Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Seattle, Washington
Seattle Apartment Loans in 2026
Select Commercial specializes in Seattle apartment loan solutions for local investors, plus apartment building financing for larger properties and portfolios, with rates as low as 6.16% and up to 80% LTV. For properties elsewhere in the state, see our Washington apartment loans; for loans over $6 million, see Seattle multifamily loans. See current rates on every loan type we offer.
Get a Free QuoteFinancing Options in Seattle
Seattle apartment, multifamily and commercial properties each have dedicated financing. Pick the page that matches your property:
Financing more of the state? See Washington apartment loans.
Financing in another state? Explore our apartment loans, multifamily loans and commercial mortgages nationwide.
Seattle Apartment Loan Rates (Under $6 Million)
| Loan Type | Rate* | Max LTV |
|---|---|---|
| Apartment 5 Year Fixed | 6.16% | Up to 80% |
| Apartment 7 Year Fixed | 6.14% | Up to 80% |
| Apartment 10 Year Fixed | 6.16% | Up to 80% |
- Rates as low as 6.16% on Seattle apartment loans
- Up to 80% LTV on apartment financing
- Terms and amortizations up to 30 years
- Purchase and refinance, including cash-out
- No upfront application or processing fees
- 48-hour written pre-approvals, no cost or obligation
Rates last updated August 7, 2026. Rates and maximum LTV shown represent our best-case pricing scenarios. Actual rates, LTV, and loan terms are subject to underwriting approval and may vary.
Compare Seattle Apartment Loan Programs
As a broker, we compare every program to find your best-fit Seattle apartment financing. Typical starting points for properties under $6 million:
| Program | Typical rate* | Max leverage | Best for |
|---|---|---|---|
| Fannie Mae Small Loan | 6.16%-6.95% | Up to 80% | Non-recourse, fixed to 30 yrs |
| Freddie Mac SBL | 6.15% | Up to 80% | $1M to $7.5M small balance |
| FHA / HUD | 6.12% | Up to 85% | Highest leverage, longest term |
| Bank / portfolio | 6.25%-6.50% | Up to 75% | Flexible, value-add |
| Bridge | 9.00% | Up to 80% LTC | Reposition, lease-up |
Most apartment lenders look for a debt-service-coverage ratio (DSCR) of at least 1.25x. For properties over $6 million, see our Seattle multifamily loans.
2026 Seattle Apartment Loan Market: Tapering Deliveries Support Vacancy Progress as Demand Normalizes
Seattle enters 2026 with improving fundamentals as the broader Seattle-Tacoma market moves into its slowest inventory expansion since 2011. For borrowers comparing apartment building loans, the drivers behind a stable Seattle apartment loan remain the focus: employment growth, the pace of deliveries, vacancy direction, and rent momentum across Seattle's largest submarkets.
Employment
After shedding roles on net in 2025, the Seattle-Tacoma market is projected to add about 8,000 jobs in 2026, roughly +0.4%. A return to growth supports renter demand and helps reinforce underwriting for Seattle apartment loan properties tied to stable Class A and Class B demand drivers.
Construction and supply
Deliveries are projected at about 6,200 units in 2026, representing roughly a 25% decline from 2025. This is also the slowest inventory expansion the Seattle-Tacoma market has seen since 2011, which can reduce competitive lease-up pressure and support a more stable setup.
Vacancy
Vacancy is projected to decline by about 30 bps in 2026, bringing the rate to roughly 4.0%. This is about 80 basis points below the decade mean, and vacancy compression since 2024 across many Seattle proper submarkets has helped restore operating momentum even where deliveries were heavier.
Rent trend
Average effective rent is projected to rise to about $2,295 per month in 2026, up roughly 2.1%. With vacancy still improving but not compressing as sharply as the prior year, rent growth is expected to remain positive while dialing back to a more normalized pace.
2026 Seattle forecast at a glance:
- Employment: about 8,000 jobs added in 2026 (approximately +0.4%)
- Construction: about 6,200 units projected for delivery, roughly 25% fewer than 2025
- Vacancy: projected near 4.0%, improving by roughly 30 bps
- Rent: average effective rent projected near $2,295 per month, up about 2.1%
Seattle Multifamily Loans (Over $6 Million)
For larger Seattle apartment properties, we arrange multifamily loans over $6 million through Fannie Mae DUS, Freddie Mac, FHA/HUD and CMBS. These institutional programs offer non-recourse financing, up to 80% LTV and fixed terms up to 30 years, with even longer fully amortizing options through HUD.
See our Seattle multifamily loans page for over-$6 million financing, or explore Fannie Mae and Freddie Mac agency programs.
Recent Apartment Loan Closings
A sample of apartment and multifamily loans we have arranged for investors nationwide.
Seattle Apartment Loan Types We Serve
Whether you are purchasing or refinancing a Seattle apartment building, we arrange financing for:
- Large urban high-rise apartment buildings
- Suburban garden apartment complexes
- Small apartment buildings with 5+ units
- Underlying cooperative apartment loans
- Portfolios of small apartment and single-family rental properties
- Other multifamily and mixed-use properties
We consider apartment loan requests of all sizes, beginning at $1,500,000.
Other Property & Loan Types We Finance in Seattle
As a full-service commercial mortgage broker, we arrange Seattle financing across every major property and loan type:
We consider commercial loan requests of all sizes, beginning at $1,500,000.
Seattle Neighborhoods We Serve
Select Commercial provides apartment loans throughout Seattle, Washington and the surrounding area, including:
- Ballard
- Beacon Hill
- Belltown
- Capitol Hill
- Central District
- Columbia City
- Denny Triangle
- Downtown
- Eastlake
- First Hill
- Fremont
- Green Lake
- Greenwood
- Magnolia
- Pioneer Square
- Queen Anne
- Rainier Beach
- South Lake Union
- University District
- Wallingford
- West Seattle
For other cities in the state, see Washington apartment loans.
Nearby Apartment Loan Markets
We finance apartment buildings nationwide. Explore related markets:
What Our Clients Say
“I am a veterinarian who purchased an existing practice. I was surprised to find a company that offered 100% financing at a good rate, with great terms and rates for medical office financing.”
Carol K. · Chicago, IL“I spoke to several commercial lenders before finding Select Commercial. They got me a lower rate and their service was exceptional. If you need a multifamily loan, you need to talk to Stephen.”
Nathan B. · Philadelphia, PA“Select Commercial was very helpful with my multifamily mortgage. Stephen went over several options and we came up with the best lender to meet my needs. I got the funds and also lowered my payments.”
Gary M. · Portland, OR“Select Commercial offered 100% financing for my medical practice when my bank would have required 20% down. They delivered something my bank could not, and handled everything professionally.”
John C. · Boston, MAGet Your Seattle Apartment Loan Quote
No cost, no obligation. Written answers within 48 hours on Seattle apartment loans from $1,500,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up