In the San Antonio market, net lease financing give sophisticated commercial real estate borrowers access to single tenant net lease (nnn) commercial financing. Net lease financing covers acquisition and refinance loans for single tenant NNN properties occupied by national credit tenants. Programs include bank STNL loans from $750,000 to $8 million, CMBS conduit loans for larger properties, and life insurance company permanent financing for investment-grade tenants. CLS CRE has active relationships with dedicated net lease lenders who understand corporate lease structures, sale-leaseback transactions, and credit tenant underwriting.

When to Use Net Lease Financing in San Antonio

San Antonio's commercial real estate market, driven by Military and defense, Healthcare and biosciences, Cybersecurity and technology, Tourism and hospitality, creates specific scenarios where net lease financing are the optimal financing choice:

  • QSR and fast casual restaurant NNN acquisitions
  • Pharmacy and drug store NNN refinances
  • Dollar store and value retail NNN portfolios
  • Auto parts and service NNN properties
  • 1031 exchange NNN acquisitions
  • Sale-leaseback transactions with corporate tenants

In the San Antonio-New Braunfels metro, net lease financing are particularly relevant given the market's 2.8% rent growth and 2.3% job growth, which support creative financing solutions across niche asset classes.

Current Net Lease Loan Rates in San Antonio

As of 2026, net lease financing in the San Antonio market are pricing at the following levels:

  • Rate Range: CMT + 190 bps to 7.50%
  • Loan Amount: $750K to $100M+
  • Term: 5 to 25 Years
  • Maximum LTV: Up to 75% LTV
  • Amortization: 25 to 30 Years
  • Recourse: Non-Recourse Available

Rates in San Antonio may vary from national averages based on local market conditions, property type, and sponsor experience. The San Antonio market's 5.25%-6.50% multifamily cap rates and 5.50%-6.75% industrial cap rates influence lender pricing as they underwrite to specific debt yield and coverage targets.

Pricing a live deal? This guide covers how the market works. For current terms, program details, and a free quote, go to our Net Lease Financing in San Antonio, TX page or call (310) 708-0690.

Qualification Requirements

Qualifying for net lease financing in San Antonio requires demonstrating both borrower strength and property fundamentals. Key requirements include:

  • Borrower Experience: Lenders evaluate your track record with similar assets in San Antonio or comparable markets
  • Net Worth & Liquidity: Most lenders require net worth equal to the loan amount and 6-12 months of debt service in liquid reserves
  • Property Performance: Property-specific underwriting based on asset class, cash flow, and market positioning
  • Market Position: Asset location within San Antonio's strongest submarkets, including North Central/Stone Oak, Loop 1604 Corridor, Far West Side/UTSA, South Side/Brooks City Base

Capital Sources for Net Lease Loans in San Antonio

The San Antonio market offers access to a diverse set of capital sources for net lease financing:

  • Banks with Dedicated STNL Programs
  • CMBS Conduit Lenders
  • Life Insurance Companies
  • Debt Funds (Bridge)
  • SBA-Approved Lenders (Owner-Occupied NNN)

Each capital source has distinct appetites for property types, leverage levels, and borrower profiles. Working with a commercial mortgage broker who maintains relationships across all these capital sources ensures you're seeing the most competitive terms available in San Antonio.

Exit Strategy Considerations

Specialty financing exits in San Antonio vary significantly by asset type and business plan. Some specialty properties, like self-storage and data centers, can transition to permanent agency or CMBS financing once stabilized. Others may require continued specialty lending or a sale to a specialized operator.

The key is structuring the initial financing with a realistic exit timeline and identifying permanent capital sources early in the process. The San Antonio market's 2.3% job growth supports demand across specialty property types.

San Antonio Market Context

San Antonio's commercial real estate market is underwritten against one of the most concentrated federal military footprints in the country, with Joint Base San Antonio combining Lackland, Randolph, and Fort Sam Houston into a combined installation that supports more than 80,000 active duty, reserve, and civilian personnel and anchors demand for medical office, multifamily, and retail across the entire metro. The cybersecurity sector that has grown up around the National Security Agency's Texas Cryptologic Center and the Air Force Cyber Command mission at Lackland has seeded a private-sector cluster along the I-10 corridor that continues to absorb Class A office and flex product in Stone Oak and the Northwest Side. On the healthcare side, the South Texas Medical Center, one of the largest medical complexes in the United States, anchors a dense concentration of hospital systems including University Health and Christus Health that drive persistent demand for medical office space in the 78229 submarket. Industrial demand has quietly strengthened as Toyota Motor Manufacturing Texas in San Antonio's Southeast Side continues to anchor a supplier network, and last-mile distribution requirements tied to the metro's 2.6 million population base have pushed speculative warehouse development toward the Southside and along U.S. 90. Multifamily fundamentals are bifurcated: the Pearl district and Alamo Heights command rents that rival North Austin submarkets, while workforce housing in New Braunfels and Boerne absorbs population spilling out of the core. Texas's absence of a state income tax and San Antonio's comparatively lower land basis relative to Dallas or Austin give sponsors meaningful underwriting cushion, though rising Bexar County appraisals have begun to compress that advantage for stabilized assets acquired at today's basis.

Understanding the local market dynamics is critical for structuring the right financing. The San Antonio metro's key commercial neighborhoods include Downtown, The Pearl, Stone Oak, Alamo Heights, New Braunfels, Boerne, each with distinct property characteristics and tenant demand profiles.

Get a Net Lease Loan Quote for San Antonio

CLS CRE provides net lease financing throughout the San Antonio-New Braunfels metro area, with access to 1,000+ lenders competing for your deal. Our market expertise in San Antonio commercial real estate helps you navigate the lending landscape and secure the most competitive terms available.

Related resources:

Trevor Damyan, Commercial Mortgage Broker
Trevor Damyan
Commercial Mortgage Broker, CLS CRE | CA DRE 02244836

Trevor Damyan is a commercial mortgage broker at Commercial Lending Solutions with a background in structured finance at CBRE and Marcus and Millichap Capital Corporation. He specializes in bridge loans, construction financing, SBA programs, DSCR loans, and complex capital structures for investors and developers across all 50 states.