San Antonio's commercial map runs from the Pearl and Southtown near downtown out to the Medical Center, Stone Oak and the Loop 1604 corridor. The buildings differ, but every loan starts in the same place: what the property earns after taxes and insurance.
In short: LendingStreet offers business-purpose commercial loans across the San Antonio metro for 9+ unit apartments, mixed-use buildings, retail, office, flex and light industrial, and self-storage. Loans are sized on the property's net operating income, DSCR and value, with custom terms up to $5M+ and up to 75% LTV on acquisitions. Entity borrowers are standard, and the property must produce positive cash flow.
For our programs, commercial means income property that is not a 1 to 8 unit residential rental. That covers apartment buildings with 9 or more units, mixed-use buildings, neighborhood retail, small office, flex and light industrial space, self-storage and similar property that earns rent from tenants.
If you own a duplex in Alamo Heights or a 6-plex near the St. Mary's Strip, that is a residential loan. Start with our San Antonio DSCR page or the 5 to 8 unit page instead. Our investor loans are business-purpose loans on non-owner-occupied property.
Near downtown, the Pearl, Southtown and the King William area attract investors who want walkable, older buildings with ground-floor retail. The Broadway corridor between downtown and Alamo Heights has seen steady infill and redevelopment.
To the northwest, the South Texas Medical Center area and the corridor toward UTSA along I-10 support apartments and medical-adjacent office leased to outside practices. North along US 281, Stone Oak has newer retail and office. The far west side near Alamo Ranch and Loop 1604 has grown quickly, and the industrial base around Port San Antonio on the south side draws flex and warehouse buyers. Each submarket has its own tenants and rent history, which matter more to us than the headline.
Commercial loans are sized on three tests, and the loan amount is the lowest one that passes all of them. Net operating income is rent and other income minus vacancy, taxes, insurance, repairs, management and other operating costs. It does not include debt service.
DSCR divides NOI by estimated annual debt service. Most programs want a cushion above 1.0x, and many deals land in the 1.20x to 1.30x range. LTV compares the loan to the appraised value, up to 75% on acquisitions, with the maximum varying by program, property type and balance.
| Test | What it measures | What moves it in San Antonio |
|---|---|---|
| NOI | Income after operating costs | Property taxes, hail insurance, vacancy on older buildings |
| DSCR | NOI divided by debt service | Lease length, tenant mix, loan amount |
| LTV | Loan divided by appraised value | Comps are harder because Texas is a non-disclosure state |
Texas has no state income tax, so local taxing units lean on property tax. Your bill is set from the value the Bexar Appraisal District assigns plus the combined rates of the city, county, school district and other units where the building sits. Rates vary across the metro, so confirm the exact figure with the appraisal district before you underwrite.
Owners can protest appraised values every year, and many commercial owners do. Insurance is the other big line. Hail and wind are real risks across Bexar County, and some sites near creeks sit in mapped flood zones. Get a current quote before you assume last year's premium.
This example is illustrative and not a quote.
Assume an investor buys a fully leased neighborhood retail strip on a busy north-side corridor for $2,400,000. After vacancy, taxes, insurance, maintenance and management, the assumed NOI is $176,000 a year.
A loan of $1,680,000 is 70% LTV. Using an assumed amortizing structure, estimated annual debt service is about $137,527. That produces a DSCR of 1.28x, which clears a 1.25x target with room for a tax increase or a short vacancy.
| Item | Assumed figure |
|---|---|
| Purchase price | $2,400,000 |
| Assumed NOI | $176,000 |
| Loan amount | $1,680,000 |
| LTV | 70% |
| Estimated annual debt service | $137,527 |
| DSCR | 1.28x |
Most San Antonio commercial requests fit one of a few paths. A stabilized building with steady income usually fits a permanent commercial DSCR loan. A building that needs renovation, lease-up or a new tenant mix usually fits a commercial bridge loan first, with an exit to a permanent loan or a sale.
Owners who have built equity in a stabilized property can look at a cash-out refinance. Smaller deals, roughly $500K to $5M, run through our small-balance program. Each path has its own page for San Antonio linked below.
Commercial loans take longer than residential loans. Expect a full appraisal, a review of the rent roll and leases, and often an environmental report and a property condition report. Sites over the Edwards Aquifer recharge zone on the north side can face extra environmental questions. Because Texas sale prices are not public record, appraisers work harder to find comps, so give them time.
Terms are set per deal. We look at your experience owning or managing similar property, the cash you will have after closing, and the quality of the income. A building with longer leases to established tenants is viewed differently from one with month-to-month tenants. Recourse varies by program, and some loans ask the principals to sign for the loan personally.
To start, use the form below or call (877) 298-1001 with the address, property type, price and current NOI.
We finance 9+ unit apartments, mixed-use buildings, retail, office leased to outside tenants, flex and light industrial, and self-storage. The property must be non-owner-occupied investment property that produces positive cash flow.
No. One to eight units is residential for our programs. A 6-unit building would use our 5 to 8 unit DSCR page or our San Antonio DSCR page.
Terms are custom and loans go up to $5M+. Acquisitions go up to 75% LTV, and the final amount is the lowest of what NOI, DSCR and LTV support for that property.
No. Pricing depends on the property, the income, the balance and your experience. Send the deal through the form below for a quote based on real numbers.
Taxes come straight out of NOI, so a higher bill means a smaller loan at the same DSCR. We underwrite the tax figure you can document, and you should confirm the current rate with the Bexar Appraisal District.
Yes. LLC and other entity borrowers are standard for commercial loans. We will ask for formation documents and information on the principals.
Longer than a residential loan, because the appraisal, lease review and third-party reports take time. Having your rent roll, operating statements and leases ready at the start is the best way to keep it moving.
No. These are investor loans on property leased to outside tenants. We do not offer owner-user financing.
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