If you bought a San Antonio retail center or apartment building years ago and paid the loan down while rents grew, you may have equity you can use. A cash-out refinance turns some of that equity into cash while you keep the property.
In short: LendingStreet offers commercial cash-out refinancing in San Antonio on stabilized, cash-flow-positive commercial property and 9+ unit apartments. The new loan is sized on documented NOI, DSCR and the appraised value, with custom terms up to $5M+. Cash-out leverage is usually more limited than purchase leverage and varies by program and property type.
A cash-out refinance fits owners whose property is stabilized: leased, collecting rent and showing the income in its operating statements. It is not the tool for a building in the middle of a renovation or lease-up. That is a bridge loan.
Across San Antonio, typical candidates include long-held neighborhood retail on north-side corridors, older apartment complexes near the Medical Center that have been renovated and re-leased, and mixed-use buildings near downtown whose storefronts are now fully leased. What they share is a track record of income the appraiser and underwriter can rely on.
We size the new loan on income you can document with a rent roll, leases and trailing operating statements. Rents signed last month help, but a refinance gives the most credit to income that has held up over time.
If a major tenant's lease ends soon after closing, expect a more conservative number, since that income may not be there for the life of the loan.
For apartment buildings, we look at occupancy and collections over the trailing months. For retail, office and flex, we look at lease dates, renewal history and whether tenants reimburse taxes and insurance. Gaps in your statements or a large one-time expense are fine if you can explain them. A short written note on any unusual month saves back-and-forth later in underwriting.
The new loan is the lowest of three numbers: what the DSCR test supports, what the LTV limit allows, and the program maximum. On a cash-out, the LTV limit is usually lower than on a purchase, and leverage varies by property type and balance. Your cash in hand is the new loan minus the existing payoff and closing costs.
| Step | What happens |
|---|---|
| 1. Document NOI | Rent roll, leases and T-12 set the income |
| 2. Apply DSCR | NOI must cover estimated annual debt service with a cushion |
| 3. Apply LTV | Appraised value caps the loan, usually below purchase leverage |
| 4. Pay off | Existing loan and closing costs come out of proceeds |
| 5. Net cash | What remains goes to you |
This example is illustrative and not a quote.
Assume a stabilized San Antonio retail center appraises at $3,000,000 with documented NOI of $225,000 and an existing loan balance of $1,200,000.
A new loan of $2,100,000 is 70% LTV. Estimated annual debt service is about $171,908, for a DSCR of 1.31x. Paying off the existing loan leaves about $900,000 before closing costs.
| Item | Assumed figure |
|---|---|
| Appraised value | $3,000,000 |
| Documented NOI | $225,000 |
| New loan | $2,100,000 |
| LTV | 70% |
| Estimated annual debt service | $171,908 |
| DSCR | 1.31x |
| Existing loan payoff | $1,200,000 |
| Cash before closing costs | $900,000 |
Taxes and insurance are the two lines most likely to move between your last loan and this one. The Bexar Appraisal District reassesses value, and local taxing units set rates each year. We underwrite the current bill, so check it before you apply and remember you can protest the value annually.
Insurance premiums across Texas have risen, and hail and wind are risks across the metro. If your premium has gone up since your last renewal, your NOI is lower than your old statements show. A current declarations page avoids surprises late in the process.
Owners use commercial cash-out proceeds for business purposes tied to their real estate.
Commercial refinances take longer than residential loans. Expect a full appraisal, lease review, and often environmental and property condition reports. Have these ready:
Selling captures the full gain but ends the income stream and, for many owners, creates a tax bill. A cash-out refinance keeps the property and its income while freeing up some of the equity, at the cost of a larger loan and higher debt service. The building has to carry that new payment with a healthy DSCR cushion.
Run the numbers both ways. If the property's NOI is strong and you expect it to keep growing, keeping it and refinancing can make sense. If major leases are ending or big capital work is coming, a sale or a smaller loan may fit better. Talk to your tax adviser about the tax side; we focus on what the property can support.
Use the form below or call (877) 298-1001 with the property, estimated value, NOI and current loan balance. Tell us what you plan to do with the cash and when, so we can line up timing with your next purchase. Recourse varies by program, and terms are set per deal.
Usually not. Cash-out loans need stabilized, documented income. A building in lease-up often fits a commercial bridge loan first.
It depends on documented NOI, DSCR and the appraised value. Cash-out leverage is usually lower than purchase leverage and varies by property type and balance.
Yes. Stabilized apartment buildings with 9 or more units qualify. Smaller buildings use our residential cash-out programs.
We use the current tax bill, a current insurance premium and realistic management and repair costs. If those have risen, NOI comes down.
It can. A successful protest lowers the tax bill and raises NOI. Share the result and the current bill from the Bexar Appraisal District.
These are business-purpose loans. Proceeds are meant for business and investment uses, and the property being refinanced must be non-owner-occupied.
Tell us early. A signed renewal before the appraisal and underwriting usually helps the most. An expiring lease with no renewal in hand often means a more conservative loan amount.
Longer than a residential refinance, because of the appraisal, lease review and third-party reports. A complete file at the start helps most.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
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