Washington Apartment Loan Rates
Select Commercial offers some of the most competitive Washington apartment loan rates available, with 5, 7, and 10-year fixed-rate options starting as low as 5.73% as of May 5, 2026. As one of the most experienced apartment lenders in Washington, we arrange apartment building loans and apartment building financing for properties valued between $1.5 million and $6 million, with up to 80% LTV, 30-year amortizations, and no upfront fees. For loans over $6 million, see our Washington multifamily loan options.
| WA Apartment Loan Rates Less Than $6 Million | Free Loan Quote | ||
|---|---|---|---|
| Loan Type | Rate* | LTV | |
| Apartment Loan 5 Yr Fixed | 5.73% | Up to 80% | |
| Apartment Loan 7 Yr Fixed | 5.73% | Up to 80% | |
| Apartment Loan 10 Yr Fixed | 5.79% | Up to 80% | |
*Rates start as low as the rates stated here. Your rate, LTV, and amortization will be determined by underwriting.
Washington apartment loan rates are priced based on the U.S. Treasury yield curve. As of May 5, 2026, the 10-year Treasury yield is 4.384% and the 5-year Treasury yield is 4.083%, which directly influences current pricing on apartment building loans in Washington.
Want a personalized quote? Click here to request a customized loan quote for your Washington apartment property.
Why Select Commercial Offers Competitive Washington Apartment Loan Rates
When investors search for the best apartment loan rates in Washington, Select Commercial consistently delivers some of the most competitive pricing available for properties under $6 million. We work directly with Fannie Mae Small Loan, Freddie Mac SBL, CMBS conduits, life insurance companies, banks, and credit unions, which means borrowers gain access to a wide network of apartment lenders in Washington rather than the rates of a single bank. This multi-source approach allows us to consistently match borrowers with the lowest available rate and best terms for their specific apartment property.
Our Washington apartment building financing programs include 5, 7, and 10-year fixed-rate options, up to 80% LTV, 30-year amortizations, non-recourse availability, and no upfront fees. Whether you are acquiring, refinancing, or pulling cash out of a stabilized apartment property valued between $1.5 million and $6 million, our team structures apartment building loans tailored to your investment goals.
Need a multifamily loan over $6 million? Visit our Washington multifamily loan page. For other commercial property types, explore our Washington commercial mortgage options. To compare all rates nationwide, see commercial mortgage rates.
2026 Washington Apartment Loan Market Overview
Entering 2026, Washington presents a high-demand apartment market supported by technology employment, population growth, and constrained development in key urban areas. For borrowers evaluating apartment loans, the state benefits from strong renter demand across Seattle, Tacoma, and Spokane. This environment supports apartment building financing strategies focused on long-term growth, stable occupancy, and limited supply in core markets.
Development activity across Washington has been elevated in recent years, particularly in the Seattle metro, though new supply is beginning to moderate. Absorption continues to keep pace with deliveries in many submarkets, helping stabilize vacancy levels. For apartment lenders, Washington offers an underwriting profile centered on strong job growth, renter demand, and long-term economic expansion.
Seattle Anchors Washington Apartment Loans
Seattle remains the primary driver of apartment activity across Washington. In 2026, the metro is projected to add approximately 22,000 jobs, deliver roughly 7,000 units, maintain vacancy near 6.1%, and reach average effective rent around $2,050 per month. For borrowers seeking an apartment building loan, Seattle offers strong fundamentals tied to technology and corporate employment.
Tacoma Provides Affordability and Spillover Demand
Tacoma offers a growing apartment market supported by affordability relative to Seattle. The city has a population of approximately 220,000, median household income near $70,000, median rent around $1,600, and median home value near $450,000. These fundamentals support steady renter demand and long-term investment opportunities.
Spokane Adds Regional Growth and Stability
Spokane contributes a stable apartment market supported by healthcare, education, and regional employment. The city has a population of approximately 230,000, median household income near $60,000, median rent around $1,400, and median home value near $350,000. This supports consistent renter demand and income-focused investment strategies.
Rent Levels Reflect West Coast Demand
Washington maintains elevated rent levels driven by strong job growth and limited supply. Seattle is projected near $2,050 per month, with Tacoma and Spokane lower depending on submarket. This allows borrowers to structure apartment loans across both core urban and workforce housing strategies.
2026 Washington Apartment Loan Market Forecast
- Employment: Seattle is projected to add approximately 22,000 jobs.
- Construction: Seattle is projected to deliver roughly 7,000 units.
- Vacancy: Vacancy is projected near 6.1%.
- Rent: Average effective rent is projected near $2,050 per month.
For investors comparing apartment loans in Washington, 2026 reflects a market driven by technology growth and long-term demand. Seattle provides the primary scale, while Tacoma and Spokane offer complementary opportunities across affordability-driven and regional markets.
2026 Seattle Washington Apartment Loan Market Overview
Seattle is Washington's largest city and the dominant anchor for apartment loans in Washington, a global technology and aerospace mega-market anchored by Amazon's world headquarters, Microsoft's Redmond campus, Boeing's commercial aviation operations, and a dense concentration of technology startups generating software engineering compensation of approximately $150,000 to $300,000 in total compensation. Washington State has no state income tax, making Seattle one of the most financially attractive major metros in the nation for technology workers. The city has a population of approximately 741,440 to 801,192 residents as of 2026, growing at approximately 1.28% annually, having grown approximately 8.18% since the 2020 census. The median household income is approximately $121,984 to $123,860, approximately 62% above the national median, and the median home value is approximately $912,100, approximately 272% above the national median. Approximately 196,825 renter-occupied households represent approximately 56% of all occupied housing units. Current data as of March 23, 2026 shows the average apartment rent at approximately $2,235 per month, up approximately 0.43% year-over-year, with occupancy at approximately 94.4%, among the highest of any major U.S. market. The construction pipeline collapsed to approximately 15,426 units, a 10-year low, with completions projected to fall approximately 50% in 2025. These fundamentals support active demand for Washington apartment loans in the nation's premier technology employment metro.
Seattle Washington Apartment Loan Rates and Financing in 2026
Financing conditions for Washington apartment loans remain active in Seattle in 2026, with lenders supporting stabilized and core urban assets near Amazon's South Lake Union campus, the Capitol Hill and First Hill healthcare-technology corridor, and Metro-connected Eastside submarkets including Bellevue and Redmond near Microsoft's headquarters. The median home value of approximately $912,100, approximately 272% above the national median, creates extraordinary homeownership barriers that structurally anchor the approximately 56% renter-occupied rate even among Seattle's high-income technology professional workforce. King County's vacancy rate is approximately 3.6%, described as "extremely low" and a clear indicator of a strong landlord's market. Washington's Housing Stability Act (HB 1217) effective May 2025 caps rent increases at a maximum of approximately 9.683% for 2026, providing regulatory clarity. For borrowers seeking an apartment building loan in Seattle, the construction pipeline at a 10-year low, King County's 3.6% vacancy, and Amazon and Microsoft institutional employment permanence provide a compelling underwriting profile within the broader Washington apartment building financing landscape.
Trends in the Seattle Washington Apartment Market
Seattle's rental market benefits from one of the most concentrated high-income technology and aerospace employment bases in the world. Amazon is Washington's largest employer with its world headquarters in Seattle's South Lake Union district. Microsoft's Redmond campus is one of the world's largest technology employers. Boeing's commercial aviation division anchors the aerospace sector. Washington's GDP per capita of approximately $98,619 ranks 1st in the nation, exceeding even Massachusetts and California, driven by technology giants and aerospace manufacturing. Seattle's approximately 67.5% bachelor's degree attainment rate is nearly double the national average of 33.7%. The region added approximately 19,000 new jobs in 2025 with unemployment at approximately 4.6%. Q2 2025 absorption of approximately 4,558 units was the second-strongest second-quarter performance in a decade. The Seattle metro's Puget Sound region encompasses approximately 4.5 million residents across King, Pierce, Snohomish, and Kitsap counties. The city's median age of approximately 35.5 years and 25 to 34 age group reflect a dominant young technology professional renter base. These fundamentals continue to attract Washington apartment lenders evaluating the nation's leading technology metro.
Seattle Washington Apartment Loan Rent Levels in 2026
As of March 23, 2026, the average apartment rent in Seattle is approximately $2,235 per month, up approximately 0.43% year-over-year, and the median rent is approximately $1,998 to $2,063/month, approximately 72% above the national average. By unit type: studios average approximately $1,397 to $1,619/month, one-bedrooms average approximately $1,929 to $2,197/month, two-bedrooms average approximately $2,844/month, and three-bedrooms average approximately $3,550/month. Approximately 32% of all Seattle rentals are priced between $1,501 and $2,000 per month. Bellevue averages approximately $2,016/month for one-bedrooms with two-bedrooms at approximately $2,442/month, up approximately 5% year-over-year. Annual rent growth is approximately 2.6 to 2.7% year-over-year, outpacing both state and national averages. Washington's HB 1217 rent cap of approximately 9.683% for 2026 provides an upper limit on annual increases. These levels support consistent underwriting for apartment loans in Washington where Amazon and Microsoft employment anchor durable year-round absorption.
Seattle Washington Apartment Loan Supply and Demand in 2026
Seattle's rental market is positioned for sustained tightening as the supply cycle turns sharply. The construction pipeline collapsed to approximately 15,426 units, a 10-year low, with completions projected to fall approximately 50.7% in 2025 from the prior year. New apartment starts totaled approximately 3,397 units in 2024, a 50% decline, projecting future supply shortages and upward rent pressure through 2026 and 2027. King County's vacancy is approximately 3.6%, extremely low, while the broader Puget Sound regional vacancy is approximately 7.0 to 7.6%. Q2 2025 absorption of approximately 4,558 units was the second-strongest in a decade, confirming robust demand. Occupancy in stabilized properties is approximately 94.4%, among the highest of any major U.S. market. For borrowers pursuing apartment building financing in Washington, Seattle's 10-year-low construction pipeline, 94.4% occupancy, King County's near-record-tight 3.6% vacancy, and Amazon and Microsoft job creation support one of the strongest supply-constrained underwriting environments of any major U.S. market.
Opportunities for Apartment Investment in Seattle Washington
Investors pursuing a Washington apartment loan in Seattle in 2026 are focused on long-term growth and stable income from Amazon and Microsoft technology professional employment anchors where compensation of approximately $150,000 to $300,000 and median household incomes of approximately $121,984 to $123,860, approximately 62% above the national median, support consistent above-average rent capacity, value-add acquisitions at below-replacement-cost pricing where the 10-year-low construction pipeline and tightening King County vacancy of approximately 3.6% support accelerating rent growth through 2026 and 2027, and stabilized core urban holds in South Lake Union, Capitol Hill, and Eastside Bellevue where technology professional renter demand anchors premium pricing at approximately $2,197 to $2,844/month. The median home value of approximately $912,100, approximately 272% above the national median, combined with Washington's zero state income tax, ensures homeownership barriers structurally anchor renter demand even among the highest-income professional households. For Washington apartment lenders evaluating the nation's premier technology metro, Seattle offers Amazon and Microsoft institutional permanence, a 10-year-low construction pipeline, and the nation's #1 GDP per capita state that supports strong long-term performance for apartment building loans throughout the metro.
2026 Tacoma Washington Apartment Loan Market Overview
Tacoma is Washington's third-largest city and a rapidly growing high-value apartment market for apartment loans in Washington, positioned as the most affordable major metro on the Puget Sound, offering approximately 45% housing cost savings versus Seattle's $912,100 median home value while sharing the same Washington zero-state-income-tax advantage and access to Amazon, Microsoft, and Boeing employment within a 30-minute commute. The city is anchored by Joint Base Lewis-McChord, Pierce County's top employer with approximately 116,000 assigned personnel including 40,000 military members, 15,000 civilian employees, and 61,000 military family members with an estimated workforce payroll exceeding $2.5 billion, plus the Port of Tacoma, the fifth-largest container port in the United States, and MultiCare and CHI Franciscan healthcare systems. The city has a population of approximately 220,482 to 232,425 residents as of 2026, growing at approximately 0.92% annually, having grown approximately 5.77% since the 2020 census. The median household income is approximately $83,857 to $85,884, up approximately 6.03% year-over-year in 2023, and the median property value is approximately $454,600 as of 2023, up approximately 9.46% year-over-year. Approximately 38,551 renter-occupied households represent approximately 43% of all occupied housing units. Current data shows the average apartment rent at approximately $1,737 to $1,751 per month with the median at approximately $1,650 to $1,664, up approximately 0.6 to 1.6% year-over-year. These fundamentals support active demand for Washington apartment loans in the Puget Sound's most affordable major market.
Tacoma Washington Apartment Loan Rates and Financing in 2026
Financing conditions for Washington apartment loans remain favorable in Tacoma in 2026, with lenders supporting growth-oriented assets near JBLM's approximately 40,000 military household renter base, the Port of Tacoma's logistics employment corridor, and the Stadium District and North End premium submarkets undergoing active revitalization. The median property value of approximately $454,600, approximately 50% below Seattle's $912,100, creates compelling per-unit acquisition economics with initial yields well above Seattle peers. Washington's Housing Stability Act (HB 1217) effective May 2025 caps rent increases at approximately 9.683% for 2026, providing a defined rent growth ceiling. For borrowers seeking an apartment building loan in Tacoma, JBLM's $2.5 billion annual payroll, Seattle technology spillover demand from approximately 19,000 annual regional job additions, and the Port of Tacoma's logistics employment permanence provide a compelling underwriting profile within the broader Washington apartment building financing landscape.
Trends in the Tacoma Washington Apartment Market
Tacoma's rental market benefits from three structural demand pillars that operate on independent economic cycles. Joint Base Lewis-McChord is the only Army power projection base west of the Rocky Mountains in the Continental United States, generating approximately 116,000 assigned personnel, a payroll exceeding $2.5 billion annually, and permanent, recession-proof military household renter demand. The Port of Tacoma, the fifth-largest container port in the United States, anchors a major logistics, warehousing, and international trade employment base. Seattle technology spillover drives the third pillar: Tacoma's approximately 45% housing cost advantage versus Seattle attracts Amazon, Microsoft, and Boeing professionals seeking Puget Sound lifestyle at lower cost with a 30-minute commute. The University of Washington-Tacoma Campus awarded approximately 1,800 degrees in 2023 and Tacoma Community College approximately 1,711 degrees. Median household income grew approximately 6.03% year-over-year to $83,857 in 2023. The city's median age of approximately 37.2 years and 25 to 34 age group at 28% of renters reflect a working-age and military family renter base. These fundamentals continue to attract Washington apartment lenders evaluating the Puget Sound's most affordable major market.
Tacoma Washington Apartment Loan Rent Levels in 2026
The average apartment rent in Tacoma is approximately $1,737 to $1,751 per month, up approximately 1.04 to 1.6% year-over-year, and the median rent is approximately $1,650 to $1,664/month as of March to April 2026, approximately 9 to 13% below the national average. By unit type: studios average approximately $1,256 to $1,343/month, one-bedrooms average approximately $1,422 to $1,600/month, two-bedrooms average approximately $1,771 to $1,876/month, and three-bedrooms average approximately $2,173 to $2,274/month. Approximately 51 to 52% of all Tacoma rentals are priced between $1,501 and $2,000 per month. North End Tacoma commands the highest rents at approximately $2,132 to $2,189/month, while South Tacoma offers the most affordable one-bedrooms at approximately $1,147/month. Rent growth is up approximately 0.6% year-over-year as of April 2026, stabilizing after years of above-average growth. These levels support consistent underwriting for apartment loans in Washington where JBLM and Seattle spillover demand anchor year-round Tacoma absorption.
Tacoma Washington Apartment Loan Supply and Demand in 2026
Tacoma's rental market has stabilized after absorbing new downtown supply, with Q1 2025 showing some newly completed properties with elevated vacancy as lease-up periods progress normally. The broader market, however, remains supported by strong fundamentals: approximately 42% renter-occupied households, JBLM's permanent 116,000-person demand base, and consistent Seattle technology professional in-migration. Approximately 50% of Tacoma's rental stock was built before 1989, with the pre-1939 vintage representing approximately 19% of all units and the 1970s and 1980s vintages approximately 31% combined, creating a substantial value-add renovation base. Two-bedroom units make up the largest share at approximately 39% of all units, consistent with the military family and workforce renter orientation. For borrowers pursuing apartment building financing in Washington, Tacoma's JBLM $2.5 billion payroll permanence, Seattle affordability-driven spillover demand, and below-Seattle acquisition costs support a strong long-term underwriting environment.
Opportunities for Apartment Investment in Tacoma Washington
Investors pursuing a Washington apartment loan in Tacoma in 2026 are focused on growth and long-term demand from JBLM's approximately 40,000 military members and 15,000 civilian employees where BAH-supported rent capacity and institutional permanence anchor income stability, value-add acquisitions in the large pre-1939 and 1970s to 1980s vintage stock where Tacoma's approximately 45% acquisition cost advantage versus Seattle and consistent regional job growth of approximately 19,000 annual positions deliver compelling repositioning returns, and premium stabilized holds in the North End and Stadium District where rents of approximately $2,132 to $2,189/month reflect the strongest submarket pricing. Tacoma's median property value of approximately $454,600, approximately 50% below Seattle, combined with Washington's zero state income tax, delivers Puget Sound lifestyle economics at substantially lower acquisition costs than the primary market. For Washington apartment lenders evaluating the Puget Sound's most affordable major market, Tacoma offers JBLM institutional permanence, Seattle technology spillover, and Port of Tacoma logistics employment that supports strong long-term performance for apartment building loans throughout the metro.
2026 Spokane Washington Apartment Loan Market Overview
Spokane is Washington's second-largest city and the dominant regional hub of eastern Washington and northern Idaho for apartment loans in Washington, an affordable inland market anchored by Providence Health, the region's largest healthcare employer, MultiCare Health System, Washington State University's Health Sciences Spokane campus, Gonzaga University, Fairchild Air Force Base, and a diversified healthcare and education-driven economy. Washington State has no state income tax. The city has a population of approximately 229,228 to 231,311 residents as of 2026, growing at approximately 0.15 to 0.57% annually. The median household income is approximately $65,745 to $70,064, up approximately 3.84% year-over-year in 2023, and the median property value is approximately $326,200, up approximately 13.7% year-over-year in 2023, approximately 33% above the national median. Approximately 40,273 to 40,796 renter-occupied households represent approximately 42% of all occupied housing units. Current data as of March 23, 2026 shows the average apartment rent at approximately $1,414 per month, up approximately 1.85% year-over-year, with the median rent at approximately $1,141 to $1,300/month, approximately 2 to 33% below the national average. These fundamentals support income-focused demand for Washington apartment loans in the state's most affordable major market.
Spokane Washington Apartment Loan Rates and Financing in 2026
Financing conditions for Washington apartment loans remain favorable in Spokane in 2026, with lenders supporting income-focused assets near Providence Health's medical campus, Gonzaga University's campus, Fairchild Air Force Base, and the revitalized Downtown Spokane and South Perry District neighborhoods. The median property value of approximately $326,200, approximately 33% above the national median but approximately 64% below Seattle's $912,100, creates favorable per-unit acquisition economics with initial cap rates well above Puget Sound peers. The City of Spokane's Multi-Family Tax Exemption program sets a 2025 to 2026 maximum rent for 80% AMI units at approximately $1,513/month for one-bedrooms and $1,613/month for two-bedrooms, confirming the city's active support for housing development. For borrowers seeking an apartment building loan in Spokane, Providence Health's institutional employer permanence, Gonzaga University's consistent enrollment, and Washington's zero income tax advantage provide a compelling underwriting profile within the broader Washington apartment building financing landscape.
Trends in the Spokane Washington Apartment Market
Spokane's rental market benefits from a five-pillar employment and university base. Healthcare leads all city employment anchored by Providence Health, MultiCare Health System, and Washington State University's Health Sciences campus, which collectively represent one of the most healthcare-concentrated small metros in the Pacific Northwest. Gonzaga University awarded approximately 2,199 degrees in 2023, Spokane Community College approximately 1,910 degrees, and Spokane Falls Community College approximately 1,140 degrees. Fairchild Air Force Base, home to the 92nd Air Refueling Wing, generates permanent military household renter demand on Spokane's west side. Spokane serves as the commercial hub of the Inland Empire region spanning eastern Washington and northern Idaho, with a trade area population exceeding 600,000. Median household income grew approximately 3.84% year-over-year to $65,745 in 2023 and approximately 11.1% in 2022, reflecting accelerating income growth. The city's median age of approximately 37.2 years and 25 to 34 age group at 25% of renters reflect a working-age professional and student renter base. These fundamentals continue to attract Washington apartment lenders evaluating the state's eastern hub.
Spokane Washington Apartment Loan Rent Levels in 2026
As of March 23, 2026, the average apartment rent in Spokane is approximately $1,414 per month, up approximately 1.85% year-over-year from $1,388, and the median rent is approximately $1,141 to $1,300/month, approximately 2 to 33% below the national average. By unit type: studios average approximately $1,047 to $1,282/month, one-bedrooms average approximately $1,138 to $1,273/month, two-bedrooms average approximately $1,345 to $1,449/month, and three-bedrooms average approximately $1,816 to $1,836/month. Approximately 64 to 67% of all Spokane rentals are priced between $1,001 and $1,500 per month. The Logan neighborhood commands the highest rents at approximately $2,028/month, while Browne's Addition and Chief Garry Park offer the most affordable one-bedrooms from approximately $875 to $1,015/month. Median rent growth is approximately 0.9% year-over-year as of April 2026, with steady positive momentum. These levels support consistent underwriting for apartment loans in Washington where Providence Health and Gonzaga University demand anchor year-round Spokane absorption.
Spokane Washington Apartment Loan Supply and Demand in 2026
Spokane's rental market carries a stable supply-demand profile anchored by the region's healthcare workforce, university enrollment cycles, and Fairchild AFB rotation demand. Approximately 42% renter-occupied households across approximately 102,062 total housing units reflect a balanced market with consistent demand. Approximately 49% of Spokane's rental stock was built before 1979, with the pre-1939 vintage representing approximately 21% of all units and the 1970s vintage approximately 17%, creating a substantial value-add renovation base. Two-bedroom units make up the largest share at approximately 38 to 39% of all units. The City's Multi-Family Tax Exemption program with maximum rents at approximately $1,513 to $2,173/month by unit type for 2025 to 2026 confirms active municipal support for rental housing production. For borrowers pursuing apartment building financing in Washington, Spokane's institutional healthcare and university permanence, favorable per-unit acquisition costs relative to western Washington, and consistent income growth support a stable and predictable underwriting environment.
Opportunities for Apartment Investment in Spokane Washington
Investors pursuing a Washington apartment loan in Spokane in 2026 are focused on stable income and long-term demand from Providence Health and MultiCare's healthcare employment where medical professional incomes and consistent workforce demand support year-round occupancy, value-add acquisitions in the large pre-1939 and 1970s vintage stock where Spokane's median property value of approximately $326,200, approximately 64% below Seattle, delivers some of the most favorable initial yield metrics in Washington State, and stabilized workforce holds near Gonzaga University and Fairchild AFB where student, faculty, and military household demand provides enrollment-cycle and rotation-cycle income stability. Spokane rents are approximately 2 to 33% below the national average, providing consistent affordability-driven demand that supports high occupancy regardless of economic cycle. For Washington apartment lenders evaluating the state's eastern hub, Spokane offers Providence Health and Gonzaga University institutional permanence, Fairchild AFB military demand, and Washington's no-income-tax advantage that supports strong long-term performance for apartment building loans throughout the metro.
Why Choose Select Commercial for Apartment Loans
What sets Select Commercial apart from traditional lenders and large banks? In this short video, we highlight the key reasons apartment building investors choose to work with us for Washington apartment loans between $1.5 million and $6 million. We also actively finance multifamily loans exceeding $6 million.
Here's what the video touches on:
- No upfront application or processing fees
- Fast written pre-approvals often within 24 hours
- Access to a wide range of apartment lenders, not just one bank
- Loan structures tailored to your property and investment goals
Apartment Property Types We Finance in Washington
At Select Commercial, we arrange financing for a wide range of Washington apartment buildings, from smaller 5+ unit walkups to large portfolios of rental properties. Whether your property is urban, suburban, or mixed-use, we can help you secure the right loan structure based on your investment goals.
- Urban mid-rise and high-rise apartment buildings
- Suburban garden-style apartment complexes
- Small apartment buildings with 5+ units
- Mixed-use properties with residential and limited commercial space
- Underlying co-op apartment building loans
- Portfolios of small apartment or single-family rental properties
- Stabilized buildings with strong cash flow and rent history
If you're not sure whether your property qualifies, contact us for a free quote and we'll review your deal and let you know within 24 hours.
Recent Apartment Loan Closings
Why Washington Borrowers Choose Select Commercial
Thousands of apartment building investors trust Select Commercial for our direct, transparent approach and proven expertise in the Washington apartment loan market. We're not just brokers, we provide personalized service, fast answers, and access to top institutional lenders without the bureaucracy of traditional banks.
- Over 30 years of apartment loan experience with a national platform
- No upfront fees and fast pre-approvals, often within 24 hours
- Direct access to top lenders offering aggressive terms
- Dedicated support from quote to closing
Want to see why so many clients return to us for their next deal? Start with a free quote – we'll review your scenario and respond quickly.
Our Reviews
Latest Expert Insights from Stephen A. Sobin
Stephen A. Sobin, the president of Select Commercial Funding LLC, is a renowned expert in the field of multifamily financing. His insights and perspectives are regularly sought by leading industry publications. Here are his latest contributions that highlight his deep understanding of the multifamily financing landscape and his commitment to providing clear, insightful analysis on key industry issues.
Navigating Opportunity, Risk as 2025 Winds Down
In an article for Commercial Property Executive titled "Navigating Opportunity, Risk as 2025 Winds Down", Sobin explains as we head into the final stretch of 2025, the commercial real estate industry stands at a pivotal moment. After several years of upheaval—from pandemic disruptions to aggressive Federal Reserve rate hikes and lasting shifts in how people live and work—the sector is entering a new phase.
Why Lower Rates Haven't Fixed Commercial Real Estate
In an article for Wealth Management titled "Why Lower Rates Haven't Fixed Commercial Real Estate", Sobin explains that even as the Federal Reserve has begun cutting rates and borrowing costs should be falling, the commercial real estate sector remains locked in a frustrating stalemate. For high-net-worth investors trying to time the market, he emphasizes that understanding this disconnect requires looking beyond the headlines.
Why the Fed Rate Cut’s a Game Changer for CRE
In an article featured in Multi-Housing News, Stephen Sobin highlighted that after months of speculation and market anticipation, the Federal Reserve finally pulled the trigger last week, cutting the federal funds rate by 25 basis points to 4.00 to 4.25 percent. read the full article.
Inflation's Current Impact on Apartment
In an article featured in Multi-Housing News, Sobin explains how commercial mortgage rates continue to challenge investors, with elevated inflation depressing real estate market activity. Read the full article.
Will the July Jobs Report Pressure the Fed to Act?
Sobin noted in Multi-Housing News that unemployment hit a three-year high and job creation slowed significantly, factors that could push the Fed to reconsider future rate hikes. Read the full article.
Persistent Inflation and Its Effects on CRE
In an article featured in Multi-Housing News, Stephen Sobin highlighted that while inflation is still a challenge for the Federal Reserve, there are many positive signs for the commercial real estate industry. The headline Consumer Price Index rose 3.2 percent for the year ended Feb. 29, a figure 20 basis points lower than the Dec. 31, 2023, rate. read the full article.
Commercial Spotlight: Mid-Atlantic Region In this four-state powerhouse, smaller metros are thriving.
In a feature in Scotsman Guide, the Mid-Atlantic Region's real estate dynamics are explored, highlighting its resilience and growth amidst the pandemic.
Stephen Sobin of Select Commercial Funding LLC shared insights on the New York market's allure and the challenges buyers face. He noted the shift from primary urban areas to tertiary markets due to evolving preferences and financial conditions. For a deeper dive into Sobin's analysis, read the full article.
What the New Jobs Report Means for CRE
In an article titled "What the New Jobs Report Means for CRE" in Commercial Property Executive, Stephen Sobin shared his perspective on the latest jobs report and its implications for the Commercial Real Estate (CRE) sector. He highlighted the challenges posed by high interest rates and the prevailing uncertainty in the market. Sobin remarked, "Sellers aren’t selling, buyers aren’t buying... Everyone is waiting because no one knows what to expect." For a detailed analysis and more of Sobin's insights, read the full article.
Decoding "Junk Fees" in Rental Housing
In another latest contribution to Multi-Housing News, Sobin provided expert commentary in an article titled "What's Next for Junk Fees? The Industry Weighs In". He clarified the difference between legitimate fees collected for various third-party services and so-called "junk fees". Sobin emphasized the importance of borrowers understanding their rights in negotiating all loan terms and the obligation of lenders to disclose all fees.
Understanding the Impact of Federal Reserve's Decisions
In a recent article titled "How the Fed's Pause on Interest Rates Impacts Multifamily" published by Multi-Housing News, Sobin shared his expert insights on the Federal Reserve's decision to pause interest rate hikes. He accurately predicted that the Fed would not raise rates in June, citing recent bank failures and lingering concerns about a potential recession.
Stay tuned for more expert insights from Stephen A. Sobin on the evolving multifamily financing landscape.
Frequently Asked Questions About Washington Apartment Loans
As of May 5, 2026, Select Commercial offers Washington apartment loan rates starting as low as 5.73% on 5, 7, and 10-year fixed-rate options for apartment properties valued between $1.5 million and $6 million. Final rates depend on loan-to-value ratio (LTV), debt service coverage ratio (DSCR), borrower credit and experience, and current market conditions. View the full Washington apartment loan rate table above for current pricing across loan terms.
Most lenders require a debt service coverage ratio (DSCR) of at least 1.25, good borrower credit, sufficient net worth and liquidity, and prior real estate ownership experience. Loan-to-value (LTV) ratios typically range from 65% to 80% depending on the loan program and current market conditions. Properties with strong occupancy and clean operating financials qualify for the most favorable Washington apartment loan terms.
Most apartment lenders in Washington require a 20% to 25% down payment. Your final loan-to-value ratio will be determined by the property's debt service coverage ratio (DSCR), occupancy, location, and overall financial performance.
A qualified broker like Select Commercial can present your loan to many different capital sources, including banks, credit unions, CMBS conduits, agency lenders (Fannie Mae and Freddie Mac), life insurance companies, and private funds. This multi-source approach increases the odds of approval and helps you secure the most favorable rates and terms available across the Washington apartment lender market.
The process starts with gathering financials including a current rent roll, trailing 12-month income and expense statement, borrower resume, and a personal financial statement. A mortgage broker will analyze your documents and match you with the best lending program for your Washington apartment property. Start with a Free Quote today.
Select Commercial is a leading provider of competitive Washington apartment loan rates for properties valued between $1.5 million and $6 million. Through our access to Fannie Mae Small Loan, Freddie Mac SBL, CMBS, life insurance company, bank, and credit union capital, we consistently match borrowers with the lowest available rate and best terms for their specific apartment property. As of May 5, 2026, our Washington apartment loan rates start as low as 5.73%.
Yes. While this page focuses on apartment loans under $6 million, Select Commercial also arranges larger balance loans for qualified borrowers. Visit our Washington multifamily loan page for options over $6 million.
Agency Small Balance Apartment Loan Programs
Select Commercial connects borrowers with top-tier agency small balance loan programs in addition to bank and private capital options. Featured programs include:
- Fannie Mae® Small Loan Program – For apartment properties with 5+ units and loan sizes from $1 million to $6 million
- Freddie Mac® Small Balance Loan (SBL) Program – Streamlined financing solutions up to $6 million
- Loans Over $6 Million – Explore large-balance apartment loan programs in Washington
These agency-backed options offer competitive fixed rates, non-recourse terms, and simplified underwriting for qualified apartment investors.
Washington Apartment Building Financing
Select Commercial provides apartment building financing and Washington commercial mortgages throughout the state of Washington including but not limited to the areas below.