Seattle Commercial Mortgage Loans
$1,000,000 Minimum

Seattle Commercial Mortgage Rates - Rates updated March 4th, 2021

Loan Product Rates (start as low as) LTV
Multifamily Mortgage Rates (Over $6,000,000) 2.68% Up to 80% Get Free Quote
Multifamily Mortgage Rates (Under $6,000,000) 3.27% Up to 80% Get Free Quote
Single Tenant Lease Rates 3.25% Up to 75% Get Free Quote
Business Real Estate Loans 3.35% Up to 90% Get Free Quote
Commercial Mortgage Rates 3.60% Up to 75% Get Free Quote
Seattle Commercial Real Estate Seattle Commercial Mortgage

Select Commercial is a leading commercial real estate lender. We have excellent commercial mortgage loan products and options available for owners and purchasers of commercial real estate and multifamily buildings throughout the city of Seattle. While we lend across the entire continental United States, we are able to give our best rates and loan programs to certain areas that we feel are strong markets. Seattle is one of the cities that we consider to be a premium market and we actively look to originate good quality loans here for our clients. We have a diverse array of many available loan products to help qualified Seattle borrowers looking to purchase or refinance a commercial property. If you are looking to obtain a multifamily building loan or commercial real estate loan, don't hesitate to contact us. There are many reasons why our customers like doing business with Select Commercial. We have a simplified application process and we do not charge any upfront application or processing fees. We typically offer 24-hour pre-approvals with no-cost and no-obligation. Our long term fixed rates are excellent, and we look to close within 45 days of application.

Seattle Commercial Mortgage Benefits

Seattle commercial mortgage rates start as low as 2.68% (as of March 4th, 2021)
• No upfront application or processing fees
• Simplified application process
• Up to 80% LTV on multifamily, 75% on commercial (90% with SBA)
• Terms and amortizations up to 30 years
• Loans for purchase and refinance, including cash-out
• 24 hour written pre-approvals with no cost and no obligation

Recent TRUSTPILOT Reviews

Select Commercial Funding Reviews from TRUSTPILOT

A three year journey
"Thanks Stephen for all of your hard work in getting our deal closed! I appreciate your professionalism and patience throughout a complicated process. You always were there for my partner and I whenever we had questions and needed answers quick. It was a pleasure to have worked with you and Select Commercial!"


Recent Closings

Seattle Multifamily Loan Information

Seattle Economic Trends Seattle Economic Trends

Tech Firm Influx Bolsters Employment Growth, Fueling Apartment Demand Across Seattle

No slowdown in sight for Puget Sound region as tech firms compete for talent. Seattle stands out as one of the nation’s most robust economies moving into the next decade, maintaining a healthy employment outlook that continues to drive multifamily rental demand. The metro created approximately 65,000 jobs last year, the strongest annual increase in more than two decades as firms competed for top-tier talent. Deep tech roots motivate a long list of tech titans to grow their workforce in Seattle’s South Lake Union neighborhood and on the Eastside as the local infrastructure is strained and commutes into the city remain a challenge. Sound Transit’s Link light-rail expansion will connect the Eastside to downtown Seattle and other parts of the metro in 2023, bringing some relief to the region. Multifamily developers have moved forward with major apartment projects near future stations across the metro, contributing to a large pipeline that at the end of 2019 had more than 18,000 apartment units underway. Much of the new multifamily supply targets higher-income renters in the urban core, driving more middle-income renters to areas of Everett, Kent and Federal Way, where rent gains are outpacing the market average. Investors looking to purchase multifamily property in the Seattle market should definitely look into taking out an apartment loan to finance their acquisition.

Lower pricing and strong multifamily rental demand in suburbs attract investors. Seattle records one of the lowest cap rates in the country, with a flood of institutional capital and REITs targeting new and modern apartment complexes surrounding the metro’s major employment nodes at an average in the upper-4 percent territory. Well-capitalized investors will continue to target areas of the urban core, particularly after last year’s zoning changes, which allow for greater density in many neighborhoods across Seattle. High pricing in Seattle encourages non-institutional buyers to search more peripheral submarkets, finding cap rates in the mid-5 percent to upper-6 percent range, while also registering strong rent gains. Multifamily assets in proximity to the Link light rail extension will receive heightened attention over the next several years as the project moves closer to operation. Seattle is a great market for investors to finance their next apartment purchase with a multifamily loan.

2020 Seattle Multifamily Market Forecast

Seattle Completions vs. Absorption Seattle Completions vs. Absorption

The Seattle National Multifamily Index Rank is at 2, up 3 places. Seattle claims the second-highest ranking in the 2020

Employment in Seattle is up 2.3%. Index as employment gains outpace the national level. Employers add 50,000 jobs to company payrolls this year, down moderately from a 3.1 percent expansion recorded in 2019.

Construction in Seattle is expected to exceed 10,300 apartment units. The delivery total holds above the previous five-year average in 2020 and climbs past the 9,990 units built last year.

Vacancy in Seattle is up 40 bps. Net absorption pushes past 8,200 units this year, not enough to keep the vacancy rate from rising to 4.3 percent, reversing the 80-basis-point decline posted in 2019.

Rent in Seattle is up 3.4%. Rent growth decelerates from the 4.4 percent increase registered last year, rising to $1,825 per unit at the end of 2020.

Investment opportunities in Seattle remain strong for those looking to finance their next purchase with an apartment loan. Price points below the metro average and stout population gains among middle-class renters in more suburban locations will be on private investors’ radar this year. The areas of Everett, the Eastside and Kent will be major targets. We highly recommend any investors looking to buy in the Seattle market to reach out to us regarding a multifamily loan.

Data provided by Marcus & Millichap.

Commercial Mortgage Rate Trends in 2020

Seattle Vacancy and Rents Seattle Vacancy and Rents

At the beginning of 2020 the overall market outlook did not suggest any crucial factors that would negatively impact the commercial mortgage market. Commercial mortgage lenders and investors expected a very profitable 2020. Almost 65 percent of the top commercial real estate companies believed that commercial mortgage loan originations would go up this year and over 15 percent anticipated an overall rise of over 5 percent. Data released at the beginning of 2020 indicated that commercial mortgage lenders were expected to close over $680 billion of commercial mortgage loans this year. Experts were of the belief that commercial mortgage lenders would remain bullish about making loans. In addition, as commercial mortgages rates were expected to go down most industry leaders were convinced that borrowers in 2020 will have a strong desire to take out commercial mortgage loans. However, with the recent outbreak of the Covid-19 pandemic, the US and global economy has been incredibly unstable. The stock market seems to be bottoming out and commercial mortgage rates have been hit very hard. While the Fed has dropped short term interest rates, long term commercial mortgage rates have actually been rising. Huge cities like New York are shutting down. In this economic climate, many investors are scared to purchase commercial real estate and to take out commercial mortgages. Additionally, the oil industry has been hit hard. Not only are people traveling less due to coronavirus, China and Russia are currently involved in a price war which is driving the price of oil way down. Many people are optimistic that as spring and summer roll in and public health officials learns how to handle this pandemic, the economy should regain its strength.

What Happened with Commercial Mortgage Rates in 2019

Seattle Sales Trends Seattle Sales Trends

As we review the 2019 year, the commercial real estate market continued to flourish as the longest economic recovery in American history continued. Due to both GDP growth and a steady decline in the unemployment rate, 2019 saw the stock market make huge gains. Many investors thought that commercial mortgage rates would go up last year. However, in actuality commercial mortgage rates actually went down three times. These interest rates helped to spur investors to put more money into commercial real estate. With regards to commercial mortgage loan origination, the 2019 fiscal year far exceeded expectations due to solid fundamentals, low interest rates and higher demand for commercial mortgages. While 2018 commercial mortgage volume totaled about $339 billion, an increase of 18.9% from 2017, the 2019 numbers total about $369 billion. On a larger scale, the 2019 economy prospered overall. Over the course of the year about 2.1 million jobs were added to the market. In addition, the unemployment rate decreased about 50 basis points last year, matching the lowest unemployment rate in fifty years. At the beginning of 2019 many investors were expecting a recession. However, the economy improved as job growth rose and the unemployment rate decreased. This economic improvement had an immensely positive impact on the commercial real estate market as more investors rushed to put their money into commercial properties.

Seattle Commercial Mortgage Loan Options

Our staff is professional and knowledgeable, and we look forward to working with you on your next commercial mortgage transaction. We arrange financing in the city of Seattle for the following:


  • Multifamily Building Loans – we actively lend on garden apartments, high-rise multifamily buildings, student housing complexes, underlying cooperatives, and all other types of residential dwellings. We consider loan requests up to 80% LTV. We offer loans with and without recourse (personal guarantees) and with and without prepayment penalties. We offer fixed rate loans with terms from 3 to 30 years.
  • Office Building Loans – we lend on all types of office properties, including multi-tenant and single tenant buildings in all locations. We lend on both owner occupied and investor properties. We typically lend up to 75% LTV on investor properties and up to 90% on owner occupied properties. Most loans are written for either 5, 7, or 10 years at a fixed rate with a 25-year amortization.
  • Retail Building Loans – we gladly consider requests for commercial mortgage loans on shopping centers, retail strip centers, and individual retail stores. We are a little bit more conservative on retail loans these days based on the current climate for retailers and will consider LTV ratios of 65%-75% depending on the deal. We actively lend on NNN single tenant retail locations such as Starbuck’s, CVS, Walgreens, Dollar General, and other national credit rated tenants.
  • Industrial Property Loans – we love to lend on warehouses, distribution centers, manufacturing facilities and other industrial properties. Often, these properties are owner occupied by the owner’s business. We also lend on multi-tenant industrial properties as well. We look for properties in good locations with access to population centers and transportation.
  • Single/Special Use Loans – we have a special lending division that understands small business lending secured by owner occupied businesses such as motels, gas stations, restaurants, car washes, retail stores, and other specialty properties. Many banks have a hard time with this type of lending as they often do not understand the underlying businesses.
  • Investment Property Loans – any and all income producing property will be considered. We are cash flow driven lenders and look for properties that generate positive cash flow for their owners. We will consider portfolios of single family residences under this group.
  • Bridge Loans – many borrowers do not qualify for regular institutional financing due to various short-term obstacles which need to be resolved before they can qualify for bank type financing. These borrowers often require short term loans, or bridge loans, to overcome these short-term problems.
Our company has multiple capital sources for these loans, including: national banks, regional and local banks, Fannie Mae, Freddie Mac, FHA, HUD, insurance companies, Wall Street conduit lenders (CMBS deals), credit unions and private lenders/hedge funds. Whether you are purchasing or refinancing, we have the right solutions available. We will entertain loan requests of all sizes, beginning at $1,000,000. Get started with a Free Commercial Mortgage Loan Quote.

Seattle Commercial Mortgage Loans

Select Commercial provides commercial mortgage loans and multifamily financing throughout Seattle and the state of Washington including, but not limited to, the areas below.


Admira • Greenwood • Pinehurst • Alki Beach • Haller Lake • Pioneer Square • Ballard • Hawthorne Hills • Queen Ann • Beacon Hill • Highland Park • Rainier Beach • Belltown • International District • Ravenna Bryant • Blue Ridge • Jackson Place • Roanoke Park • Boulevard Park • Judkins Park • Roosevelt • Brighton • Lake City • Seward Park • Broadmoor • Laurelhurst • Sodo Distric • Broadview • Leschi • South Lake Union • Capitol Hill • Licton Springs • South Park • Cascade • Loyal Heights • Squire Park • Central District • Madison Park • Sunset Hill • Columbia City • Madison Valley • University District • Crown Hill • Madrona • Uptown • Denny Triangle • Magnolia • Victory Heights • Downtown • Maple Leaf • View Ridge • Eastlake • Matthews Beach • Wallingford • Fauntleroy • Meadowbrook • Wedgwood • First Hill • Montlake • West Seattle • Fremont • Mount Baker • Westlake • Garfield • North Beach • Westwood • Genesee District • Northgate • White Center • Georgetown • Olympic Hills • Whittier Heights • Green Lake • Phinney Ridge • Windermere