# Sun Belt Core Industrial Permanent Loans ($1M–$10M): Fixed Rates Typically 6.25%

Soft-quote and term-sheet pricing on Sun Belt core industrial permanent loans ($1M–$10M) from April through July 2026.


Based on soft-quote and term-sheet loan quotes on core industrial properties (Warehouse/Distribution, Flex Industrial, Manufacturing, and Industrial Outdoor Storage) across Texas, Georgia, and North Carolina, priced as permanent financing with loan amounts between $1,000,000 and $10,000,000, from April through July 2026. Spread-over-index quotes (SOFR, Treasury, or Prime) are resolved to an all-in rate using the current published index rate as of this writing.

Fixed-rate quotes in this pool run from 5.50% to 7.75%, with a median of 6.25%. Floating-rate quotes, presented separately, range from 5.12% to 7.25%, with a median of 6.14%. LTV has a median percentage of 66%, and DSCR requirements run from 1.20x to 1.50x. Of the quotes where recourse type was specified, most carry full recourse, with smaller shares carrying partial or burn-off recourse; separately, most carry personal recourse guarantees rather than non-recourse structures.

Geographically, this pool is concentrated in Texas, with a substantial Atlanta-area cluster in Georgia and a smaller presence in North Carolina.

Amortization schedules most commonly run 25 years, with smaller shares using 20 years or 30 years. An interest-only period is present on a little over a third of these quotes, ranging from 3 to 24 months. The median loan amount for this loan pool is $4,800,000.

| Metric | Range | Median |
| --- | --- | --- |
| Fixed rate | 5.50% – 7.75% | 6.25% |
| Floating rate | 5.12% – 7.25% | 6.14% |
| LTV | 50% – 85% | 66% |
| DSCR | 1.20x – 1.50x | 1.25x |
| Recourse (of specified) | Majority full, smaller shares partial / burn-off | — |

## Fixed rate by state

| State | Range | Median |
| --- | --- | --- |
| Texas | 5.50% – 7.75% | 6.20% |
| Georgia | 5.90% – 7.27% | 6.52% |
| North Carolina | 6.25% – 6.50% | 6.38% |

## Fixed rate by loan size

| Loan Size | Range | Median |
| --- | --- | --- |
| $1M – $5M | 5.50% – 7.75% | 6.20% |
| $5M – $10M | 5.85% – 7.27% | 6.42% |

## Fixed rate by asset-type cohort

| Subtype | Range | Median |
| --- | --- | --- |
| Warehouse / Distribution | 5.85% – 7.75% | 6.50% |
| Flex Industrial | 6.02% – 7.27% | 6.25% |
| Manufacturing | 5.50% – 6.70% | 5.75% |
| Industrial Outdoor Storage | 6.25% – 6.50% | 6.49% |

Fixed-rate quotes in this pool span a wide range, from 5.50% up to 7.75%. Georgia prices meaningfully wider than Texas at the median (6.52% vs. 6.20%), though Texas carries both the tightest and widest individual quotes in the pool.

Floating-rate quotes price close to fixed here — a narrower fixed/floating gap than typically seen in permanent multifamily or retail pools — with floating's median (6.14%) actually landing slightly below fixed's (6.25%).

## FAQ

### What fixed rates is Lev seeing on Sun Belt core industrial permanent loans right now?

Lev is seeing a median of 6.25%, with most quotes falling between 5.50% and 7.75%.

### What about floating-rate quotes?

Lev is seeing floating-rate quotes range from 5.12% to 7.25%, with a median of 6.14%.

### What LTV and DSCR is Lev seeing required?

Lev is seeing LTV ranging from 50% to 85% and DSCR ranging from 1.20x to 1.50x across this pool.

### Does industrial subtype affect pricing in this pool?

Manufacturing priced notably tighter (5.75% median) than Warehouse/Distribution, Flex Industrial, or Industrial Outdoor Storage (6.25–6.50% median) — though that gap traces mostly to one large Texas deal rather than a broad subtype pattern.