Mag Mile Capital Review: A Commercial Broker, Not a Direct Lender

Does Mag Mile Capital fund the loan?

No. Read the company’s own words in three places. The annual report for 2025 says it “generates revenues from brokering financing transactions, mainly senior debt on Commercial Real Estate (CRE) transactions.” The March 2023 merger filing says its originators “work exclusively for Mag Mile Capital but are on commission only” and that the company “charges a success fee for every closing.” Its website lists the capital sources it uses: CMBS lenders, life insurance companies, private debt funds, banks and credit unions, federal agencies (Fannie Mae, Freddie Mac and HUD) and SBA lenders.

For a borrower this has two practical consequences. The rate, leverage, recourse and fees come from the lender it chooses, not from Mag Mile Capital, so there is no “Mag Mile rate” to compare. And the broker’s success fee is a cost on top of the lender’s own fees; ask for it in writing as a percentage and a dollar figure before you sign an engagement.

Who it serves: the deal sizes it lists

The company’s homepage lists 12 “Representative Transactions.” They are the company’s own marketing and we could not verify any of them in a public record.

The smallest listed deal is $7 million and the median is $11.975 million (our arithmetic). Five of the 12 are hotels, and the rest are retail, office, apartments, storage and a ground lease; none is a single-family rental, a DSCR loan or a fix-and-flip. The annual report also names the biggest recent job: on October 24, 2025 the company “closed a $59 million refinance transaction and a $14.5 million transaction with the HKB Hotels Group resulting in gross revenue of $1.045 million.” If you are financing one to ten rental houses, this is not the product line; see our bridge loan data page and commercial real estate loan rates for what loans of that size cost.

What the SEC filings show about the company

Three things stand out.

Revenue is lumpy and concentrated. In 2025, “43.4% of its revenue” came from two customers (63.2% from three customers in 2024). The October 2025 HKB Hotels Group transactions alone produced $1.045 million, which is 25.7% of the year’s revenue (our arithmetic). Third-quarter 2026 revenue of $1,042,650 compares with $324,600 a year earlier, 3.2 times as much (our arithmetic).

A large share of commissions goes to a company the CEO owns. The annual report says related-party commission expense “is for commission paid to Park River Investments, LLC, a company owned by the Chairman and CEO, where the Chairman and CEO was the procuring cause for the revenue.” That is disclosed and common in small brokerages, but it means a quarter to two fifths of revenue is shared with the person who runs the company (25.6% in 2025 and 42.3% in the first nine months of 2026; our arithmetic). The headquarters lease is also with a company owned by the same person.

The going-concern language has not gone away. The auditor’s report on the 2025 statements says recurring operating losses and a working capital deficit “raise substantial doubt about the Company’s ability to continue as a going concern.” After a profitable first nine months of 2026, the quarterly report still shows working capital of only $2,247 and repeats the doubt, noting the company “has only recently begun generating net income and still may rely on related parties for financing.” For a borrower, a broker’s balance sheet does not secure your loan, but it matters for how long the firm will be around to handle extensions, a lender change or a workout.

Marketing claims against documents

What we checked and what we could not

• HMDA. We searched the FFIEC filer lists for 2024 (4,908 institutions) and 2025 (4,778) for “mag mile,” “megamile” and “CSF Capital” (the broker’s former name in the merger documents) and found no match. That fits a broker that does not originate residential-type loans of its own, but we did not test the reporting rule, so we do not draw conclusions beyond “no filing, so no public loan count.”
• Form D. One Form D exists under the company’s CIK, filed September 11, 2024. It reports an equity offering of the company’s own shares, Rule 506(b), first sale June 29, 2023, $170,000 sold to 4 investors, a $10,000 minimum, no sales commissions. It is not a loan fund and nothing here lets investors lend to borrowers.
• Court records. We could not use CourtListener or PACER (the sites blocked or required a login), so this page makes no statement about litigation in either direction. The company’s quarterly report for September 30, 2026 says it knows “of no material, existing or pending legal proceedings against us,” which is a statement by the company, not a docket search.
• CFPB complaints. The public database refused our automated query, so we have no count.
• Licences. We could not confirm any Illinois or other state licence for the brokerage on a regulator’s own lookup (Illinois IDFPR or NMLS Consumer Access). Commercial mortgage brokering is regulated differently from residential lending and rules vary by state. Ask the firm for the licence numbers that apply to your property’s state and check them yourself.

What a reader can do with this

• Decide first whether you need a broker. If your loan is under about $5 million, or is a rental or flip loan, a direct lender such as the ones in our Kiavi review, Builders Capital review or Center Street Lending review is usually the shorter path. Mag Mile Capital’s listed work starts at $7 million.
• Ask for the fee in writing: percentage, dollar amount, whether it is due on a term sheet or only at closing, and whether the lender pays any part of it.
• Ask which lenders will see your file, and whether the firm receives any extra payment from them (the filings say it can receive a further share after CMBS securitization).
• Ask for two recent borrowers of your size and property type, and for the state licence number.
• Get a second quote from another broker or directly from two lenders, so you can compare the all-in cost.

FAQ

Sources, read November 9, 2026: SEC EDGAR, Mag Mile Capital, Inc. (CIK 1879293): Form 10-K for 2025 (accession 0001493152-26-016615), Form 10-Q for September 30, 2026 (0001493152-26-050430), Form 10-Q for June 30, 2026 (0001493152-26-038184), Schedule 14C (0001493152-26-034913), prospectus 424B4 of February 19, 2025 (0001493152-25-007600), Form 8-K of March 31, 2023 (0001493152-23-010365) and Form D of September 11, 2024 (0001493152-24-035720); magmilecapital.com home and code-of-ethics pages; FFIEC HMDA filer lists 2024 and 2025. This is analysis of public documents, not investment, legal or tax advice.