Commercial refinance
Cressida Direct is a non-bank direct lender that refinances commercial property banks decline, from $200,000 to $20 million in 44 states (all except DE, HI, ND, SD, WV, WY), underwritten in-house and with no bank deposit relationship required. Most of its loans need no tax returns: investment property qualifies on the property's cash flow at a 1:1 minimum DSCR with a 550+ credit score, and owner-occupied property qualifies on 12 months of business bank statements with a 650 minimum score. Cash-out refinances on the no-tax-return programs go up to 75% loan-to-value. Soft quotes come back within 24 hours of a complete summary, and commercial DSCR refinances typically close in 30–45 days.
ApplyAsk the bank for the specific denial reason in writing. Then match that reason to a program below. A tax-return problem, a loan the bank calls too small, and a missing deposit relationship are different files.
| Bank's reason | Cressida Direct option | What we underwrite instead |
|---|---|---|
| Tax returns show too little income (write-offs, self-employed) | Owner-occupied bank-statement loan | 12 months of business bank statements; up to $3 million; 650 FICO; 30% of average monthly deposits must cover debt service at 1.15x DSCR; 35–45 days |
| Personal or global income doesn't support the loan | Commercial DSCR loan | Property cash flow, 1:1 minimum DSCR, 550+ FICO, no tax returns, $200,000–$3 million, up to 75% LTV on a refinance |
| Loan too small for the bank | The same programs | $200,000 minimum |
| No deposit relationship, or the bank wants your accounts | Any Cressida Direct program | Non-bank lender; no depository relationship required |
| The property is transitional, or you need time, in California | Bridge loan | No tax returns, California properties only, 1st or 2nd position, 6–24 months |
| Foreign national borrower | Foreign National Loan | No SSN, credit report, or DSCR; 65% LTV; $5 million maximum on commercial property; rates currently 9%–10.5% |
| You want the lowest down payment and can provide full documents | SBA 504 and 7(a) | Full documentation; $750,000 minimum, smaller loans case-by-case; 60–90 days; up to 90% combined |
On the commercial DSCR program, cannabis, gas stations, event centers, vacant land, vacant buildings, and property that needs rehab are not eligible. Car washes and hotels or motels are eligible, and the loan on those two property types is capped at $500,000. Light value-add is considered case by case. A building that needs a construction budget is outside the commercial DSCR program.
Cash-out on the no-tax-return programs is capped at 75% loan-to-value. SBA 504 and 7(a) can finance up to 90% combined, and that path requires full documentation including tax returns. If the balance is above the cap for the program that fits the file, the difference has to be paid down. Don't reapply to similar banks if the numbers themselves are the problem.
Cressida Direct gives a soft quote within 24 hours of a complete summary. Send the loan application if you have one, the property address, the loan amount, the estimated value, whether the loan is a purchase or a refinance, whether the property is owner-user or investment, the rent roll, and the credit score.