Financing Every Asset Type: A Broker’s Guide to What Works (and What Doesn’t) in 2025
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Not all properties are created equal — and neither is the financing. This guide gives commercial real estate brokers a quick, actionable look at how different asset types are viewed by lenders.
Each section links out to a full-length guide with deeper insights, but here you’ll get the lay of the land: what works, what doesn’t, and what to watch out for.
Multifamily: Still the Bellwether
Multifamily remains the most liquid and lender-friendly asset class. Agencies like Fannie Mae and Freddie Mac offer unbeatable terms on stabilized properties, especially in core markets, not to mention fantastic financing options through HUD loans. Value-add deals are still popular, particularly for Class B/C properties with a clear renovation strategy.
- Lender appetite: Very high
- Best execution: Agency debt for stabilized assets
- Common challenge: Expense inflation vs. rent growth
[Read the full multifamily guide]
Industrial: The Lender Favorite (With a Caveat)
From last-mile logistics to massive distribution centers, industrial is hot. Lenders love NNN leases with strong tenants — but they’re cautious about speculative development and functional obsolescence. Cold storage and urban infill are especially in demand.
- Lender appetite: Strong, especially for leased assets
- Best execution: Life companies and banks with term-match needs
- Common challenge: Environmental risk and tenant rollover
[Read the full industrial guide]
Retail: Risky or Resilient? Depends Who You Ask
Retail is a tale of two sectors. Grocery-anchored centers and STNL deals with investment-grade tenants are very, very financeable. Malls and unanchored strip centers? Much tougher. Lease structure, tenant credit, and co-tenancy clauses can make or break a deal.
- Lender appetite: Selective
- Best execution: Banks, credit unions, and life companies
- Common challenge: Exposure to e-commerce disruption
Office: High Scrutiny, Low Leverage
Hybrid work continues to pressure the office sector. Lenders prefer Class A assets with long-term leases and strong sponsorship. Commodity suburban office? Not so much. Medical office and adaptive reuse projects are the two clear winners right now.
- Lender appetite: Very limited
- Best execution: Life companies for top-tier assets, SBA for medical office
- Common challenge: Short lease terms and massive capex needs
Self Storage: The Underappreciated Workhorse
Low break-even occupancy, high margins, and a diversified tenant base make self-storage facilities a favorite for many lenders. SBA and bank loans are common for smaller operators, while CMBS and credit unions play in larger deals. Solid management is key.
- Lender appetite: Growing steadily
- Best execution: Banks, SBA, and CMBS
- Common challenge: Lease-up risk and submarket saturation
[Read the full self-storage guide]
Healthcare: Stable, Specialized, and In-Demand
Medical office buildings (MOBs) and senior housing are high on lenders’ radar, especially those with experienced operators and strong ties to health systems. These asset types are generally viewed as more recession resistant, but require highly specialized underwriting.
- Lender appetite: High for stabilized, well-located facilities
- Best execution: Life companies, banks, and agencies/HUD (for senior housing)
- Common challenge: Operator strength and regulatory exposure
[Read the full healthcare guide]
Hospitality: Cyclical but Coming Back
Hotel financing is highly cyclical and depends heavily on recent performance and brand affiliation. Lenders typically favor flagged hotels in strong markets over independent or boutique properties.
- Lender appetite: Cautious, but improving in strong markets
- Best execution: Banks, debt funds, and SBA for owner-operators
- Common challenge: Seasonality, cash flow volatility, and CapEx needs
[Read the full hospitality guide]
Land: Pure Speculation or Solid Strategy?
Land is tough to finance unless it’s fully entitled and has a clear development path. Raw land with no infrastructure? Nearly unfinanceable through traditional channels.
- Lender appetite: Very limited unless shovel-ready
- Best execution: Private lenders or seller financing
- Common challenge: No income, high carry cost, zoning risk
Mixed-Use: Complexity Requires Clarity
Lenders look at the parts, not just the whole. Financing for mixed-use hinges on the strength of each component — and how they interact. Residential-over-retail in an urban corridor? Possibly very financeable. Boutique retail-office loft conversion? Maybe not.
- Lender appetite: Case-by-case
- Best execution: Banks and agencies (for resi-heavy deals)
- Common challenge: Segmented underwriting and regulatory hurdles
[Read the full mixed-use guide]
Manufactured Housing Communities: Quietly Attractive
MHCs (or trailer parks, by their less-attractive name the industry's been trying to shed for some years now) have become a lender favorite due to their sticky tenant base and relatively low turnover. Agency and bank financing are both widely available for well-maintained parks.
- Lender appetite: High for stabilized, resident-owned communities
- Best execution: Agency debt, especially for larger portfolios
- Common challenge: Zoning issues and infrastructure upgrades
[Read the full manufactured housing guide]
1-4 Unit Residential: Small Properties, Big Questions
While technically not commercial, small residential portfolios (1-4 units) often get packaged for financing — especially for investors with multiple properties. Most conventional lenders treat these as consumer mortgages, but some banks and debt funds offer blanket loans or portfolio loans.
- Lender appetite: Niche, often portfolio lenders or DSCR products
- Best execution: Banks, non-bank lenders, and DSCR loans
- Common challenge: Lack of scale and inconsistent documentation
[Read the full 1-4 unit residential guide]
Match the Capital to the Asset
Every asset type brings a different risk profile — and lenders respond accordingly. If you’re placing a deal, understanding these dynamics gives you a serious edge.
Check out the full-length articles to go deeper, or head to Janover Pro to connect with hundreds of lenders who specialize in each property type.