Washington Construction Lenders for Commercial Real Estate
Are you building a commercial property in Washington? On this page you'll find a list of private construction lenders for commercial real estate ground-up projects in Washington's urban areas. The maximum loan-to-completed value (LTCV) for most lenders is 70%. You typically need to contribute 25%-35% of the project costs and have cash reserves. Development experience is always required. Most lenders will require the project to be fully entitled and shovel ready. Some lenders will consider funding up to 50% of the land acquisition. Our platform has construction lenders for various types of commercial real estate, including industrial, retail, self-storage, hotels, gas stations and others.Searching...
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Spectra Lending
CRE Short-Term Loans | 2.5% interest per month
Precision Capital
We Are In The Business of "YES"
Newport Capital
Easy, reliable, on-time funding that you can count on.
Funded CRE Construction Loans in Washington State
Ground-Up Construction Loan for Commercial Building in Pasco, Washington
$2,300,000
Precision Capital, a direct private lender, funded a $2,300,000 construction loan for a commercial building in Pasco, WA. The construction budget was $2,010,227 and we funded 80% of the construction budget in 1st lien position, while the Borrower contributed 20% cash. The completed value was $3,220,000 so our loan-to-completed value was 71%. The interest rate was 11.99% and the loan term was set at 24 months. We charged 3% origination points, and the broker earned a $23,000 commission. The Borrower was an experienced contractor with excellent credit. He purchased the land on his own. He plans to occupy 65% at completion with a sports training facility, and the other side will be a restaurant/brewpub which will be leased. The subject property has an approximate square footage of 10,880 set in a 29,781-square-foot lot. The project will be completed in late summer 2023. This property is in a perfect location, sitting on one of the main roadways in Pasco. The Borrower plans to eventually refinance as an exit strategy. This CRE ground-up construction loan was funded in November 2022.
