Multi-Family 2–4 Unit Construction Loans in Washington
Multi-Family 2–4 Unit Loan in Washington
Whether your project is in Seattle-Puget Sound Metro (King, Snohomish, or a smaller Washington community, Normandy’s Multi-Family 2–4 Unit Loan program is available statewide. Apartment construction financing is available for qualifying borrowers throughout Washington.
Washington’s rental housing shortage — severe in Seattle, Bellevue, Tacoma, and Olympia — makes duplex and fourplex construction one of the most actively financed residential categories for owner-occupant borrowers in the state.
Loan amounts from $95,000 to $5,000,000. Up to 75% of appraised value. Minimum 25% down toward land or acquisition required. Foreign nationals may apply. The land purchase may be included in the loan. Full and limited income documentation available. Self-build option available.
Questions about multifamily construction loan in Washington? Call 800-390-7536 or visit https://normandy.com/multi-family-2-4-units-loans/. Normandy’s complete loan list: https://normandy.com/.
General Guidelines*
- Self Build available
- Loan amounts from $95,000 to $5,000,000
- Loan amounts up to 75% of the appraised value. Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts.
- Borrower must have a minimum of 25% to put down towards the land purchase/subject property acquisition
- Foreign Nationals are eligible for this program
- Deal directly with the Loan Officer/Underwriter
- Full and limited documentation programs available
- Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days (fast track closings in 14 +/- days available if certain criteria is met)
- Loans are available to Borrowers with excellent to less than perfect credit (subject to underwriting)
- Flexible draw schedules
- 12 month construction term with extensions available
- Interest only payments based on funds advanced
*All rates and terms subject to change without notice
Washington Construction Market & Regulatory Overview
Washington State’s construction market is among the most active in the country. Tech-sector employment in the Seattle and Eastside markets, combined with Puget Sound population growth, continues to drive strong residential construction demand.
Building Code: Washington State Building Code (WSBC) and Washington State Energy Code, both based on the International Residential Code.
Permitting: Permits are administered by local city and county jurisdictions. All residential construction must comply with both the WSBC and Washington State Energy Code.
Key construction considerations in Washington include heavy rainfall and moisture management requirements in Western Washington, statewide seismic hazard, and cold winters with wind events in Eastern Washington. Normandy’s underwriting team works directly with borrowers — you deal with the loan officer and underwriter, not a call center.
Contractor Licensing in Washington
Washington State requires all contractors to be licensed and bonded through the Department of Labor and Industries (L&I). Electrical, plumbing, and HVAC trades require separate L&I endorsements.
Owner-Builder Note: Washington allows owner-builders to act as their own GC for a primary residence, provided permits are obtained and no more than one owner-built home is constructed within a 24-month period.
Loans Available in the Following States
Owner Occupied
Loans available for owner occupied properties in the following states:
- California (CA)
- Connecticut (CT)
- Delaware (DE)
- Florida (FL)
- Iowa (IA)
- Massachusetts (MA)
- Michigan (MI)
- North Carolina (NC)
- New Jersey (NJ)
- New York (NY)
- Oregon (OR)
- Rhode Island (RI)
- Virginia (VA)
- Washington (WA)
Non-Owner Occupied
Loans available for non-owner occupied properties only:
- Alaska (AK)
- Alabama (AL)
- California (CA)
- Colorado (CO)
- Connecticut (CT)
- Delaware (DE)
- Florida (FL)
- Georgia (GA)
- Hawaii (HI)
- Iowa (IA)
- Idaho (ID)
- Indiana (IN)
- Kansas (KS)
- Kentucky (KY)
- Massachusetts (MA)
- Michigan (MI)
- Maryland (MD)
- Maine (ME)
- Missouri (MO)
- Mississippi (MS)
- Montana (MT)
- North Carolina (NC)
- New Jersey (NJ)
- Nebraska (NE)
- New Mexico (NM)
- New York (NY)
- Ohio (OH)
- Oklahoma (OK)
- Oregon (OR)
- Pennsylvania (PA)
- Rhode Island (RI)
- South Carolina (SC)
- Tennessee (TN)
- Utah (UT)
- Virginia (VA)
- Washington (WA)
- West Virginia (WV)
- Wyoming (WY)
Frequently Asked Questions — Multi-Family 2–4 Unit Loan in Washington
Q: What is a multifamily construction loan in Washington?
A: A multifamily construction loan in Washington is financing for building a 2–4 unit residential property. Normandy disburses funds in draws as construction progresses. Interest-only payments on advanced funds during the 12-month construction term.
Q: What does a duplex construction loan cover in Washington?
A: A duplex construction loan in Washington covers the full cost of building a two-family residential property. Loan amounts up to 75% of appraised value. A minimum 25% down payment toward land or acquisition is required.
Q: What apartment construction financing is available in Washington?
A: Normandy’s apartment construction financing in Washington covers 2–4 unit residential builds. Loan amounts from $95,000 to $5,000,000. For 5+ unit projects, Normandy’s Commercial Construction Loan program applies — see normandy.com for details.
Q: How does a multi unit property loan work in Washington?
A: A multi unit property loan in Washington through Normandy is a 12-month interest-only construction loan with draw disbursements at milestones. Foreign nationals are eligible. Full and limited documentation programs available. Self-build is permitted.
Q: Can I get a 4 unit construction loan in Washington?
A: Yes. Normandy’s 4 unit construction loan program in Washington covers up to 75% of appraised value. A minimum 25% equity contribution toward land or acquisition is required. Call 800-390-7536 to discuss your project.