Commercial real estate lending in Florida
67 Florida county markets, each profiled with Census Bureau demographics and the underwriting standards — DSCR floors, LTV caps, cap-rate bands — that lenders actually apply there.
Frequently asked questions
Who lends on commercial real estate in Florida?
Three groups compete for Florida CRE loans: regional and community banks, credit unions, and non-bank lenders such as debt funds, life companies and CMBS conduits. Banks and credit unions dominate owner-occupied and smaller stabilized deals; non-bank capital takes bridge, construction and larger stabilized loans that exceed a local bank's hold limit.
How much do you need to put down on a commercial property in Florida?
Typically 25% or more of value. Florida lenders commonly cap stabilized loans near 75% LTV, construction financing near 65% and bridge loans near 70%, so the equity requirement rises with risk. SBA 504 structures are the usual exception and can go materially higher on owner-occupied purchases.
What DSCR do Florida commercial lenders require?
Most Florida lenders underwrite to roughly 1.25x debt service coverage on stabilized property, about 1.20x on acquisitions, and around 1.10x on bridge or construction deals where cash flow is still being built. Coastal insurance costs sit inside operating expenses, so Florida NOI — and therefore DSCR — is unusually sensitive to the insurance quote.
What taxes does a Florida commercial mortgage pay at closing?
Two, both charged on the loan rather than the price: documentary stamp tax on the note at $0.35 per $100 under Fla. Stat. §201.08, and nonrecurring intangible tax on the mortgage at $0.20 per $100. Together that is about 0.55% of the loan amount — roughly $27,500 on a $5 million mortgage.
Can you refinance a Florida commercial mortgage with cash out?
Yes, subject to the same LTV cap and DSCR floor as a purchase, sized on the new appraised value. Florida has no CEMA-style mechanism, so a refinance pays documentary stamp and intangible tax in full on the entire new loan amount — including the portion that merely replaces the old balance.
Full breakdown with statutory citations: Florida documentary stamp tax and intangible tax on commercial mortgages.