Get Your Terms in Writing
Five fields, about two minutes. Tell us the deal and we come back with real numbers — not a rate range. No SSN and no credit pull to get a quote.
Prefer to talk? Call 800-547-9081 · Mon–Thu 9–5 · Fri 9–12 CT
Five fields, about two minutes. Tell us the deal and we come back with real numbers — not a rate range. No SSN and no credit pull to get a quote.
Prefer to talk? Call 800-547-9081 · Mon–Thu 9–5 · Fri 9–12 CT
A condo conversion takes an existing building — most often an apartment complex, sometimes an older hotel or a half-vacant office building — and repositions it into individually titled condominium units sold to separate owners. It's a fundamentally different play than new construction: the shell already exists, the value-add is in unit-level renovation, mechanical separation, and the legal work of creating a condominium regime, and the exit is a string of individual retail sales rather than a single stabilized-asset refinance or bulk sale.
Banks like collateral they can categorize cleanly: an apartment loan, an office loan, a construction loan. A conversion in progress is none of those — it's a multifamily or commercial asset mid-transition to a for-sale product, with an uncertain absorption schedule and a blanket lien that has to release units one at a time as they close. That "moving target" collateral profile, combined with a business plan that depends on retail sale velocity rather than lease-up, is exactly the kind of deal conventional CRE underwriting is built to decline rather than price.
Converting a building to condominium ownership in Texas means recording a condominium declaration under the Texas Uniform Condominium Act, platting the individual unit interests and common-element percentages, and forming the homeowners' association that will govern the property going forward — all before the first unit can close to an individual buyer. None of that paperwork moves quickly, and a lender unwilling to fund past the point where a clean, bank-financeable single asset exists is a lender who can't carry a conversion project through its most legally complex phase.
Beyond acquisition of the underlying building, conversion capital typically covers unit-level renovation (finishes, appliances, in some cases separating shared mechanical systems so each unit can be individually metered for utilities — a common requirement before individual units can be sold and financed separately), common-area and amenity upgrades that support a higher per-unit sale price, and carrying costs during the legal conversion process itself. Draw-based hard money structures this the same way we structure any value-add renovation loan — funds released against completed, inspected work — while building in the release-price mechanics a conversion actually needs: as each unit sells, a pre-negotiated release amount pays down the blanket loan rather than requiring the entire balance to be retired before any capital comes back to the sponsor.
Underused office buildings converting to for-sale residential condos has become a more common conversation in Texas metros with soft office occupancy, alongside the more traditional apartment-to-condo play. The underwriting logic is the same — real estate collateral, a value-add buildout, and a retail-sale exit — but office-to-residential conversions carry their own added complexity around plumbing/riser relocation, egress and window requirements for habitable space, and floorplate depth, all of which needs an experienced sponsor and a lender comfortable underwriting an unconventional collateral transition.
The exit on a condo conversion isn't a single refinance event — it's a sequence of individual unit sales, each one closing with its own buyer and, typically, its own conventional mortgage. The hard money bridge's job is to carry the sponsor from acquisition of the whole building through legal conversion and renovation to the point where individual units are ready to list and close, releasing loan balance unit by unit along the way rather than waiting for one final payoff.
Restaurant real estate is one of the hardest property types to finance through a bank — not because the building is a bad asset, but because banks underwrite the business sitting inside it. Restaurant failure-rate statistics scare conventional lenders off even strong locations, and any hint of a startup concept, a first-time operator, or a change of use gets a fast decline. Hard money solves this because we lend against the real property — the building, the land, the improvements — not the P&L of the restaurant operating inside it.
A hard money loan on a restaurant property is a real estate loan, full stop. We're not underwriting the liquor license, the point-of-sale numbers, or the franchise agreement — those stay with the operator and any business-side lender they use. What we lend against is the acquisition price or appraised value of a freestanding restaurant building, a retail or strip-center bay being converted to food service, or an existing restaurant shell being repositioned for a new concept. That distinction is what lets us close in days instead of the 60-90 days a bank spends trying to underwrite a restaurant's future revenue.
Converting a vanilla retail box into a working kitchen means grease trap installation, Type I hood and exhaust systems, upgraded electrical service for cooking equipment, ADA-compliant restroom counts, and a walk-in cooler pad — all of it inspected and signed off before a Certificate of Occupancy is issued for food service use. Every one of those line items is a real cost against the real property, and every one of them has to clear a local health department and building inspection before doors open. Draw-based hard money financing is built for exactly this kind of sequenced, inspection-gated construction — funds release as each phase passes inspection, so the lender's exposure tracks completed, verified work rather than a projection of future restaurant sales.
Texas restaurant projects carry two permitting tracks that rarely move on the same calendar: the local health department's food-service permit and, for anywhere alcohol will be served, TABC licensing. TABC applications routinely take weeks to months depending on the county and whether the location requires posted notice or has any protest window. A conventional construction loan with a hard maturity and no tolerance for permitting delay can put a deal in default before the doors even open. Hard money bridge terms are structured with that reality in mind — short initial terms with extension options tied to milestones, not a fixed close-of-escrow assumption that ignores how long TABC and local health inspections actually take.
Once a restaurant location has occupancy, a functioning kitchen, and — ideally — a few months of lease or operating history, it becomes a much more financeable asset to a conventional CRE lender or an SBA 504/7(a) lender if the borrower also owns the operating business. The hard money bridge exists specifically to get a property from "vacant shell with permitting risk" to "stabilized, occupied restaurant real estate" — the point at which long-term, lower-cost capital actually wants the deal.
Veterinary real estate has become one of the more active corners of commercial acquisition in Texas over the last several years, driven by both independent practitioners buying their own building and the national wave of private-equity veterinary roll-ups acquiring standalone hospitals and consolidating them under regional platforms. Both buyer types run into the same wall with conventional bank financing: closing timelines that don't match a competitive acquisition, and appraisal/underwriting processes that don't know what to do with a building full of surgical suites, imaging rooms, and boarding kennels.
An animal hospital is not a generic medical office. Surgical suites need dedicated ventilation and scrub-sink plumbing; digital radiography and ultrasound rooms often need shielding and electrical upgrades beyond standard office wiring; boarding and recovery kennel runs need washable flooring, drainage, and sound-dampening construction to satisfy both code and neighboring-tenant noise complaints; and many clinics need a fenced outdoor relief yard. All of that is real, appraisable improvement value — exactly the kind of asset-based collateral hard money is built to lend against, regardless of whether a bank's standard medical-office comp set knows how to price it.
Because of the noise, odor, and outdoor-animal-area considerations, a meaningful number of Texas municipalities classify animal hospitals and boarding kennels as a conditional use rather than a by-right use in standard commercial and retail zoning districts — meaning a hearing, posted notice, and planning-commission approval before a Certificate of Occupancy can even be pursued. That process can run months longer than a typical retail or office build-out approval, and it's exactly the kind of open-ended timeline a bank construction loan with a fixed draw schedule and hard maturity date is not built to absorb. A hard money bridge, sized and structured around the real estate rather than a projected practice revenue ramp, can carry a deal through CUP approval and buildout without forcing a refinance race against an arbitrary calendar.
A common structure we see: a veterinarian (or a consolidator) is acquiring both the practice and the real estate it sits in at the same time, on a compressed seller timeline. Practice-acquisition lenders and banks move at very different speeds and rarely close simultaneously without friction. Financing the real estate piece separately through a hard money bridge lets the real property close on the seller's schedule while the practice-side financing (SBA, a specialty veterinary lender, or a PE platform's own capital) catches up behind it — then refinances the real estate into permanent debt once both pieces are stabilized under common ownership.
Stabilized veterinary real estate with an operating, licensed practice inside it is a well-understood asset class to SBA 504/7(a) lenders and to conventional medical-office CRE lenders — both routinely finance owner-occupied and investor-owned veterinary buildings once the CUP/zoning question is resolved and the clinic has occupancy. The hard money bridge's job is simply to get the property from raw acquisition or mid-buildout to that stabilized, licensed, occupied point.
Reviews
Real Google reviews of our lending team, word for word. We also operate Commercial Loans of Texas, so some reviews name it — same team, same underwriting, same person answering the phone.
“Let me just start by saying that the only reason I give him five stars is because there is no higher. Daniel Peterson is one of the most honest and transparent person I have ever dealt with. Getting me a refinance was not going be easy but right from the start he gave it his all. Just as we would hit bumps he would not give up. He would look for other ways and would always stay motivated to make it happen. Just as I thought that it wasn’t going to get done. He would pull out the rabbit from the hat, as the old saying goes, all the way to the end. If you are ever in need of a refinance or to purchase another home or anything in this field trust me you will not be disappointed with him. I truly say if he can’t do it it’s probably because it cannot be done but if he does he will find a way.”
“I would highly recommend Commercial Loans of Texas for commercial lending. My experience with Dan was top notch. Starting from consultation and application to guidance navigating the daunting underwriting process, Dan's experience and insight was invaluable to reach a successful closing. Will definitely engage again in the future.”
“I would highly recommend Dan Peterson with Commercial Loans of Texas. I am a physician in private practice, and I approached Dan about helping me to navigate the commercial loan process for a new medical office. He was proactive and very helpful during the process. His experience and knowledge made a big difference. He is amazing.”
“Dan Peterson is the best commercial lender hands down! He truly knows his stuff and makes sure that you know all of the pertinent info upfront. I've never seen a commercial loan close this fast. Amazing!! I look forward to working with him in the future for my personal deals and on deals for clients that I will be referring!”
“The Best Commercial Loan Company in Texas. "Danial Peterson !" We were running out of options, doors after door were slammed in our faces! Daniel came through for us when NO ONE ELSE WOULD! We will be eternally grateful for all Daniel and his company has done for us! Give Daniel a call and he will make your dream come True!”
“This company offers very delicate customer services, Dan Peterson is very nice and professional that he was trying to help me to get finance the property but unfortunately the property is in rural area that was not qualify the loan. Dan referred me to another company to finance the property. Thank Dan!”
“Dan Peterson secured a commercial loan for me with ease and a no b.s. approach. I had a few obstacles to overcome and a tight closing window and Dan made it happen for me. I can't say enough about Dan and his team at Commercial Loans of Texas. If in need of a commercial loan...Dan's your man.”
“Our client who was purchasing an apartment building in Montrose- was introduced to Commercial Loans of Texas. The commercial loan officer was hands-on, kept us updated in a timely fashion, was able to provide the best rate and terms available in this market.” Linda Charmaigne”
“This Is The Best Commercial Loan Company In The State Of Texas. Daniel Peterson Is Awesome 🤩 He Answer’s Every Call ☎️ And Goes Above ☝🏾 And Beyond To Maker Sure Business 👨🏽💼 Is Handled. I Highly Recommend This Company To Anyone Respectfully!!!!”
“It's been a pleasure working with a highly professional, knowledgeable and responsive loan master, Mr. Dan Peterson. He is the best. We were able to successfully close very tough deals back to back. For any loan issue, go to Dan! He is the man.”
“Worked with Dan from Commercial Loans of Texas. We had been working for two months to refinance our loan on a property owned by my LLC. I got tired of waiting for other slow institutions and decided to give Dan a call. He had me closed…”
“Daniel Peterson did a fantastic job of closing my construction loan. He made me aware of all financing options and went out of his way to investigate them. We closed on time at an interest rate that was actually slightly lower than we…”
“I have nothing but good to say of Daniel Peterson and Commercial Loans of Texas. My loan did not go through but not due to any fault of Daniel or his company. Even after several weeks I called and asked about my appraisal refund and…”
“Daniel was great to work with throughout the entire process. He answered questions quickly and the loan funded within three weeks. I would highly recommend him and look forward to working with him in the future on some new projects.”
“If you need to close a complex transaction quickly, Daniel is your guy! He won't sleep until he's able to put a solution in place to help you close your deal. Thanks for all the hard work, Daniel!”
“Dan and the team were great! The process was smooth and friendly, Texas style. I highly recommend Commercial Loans of Texas. We'll defiantly be doing business with them in the years to come.”
“Dan is Truly AMAZING. Promised he would close on a million dollar property on time and he delivered. A genius at what he does.Thanks Dan, looking forward to the next phase.”
“Dan found terms I didn't think were out there for commercial! Very satisfied and we'll definitely be using Commercial Loans of Texas again on our next conventional deal!”
“Daniel Peterson got me an amazing mortgage that no one else could do. I don’t see why I would work with anyone else. Amazing service. Thank you.”
“Dan Peterson very forthright and transparent. Gave me great guidance and really appreciate him going out of his way for my commercial loan.”
“As a former Texas Real Estate Commissioner I can tell you this group knows what it takes to get business done with prompt professionalism.”
“I strongly recommend Commercial Loans of Texas! Daniel was instrumental in the acquisition of a hard-money bridge loan in 2016.”
“We Are Thankful for Dan Peterson and the team of underwriting who have given us the monies to consolidate our debt. Thank you.”
“Got a challenging loan approved and closed. Best customer service. They get'm DONE in a timely manner. Thank you!⭐️⭐️⭐️⭐️⭐️”
“Dan Peterson was great to work with, closing my commercial loan refinance just as I needed. Thanks Dan!”
“Very helpful in understanding would recommend anybody that doesn't have the best way home”
“Every step from LOI through closing was guided with great service. "Just Right"”
“Thank you Dan Peterson. You sent me in the right direction. I appreciate…”
“great experience will do further business with Dan.”
“Great working with this company”
“Very frenly company”