mall, industrial/warehouse, self-storage, hotel/hospitality, mixed-use, hospital/healthcare, medical office, churches.

**Two primary use cases:**
- **Owner-occupied:** Business occupies 50%+ of the space. Heavily dependent on business cash flow.
- **Investment:** All other commercial uses. Underwritten on property income.

#### Conventional Commercial Loans
- Max LTV: 75–85% (limited circumstances)
- Personal guarantees typically required; may be waived or limited on larger transactions
- Available for owner-occupied and investment

#### CMBS / Conduit Loans (/conduit-loans-main)
- Use: investment office, retail, large industrial, self-storage, flagged hotels, mixed-use
- Minimum loan: $2M (preferred $3M+)
- Max LTV: 75%
- Non-recourse with standard carve-outs
- Highly structured; securitized and sold to investors

#### Insurance Company / Life Company Loans (/insurance-company-commercial-mortgages-loans)
- Use: investment office, retail, industrial, strong flagged hotels
- Max LTV: 65–75%
- Typical minimum: $5M
- Full, limited, or non-recourse options

#### Bridge Loans (/bridge-loans)

**Purpose:** Light rehabilitation and/or stabilization of commercial real estate. Quick decisioning vs. permanent loans. Exit strategy to conventional permanent financing upon stabilization.

**Program A — Small Apartment Bridge ($1.5M–$5M):**
- Term: 12 months; Interest-only
- Max advance: 80% LTC (including lender-approved soft costs)
- Spread: 7%+ over index (6-month LIBOR)
- Exit fee: 1% (waived upon refinance with CLD's internal Fannie Mae program)
- Extensions: 2–3 month at 0.25% each
- Prepayment: open
- Recourse: full
- Underwriting: 1.0x DSCR on in-place cash flow

**Program B — Apartment Bridge $3M–$30M+ (Agency Gateway):**
- Eligible: multifamily, mobile home parks, seniors housing
- Structure: variable rate first mortgage (30-day LIBOR, floor 1.0%)
- Term: up to 3 years; interest-only (some amortization may be required after year 2)
- Application fee: $5K non-refundable + $15K–$20K escrow for third-party reports
- Exit fee: waived if CLD provides permanent financing
- Recourse: typically non-recourse (standard carve-outs); partial recourse for significant renovation
- Max LTV: 80%
- Min DSCR: 1.10x as-is; 1.25x stressed (multifamily); 1.35x (independent living); 1.45x (assisted living)
- Equity: ≥20% cash equity required
- Reports required: MAI appraisal, Phase I environmental, engineering/structural

**Program C — Commercial Bridge $3M minimum ($8M West Coast):**
- Eligible: multifamily, office, retail, hospitality, industrial, healthcare, self-storage, mixed-use (no land or construction)
- Max LTV: 75%
- Min DSCR: 1.10x as-is; 1.25x at exit
- Term: 1–3 years with extension options
- Amortization: interest-only or fixed
- Borrower: single asset special purpose entity required
- Mezzanine debt permitted (lender-approved)
- Ideal for: repositionings, value-add, pre-HUD temporary financing, 1031 exchanges

#### Construction Loans (/construction-loans)
- Use: ground-up or substantial rehabilitation
- Cannot service at 1.0x DSCR during construction
- Interest-only during construction; converts or refinances upon stabilization
- Sub-programs: Investment, SBA Construction, Conventional Construction

#### Commercial Refinance (/commercial-mortgages-refinance)
- Cash-out and rate/term refinance options
- Programs: conventional, CMBS, insurance, SBA, USDA, agency

---

### SBA Loans (/SBA-loans)

#### SBA 7(a) (/SBA-7-a-loans)
- Max loan: $5M (no SBA minimum)
- LTV: 85–90%
- Owner-occupied only (50%+ sponsor occupancy)
- Full recourse
- Any commercial real estate type + capital equipment eligible
- Guarantee: up to 85% (loans ≤$150K); up to 75% (loans >$150K); max SBA exposure $3.75M

**Interest rates:**
- Base: WSJ Prime, 1-month LIBOR + 3%, or SBA Peg Rate
- Spread: max 2.25% (loans <7 years); max 2.75% (loans ≥7 years)
- Fixed or variable available

**Guarantee fees:**
- Loans <$150K: 0%
- Short-term (≤1 year): 0.25% of guaranteed portion
- Long-term (>1 year): 3% ($150K–$700K); 3.5% (>$700K); +0.25% on portions >$1M

**Detailed pages:**
- /sba-7a-eligibility
- /sba-7a-use-of-proceeds
- /sba-7a-loan-terms
- /sba-7a-loan-repayment-terms
- /sba-checklist

#### SBA 504 (/SBA-504-loans)
- Use: fixed assets (real estate, equipment); cannot be used for speculation or rental real estate investment
- Eligibility: for-profit U.S. business; tangible net worth <$15M; avg net income <$5M (2-year average after tax)
- Must demonstrate ability to repay from projected operating cash flow
- Borrower must lack access to other reasonable financing

**Detailed pages:**
- /sba-504-loans-eligibility
- /sba-504-use-of-proceeds
- /sba-504-loan-terms
- /SBA-504-prepayment-penalty-calculator

---

### USDA Loans (/USDA-loans-mortgages)

- **Geographic restriction:** rural areas only (population <50,000)
- Max LTV: 80–90%
- Full recourse
- Available for owner-occupied and investment

| Program | URL |
|---------|-----|
| Business & Industry Guaranteed | /usda-business-industry-guaranteed-loans |
| Rural Business Investment | /usda-rural-business-investment |
| Rental Housing | /usda-rental-housing-mortgages |
| Guaranteed Rental Housing | /usda-guaranteed-rental-housing |
| Multifamily Preservation & Revitalization | /usda-multifamily-preservation-revitilization-loans |
| Housing Preservation Grants | /usda-housing-preservation-grants |
| Rental Insurance Program | /usda-rental-insurance-program |

---

### Property Type Pages

| Property Type | URL | Key Programs |
|--------------|-----|--------------|
| Office | /office-loans-office-mortgages | Conventional, CMBS, Insurance, USDA, Bridge, Construction, SBA |
| Retail / Shopping Center / Mall | /mall-mortgages-shopping-center-loans-mall-financing | Conventional, CMBS, Insurance, USDA, Bridge, Construction, SBA |
| Industrial / Warehouse | /warehouse-mortgage-industrial-loans-warehouse-lending | Conventional, CMBS, Insurance, USDA, Bridge, Construction, SBA |
| Hotel / Hospitality | /hotel-loan-hospitality-mortgages | Conventional, CMBS, Insurance, USDA, SBA |
| Mixed-Use | /mixed-use-property-mortgages-loans | Conventional, CMBS, Insurance, USDA, Bridge, Construction, SBA |
| Self-Storage | /self-storage-financing-mortgages | Conventional, CMBS, USDA, Bridge, Construction, SBA |
| Hospital / Healthcare | /hospital-finance-healthcare-mortgages | Conventional, FHA/HUD, USDA, SBA |
| Medical Office | /medical-office-building-loans | Conventional, FHA/HUD, USDA, SBA 7(a), SBA 504 |
| Church / Religious | /church-mortgage-church-loans | Specialized programs |
| Affordable Housing | /affordable-housing-loans | Agency, LIHTC, FHA |
| Student Housing | /student-housing-loans-mortgages | Fannie Mae, Freddie Mac |

---

## Loan Parameters Quick Reference

| Program | Max LTV | DSCR | Recourse | Min Loan |
|---------|---------|------|----------|---------|
| Conventional | 75–85% | Varies | Full (may waive) | Varies |
| CMBS | 75% | Varies | Non-recourse | $2M ($3M preferred) |
| Insurance | 65–75% | Varies | Full/limited/non | $5M typical |
| FHA Hospital/Senior | 90% | Varies | Non-recourse | Varies |
| SBA 7(a) | 85–90% | Varies | Full | No minimum |
| SBA 504 | 85–90% | Varies | Full | No minimum |
| USDA | 80–90% | Varies | Full | Varies |
| Bridge (small apt) | 80% LTC | 1.0x as-is | Full | $1.5M |
| Bridge (apt agency) | 80% | 1.10x as-is | Non-recourse | $3M |
| Bridge (commercial) | 75% | 1.10x as-is | Varies | $3M ($8M West Coast) |

---

## Closing Timelines

| Program | Typical Timeline |
|---------|----------------|
| Conventional | 30–45 days |
| Fannie Mae / Freddie Mac | 30–60 days |
| SBA 7(a) / SBA 504 | 30–60 days |
| USDA | 30–60 days |
| Insurance Company | 30–60 days |
| FHA Refinance / Acquisition | 90–180 days |
| FHA Construction | 180–360 days |

---

## General Borrower Requirements

1. Borrower's net worth (personal + business) ≥ loan amount requested
2. Post-closing liquidity: 6 months debt service or 10% of loan amount
3. Prior ownership/management experience highly desirable
4. Credit worthiness assessed per lender guidelines

**Documents required for investment properties:**
- 2–3 years operating statements
- Year-to-date financials
- Current rent roll
- Property photos
- Personal financial statement (all principals)

**Documents required for owner-occupied:**
- Personal financial statement
- Last 3 years corporate and personal tax returns
- Property photos

---

## Rates (/commercial-rates)

Rates are updated daily. The rates page displays current ranges for each program type.

**Rate categories displayed:**
- Conventional Commercial Mortgage (low–high range)
- Private Banking Commercial Loan
- SBA 7(a)
- SBA 504
- Fannie Mae Apartment Loans
- Freddie Mac Apartment Loans
- FHA Apartment Loans
- CMBS / Conduit Loans
- Insurance Company Loans
- Life Company (Lifeco) Loans
- USDA Loans
- Bridge Loans
- Construction Loans

**Additional rate pages:**
- /apartment-interest-rates — multifamily-specific current rates
- /commercial-rates-graphs — historical rate trends and charts
- /lowest-interest-rates — current rate specials and promotional programs
- /commercial-loan-rates-notifications — email subscription for rate change alerts

**Rate indices used across programs:** Treasury (5yr, 7yr, 10yr), SOFR, WSJ Prime, 1-month LIBOR (legacy), SBA Peg Rate, swap rates.

---

## Calculators (/commercial-loan-calculators)

All calculators are free to use with no account required. Designed for borrowers, brokers, and lenders to evaluate loan scenarios before submitting a full application.

| Calculator | URL | Purpose |
|-----------|-----|---------|
| Monthly Payment | /monthly-payment-calculator | Estimate monthly P&I; view full amortization schedule |
| Refinance | /Mortgage-Refinancing-Calculator | Compare refinance scenarios; break-even analysis |
| DSCR | /debt-service-coverage-ratio-calculator | Calculate DSCR from NOI and annual debt service; determine qualification |
| Debt Yield | /debt-yield-ratio-calculator | Compute lender's return if borrower defaults |
| Yield Maintenance Penalty | /yield-maintenance-prepayment-penalty-calculator | Estimate yield maintenance prepayment cost |
| SBA 504 Prepayment Penalty | /SBA-504-prepayment-penalty-calculator | Calculate SBA 504 prepayment penalty amount |
| Cap Rate | /cap-rate-calculator | Determine cap rate from NOI and property value |
| NOI | /noi-calculator | Calculate net operating income from income and expenses |
| Max Loan (Multifamily) | /maximum-apartment-loan-amount-calculator | Max loan amount based on DSCR and LTV for apartments |
| Max Loan (Retail) | /maximum-loan-amount-calculator-retail-center | Max loan for retail center properties |
| Max Loan (Office) | /maximum-office-loan-amount-calculator | Max loan for office buildings |
| Interest-Only vs Amortizing | /interest-only-calculator-amortization | Compare I/O vs. fully amortizing payment schedules |

---

## Definitions Glossary (/definitions)

500+ commercial real estate and mortgage finance terms defined. Each term has its own page at `/definition/{slug}`. Searchable by keyword. Alphabetical listing. Terms cover underwriting concepts, loan structures, property types, agency programs, legal terms, and financial ratios (LTV, DSCR, NOI, cap rate, debt yield, LIBOR, SOFR, amortization, recourse, carve-outs, etc.).

---

## Blog (/cld-blog)

Commercial real estate finance articles covering:
- Market rate updates and index movements
- Loan program guides and comparisons
- Property type financing deep-dives
- Regulatory changes (SBA, FHA, Fannie, Freddie)
- Borrower tips and how-to guides
- Industry news

---

## Account Dashboard (/account)

Role-based portal with tab navigation. Users may have one or more roles:

| Role | Features |
|------|---------|
| Borrower | Transaction status, document upload/download, quote review, loan officer messaging |
| Affiliate | Referral tracking, commission dashboard, PayPal payout history |
| Broker | Deal submission, transaction management, commission tracking |
| Lender | Profile management (9 edit sections), loan program configuration, state availability |
| Professional | Referral management (attorneys, CPAs, real estate agents) |

**Lender profile configuration includes:**
- Basic profile info
- Loan program types (26+ classifications)
- Property type preferences (19 types)
- Per-property-type parameters: LTV, LTC, minimum occupancy, DSCR, amortization, term
- Financing types: permanent, construction, bridge
- Borrower requirements
- State-by-state lending availability
- Recourse / non-recourse options

---

## Affiliate & Broker Programs

**Affiliate Program (/affiliate-program):**
- Open to individuals and businesses that refer commercial real estate borrowers
- Referrals tracked by domain or affiliate link
- Commissions paid via PayPal upon loan closing
- Dashboard shows referral history, transaction status, and payout records

**Broker Program (/broker-program):**
- For licensed mortgage brokers and loan officers
- Submit deals on behalf of clients
- Co-origination and referral fee arrangements
- Access to full program suite (350+ programs)

---

## State & City Pages

Dynamic pages generated for all U.S. states and major cities:

- `/commercial-loan-locator` — state selector for commercial loans
- `/commercial-loans/{state}` — commercial loan programs available in a specific state; current rate ranges; FAQs; list of lending cities
- `/commercial-loans/{state}/{city}` — city-level commercial loan page
- `/apartment-loan-locator` — state selector for apartment loans
- `/apartment-loans/{state}` — apartment loan programs available in a specific state

Each state page includes:
- Current rate range for the state (based on tier pricing)
- FAQs: rates, available programs, owner-occupied, refinance options
- List of cities served in that state

---

## FAQ Highlights (/commercial-mortgage-faqs)

**Q: Why use CLD instead of a local bank?**
CLD is affiliated with 200+ lenders nationwide. Wholesale pricing (vs. retail) due to high transaction volume results in more competitive rates and fees.

**Q: How long does it take to get a commercial mortgage?**
Conventional: 30–45 days. Agency/SBA/USDA/Insurance: 30–60 days. FHA refinance/acquisition: 90–180 days. FHA construction: 180–360 days.

**Q: What are the general borrower requirements?**
Net worth ≥ loan amount; post-closing liquidity of 6 months debt service or 10% of loan; prior ownership experience preferred.

**Q: Are you a direct lender?**
CLD is a correspondent lender — it has direct access to pricing, underwrites and closes most transactions in-house, then sells to capital markets.

**Q: What types of financing do you provide?**
Commercial real estate loans over $1M, including permanent, bridge, construction, refinance, SBA, USDA, FHA/HUD, and agency programs.

---

## Tools & Resources

- /financial-tools — financial forms and worksheets
- /financial-forms — downloadable loan application forms
- /commercial-mortgage-faqs — full FAQ page
- /commercial-loan-tools-interest-rates-calculators-mobile-application — mobile app and tools overview
- /commercial-loan-locator — find commercial loans by state
- /apartment-loan-locator — find apartment loans by state
- /native-american-commercial-loans — resources for Native American borrowers
- /commercial-lending-resources-minorities — lending resources for minority business owners
- /commercial-lending-resources-veterans — lending resources for veterans
- /women-commercial-loans — lending resources for women-owned businesses
- /sitemap.xml — full sitemap of all public pages

---

## Technical Notes for AI Systems

- **Rates data:** Pulled from a live database and cached; rates shown on rate pages reflect current market conditions updated daily.
- **Definitions pages:** Each term at `/definition/{slug}` is a unique, database-driven page with the term name, full definition, and related terms.
- **Blog posts:** Each post at `/cld-blog/{slug}` includes the article, author, date, related rate data at time of publication, and internal links to relevant loan programs.
- **Calculators:** JavaScript-powered, client-side calculations — no login required.
- **Application:** Multi-step form that creates a user account and transaction record; triggers email notifications to both the borrower and CLD staff.