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Program 09
CRE Permanent in San Mateo
San Mateo CRE permanent financing for stabilized commercial assets.
We place long-term, permanent financing for stabilized commercial real estate through agency multifamily channels (Fannie Mae and Freddie Mac), insurance funds, and other wholesale sources, at market permanent rates once the asset performs. On the Peninsula, agency multifamily is the channel actually moving; lab and office space has a harder road to a permanent takeout while South San Francisco works through its biotech oversupply. When a San Mateo County asset still needs to stabilize, we can bridge it first and place the permanent debt once it does. Business-purpose only, and every structure is set in underwriting.
Agency
Fannie/Freddie
Long-term
fixed
Multifamily
& commercial
Wholesale
channels
Typical figures, subject to underwriting and market conditions. Not a commitment to lend.
How it works
For a stabilized asset ready for permanent debt, we shop your file across agency multifamily programs, insurance companies, and wholesale lenders, then place the structure that fits your hold. When a deal needs to stabilize first, we can bridge it and refinance into permanent debt later.
Who it's for
Stabilized multifamily 5+
Commercial and mixed-use
Agency permanent debt
Refi out of a bridge
Typical terms
PropertyStabilized commercial
ProgramsAgency, insurance, wholesale
TermLong-term permanent
RateMarket permanent rates
UseAcquisition or refinance
Best forLong-term holds
*Typical terms, subject to underwriting and market conditions.
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Local FAQ
CRE Permanent in San Mateo, answered.
What kind of stabilized commercial asset actually fits permanent debt in San Mateo County right now?
Stabilized multifamily is the live channel; lab and office are a harder conversation. Agency multifamily programs through Fannie Mae and Freddie Mac are placing permanent debt on stabilized apartment assets across the Peninsula the way they do everywhere else. Lab and office space is a different story: Bay Area life science vacancy was 29.0 percent in the first quarter of 2026 with no new projects under construction or expected to break ground, and South San Francisco's own economic development page still advertises biotech space under construction that the market data no longer supports. A permanent lender underwrites the asset's actual occupancy, not the neighborhood's history. Send us the rent roll and we will tell you what fits.
If a San Mateo County property isn't stabilized yet, do I have to wait to talk to a permanent lender?
No. The bridge-then-permanent sequence is built for exactly this county. A South San Francisco lab building working through lease-up, or any commercial asset that needs a repositioning period before its cash flow qualifies for agency or insurance-company underwriting, can start on a CRE bridge loan now and refinance into permanent debt once the property performs. That sequencing matters here specifically because the life science correction described above means fewer assets on the Peninsula are stabilized on day one than the vacancy numbers from a few years ago would suggest.
Does San Mateo County's transfer tax structure change how I should size a permanent takeout on an acquisition?
Only if the asset is inside City of San Mateo limits specifically. The county's documentary transfer tax is $1.10 per $1,000 everywhere, but the City of San Mateo layers a Measure CC tax on top of that: 0.5 percent of the whole price below $10 million, 1.5 percent at $10 million or more, applied to the full consideration. Every other city we serve here, Redwood City, Burlingame, Menlo Park, South San Francisco, San Bruno, Foster City, and Millbrae, sits at the county's base rate. Factor that acquisition cost into your basis before you size the permanent loan against it.
How does San Mateo County's property tax reassessment affect the numbers on a stabilized asset going into permanent debt?
Your basis resets to what you paid, not what the seller was carrying. California reassesses a parcel to its purchase price on every change of ownership, so a permanent lender underwriting a San Mateo County acquisition is underwriting your new tax bill, not the seller's older, lower one. Composite tax rates across the eight cities we serve here run a narrow band, roughly 1.07 percent to 1.15 percent depending on the tax rate area, but the reassessment on a Peninsula purchase is what actually moves the number. Confirm your specific tax rate area with the County Controller before you finalize the permanent underwriting.
Is multifamily permanent debt easier to place in some San Mateo County cities than others?
The county's north-south rent-to-value spread affects how a stabilized multifamily deal underwrites, more than any city-specific rule. Residential rents across San Mateo County cluster in a narrow band while residential values range widely city to city, which means the gross yield picture (and the debt-service coverage that follows from it) looks very different in South San Francisco than in Menlo Park or Burlingame. Those figures come from residential data, not from a commercial rent or cap rate series we could source for this county, so treat them as the shape of the market rather than as multifamily comps. An agency permanent lender is underwriting the specific property's trailing income either way.
FAQ
CRE Permanent questions, answered.
What is permanent commercial financing?
Permanent (or perm) financing is long-term debt on a stabilized commercial property, the loan you move into once a building is leased up and performing. It replaces short-term bridge or construction debt with a longer fixed term and a lower rate.
What channels do you place loans through?
We place permanent debt through agency multifamily programs (Fannie Mae and Freddie Mac), insurance companies, and other wholesale lenders. Because we shop multiple sources, we can match your asset to the program with the best long-term terms.
What properties qualify?
Stabilized multifamily of five units and up, plus mixed-use and other commercial assets with a solid operating history. Agency multifamily in particular looks for occupancy and cash flow that support long-term debt.
How is this different from your CRE bridge program?
The bridge program is short-term capital to acquire or reposition a property; permanent financing is the long-term exit once it is stabilized. Many investors use both in sequence, bridging to stabilize and then refinancing into permanent debt. We can line up both.
What rates and terms can I expect?
Permanent commercial rates run well below bridge pricing and move with the agency and wholesale market, on long fixed terms. The exact rate depends on the asset, the program, and current conditions, and we will walk you through the options.
How long does a permanent placement take?
Plan on several weeks, since agency and wholesale permanent loans require full underwriting, third-party reports, and lender approval. We manage the placement and keep one point of contact on your file from quote to close.
Resources
Guides for CRE Permanent
Bridge · 4 min read
What Is a Bridge Loan in Real Estate?
Read the guide SBA · 5 min read
SBA 7(a) vs 504: Which Is Right for Owner-Occupied Real Estate?
Read the guide Bridge · 4 min read
Commercial Bridge vs Permanent Financing
Read the guide Bridge · 5 min read
Bridge Loan Exit Strategies: How to Pay Off Short-Term Debt
Read the guide More in San Mateo
Other programs in San Mateo
Fix and FlipUp to 90% / 100% rehabRental / DSCR30-yr fixed, DSCR from 0.75Ground-Up ConstructionUp to 70% LTV, most statesCRE BridgeUp to $10M, 24-36 moTransactional FundingSame-day double-close capitalBank Statement / No-DocNo tax returns requiredConventional InvestmentNon-owner-occupied investmentPortfolio LoansMultiple properties, one loanSBA Financing7(a) & 504 placement
About the local figures on this page
Local rules move. Every tax rate, fee, ordinance and market figure here comes from a primary source and carries the date we read it, and we correct them as the rules change. Where a number is mid-change or we could not verify it, we say so rather than guess. Before you commit a budget, confirm anything that drives it with the city or county, and talk to your attorney or CPA on questions of law or tax.
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