Industrial · Nationwide
Industrial real estate financing.
Bridge and construction financing for warehouse, logistics, last-mile distribution, and flex industrial properties across all 50 US states. $1M to $50M+ with credit-tenant focus.
By David Hodara ·
$1M-$50M+
Loan range
24-48h
Term sheet
5+ years
Lease term preferred
All 50 states
Coverage
industrial market context
Industrial has been the strongest-performing CRE asset class for over a decade, driven by e-commerce, supply chain redistribution, and the migration of manufacturing back to North America. Inland Empire (California), Dallas-Fort Worth, Atlanta, Phoenix, and the Lehigh Valley are the largest bulk warehouse markets. Last-mile distribution sits in dense urban submarkets close to consumers (LA Basin, Bay Area, Greater Boston, NYC outer boroughs).
Industrial underwriting is overwhelmingly tenant-driven. Investment-grade tenants (Amazon, Walmart, FedEx, UPS, major 3PLs, retail chains) unlock the highest leverage and lowest pricing — often 75% LTV at sub-7% on long leases. Below investment grade, lenders look at lease term remaining (WALT), submarket vacancy, and rent-to-market ratio. Multi-tenant flex industrial can sometimes price better than single-tenant on credit-risk diversification.
Construction is constrained by entitlement timelines and rising labor/material costs. Build-to-suit (BTS) for credit tenants finances readily; speculative warehouse starts are pickier post-2023 as some markets digest oversupply from the 2021-22 building boom.
Typical loan products for industrial
Each deal gets routed to the product structure that fits.
Bridge loans
Short-term financing (6-24 months) for acquisition, reposition, lease-up, or recap. 7-10 day close on clean files, 8-12% interest-only, up to 75-80% LTV.
Construction loans
Ground-up or heavy rehab financing with milestone-based draws. 12-24 month term, up to 85% LTC, interest-only on drawn balance.
Industrial financing by state
State-specific dynamics affect every industrial deal — insurance, property tax, rent regulation, entitlement timelines, lender pool composition. Browse the per-state pages.
Related questions
Common industrial-related questions answered in our knowledge base.
industrial FAQ
How does tenant credit affect industrial financing?
It's the single biggest underwriting input. Investment-grade tenants on long leases get the highest LTV (75%+) and lowest pricing. Below-investment-grade or unrated tenants get lower LTV (65-70%) and higher rates. Multi-tenant flex industrial sometimes prices better on credit-risk diversification.
Are speculative industrial construction loans available?
Yes, but with more underwriting selectivity than during 2021-22. Lenders favor build-to-suit (BTS) for credit tenants or pre-leased speculative starts. Pure spec warehouse starts now require 30-40% sponsor equity and clean submarket vacancy comps.
What's typical leverage on industrial bridge?
70-75% LTV on stabilized industrial with credit tenant and 5+ year lease. 65-70% on value-add or short-WALT. Construction tops at 75-80% LTC with credit-tenant pre-leasing.
How does CEQA / state environmental review affect industrial construction?
In California, CEQA (California Environmental Quality Act) can add 12-24 months to entitlement timelines, especially near residential zones. Other states have lighter review. Lenders verify entitlement status before issuing construction term sheets and may require additional sponsor equity until entitlements are final.
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