Industrial Property Loans in Texas
National industrial: indicative rates at September 28, 2026 index levels: roughly 6.9%–7.6% for permanent financing (middle half of repriced deals), priced over the 5-year Treasury at about +2.0–2.6%. $5M–$30M · 15–30 day typical close.
These ranges take the spreads on recently closed commercial real estate loans of $5M and up (closings reported through early September 2026) and apply them to Treasury and SOFR levels as of September 28, 2026 (U.S. Treasury, NY Fed). State-specific volume in observed closings is limited, so this is a national reference, not a state-only or property-specific figure. They are indicative market data, not an indication or offer of the rate or terms you will receive; your terms depend on the property, sponsor, market, and lender underwriting and will vary. Northern Ridge Capital arranges commercial real estate financing only (no residential) and is a licensed mortgage broker (CA DRE #02093377), not a lender. See full disclosures.
Texas industrial runs on distribution. Dallas–Fort Worth and Houston are two of the largest logistics markets in the country, fed by the I-35 corridor, the Port of Houston, and Laredo, the busiest land port on the U.S.–Mexico border. That demand keeps lenders eager, which is good news and a trap: good because financing is available, a trap because owners assume it’ll be easy, go to one lender, and leave better terms on the table. Northern Ridge Capital places $5M–$30M industrial debt across Texas (warehouse, distribution, flex, last-mile, and IOS) by making eager lenders compete instead of taking the first quote. We’re a broker, not a lender.
Financing or refinancing a Texas industrial property?
Talk to a debt broker →Stop wasting deals on the wrong lenders
Strong lender appetite is leverage, but only if you create competition. Banks, life companies, CMBS, and debt funds all price quality Texas industrial differently, and specialized product (cold storage, manufacturing, IOS) needs lenders who actually underwrite it. We position your asset for the lenders most likely to win it from a network of 700+, and run them against each other on rate, leverage, recourse, and structure.
The Texas industrial market: what lenders are actually pricing
The Texas industrial story is bulk logistics, and the fundamentals firmed up in early 2026. CBRE reported DFW vacancy dipping below 10% for the first time since Q4 2023, to roughly 8.7%, on about 9.4 million square feet of net absorption in Q1 2026, with demand concentrated in large modern bulk buildings over 500,000 square feet in the outer submarkets. Roughly 33 million square feet was still under construction, so the market is absorbing supply rather than short of it. Houston ran its own pattern: vacancy around 7.5% as Q1 2026 deliveries slightly outpaced absorption, but warehouse and distribution space still drove positive net absorption and extended a 16-year streak of positive absorption, per Q1 2026 market reporting. What matters for financing is which lane your building sits in. Modern bulk distribution near the DFW and Houston freight arteries, or Laredo border-trade product, draws the deepest lender pool and the best terms. Shallow-bay, older, or functionally dated space with limited clear height and tight truck courts draws a narrower set. Lenders read the physical building closely here: clear height, truck court depth, dock ratio, and power, because those specs decide who the future tenant is. A well-specced distribution box and a dated flex building don’t finance the same way even in the same submarket.
What’s different about financing industrial in Texas
Property tax is the Texas underwriting drag, and on industrial it lands on a large footprint. Texas runs no state income tax, but commercial effective rates in the major metros frequently sit near 2.5% to 3.0% of assessed value, and a big-box warehouse carries a lot of assessed value. Most Texas industrial leases are triple-net, so tenants typically reimburse taxes and the pass-through protects owner NOI, but lenders still test whether that holds if the building goes dark and the tax bill lands on the owner. A single-tenant box with one credit tenant carrying the taxes finances differently than a multi-tenant flex property where a vacancy breaks the reimbursement. Texas industrial has also been pricing higher than comparable California or Florida deals in observed closings, so knowing the local band keeps you from overpaying against a lender who quotes to the market’s ceiling.
Recent Texas industrial pricing
The band above is a national industrial read: spreads from recent closings applied to today's index levels. Texas-specific volume in that data is thin, so treat it as a reference, not an offer. Stabilized, well-specced distribution prices toward the low end.
Typical Texas industrial terms
| Loan size | $5M–$30M |
| Rate basis | Mostly fixed over the 5-yr Treasury (see recent closings above); floating over SOFR available |
| Leverage | Commonly up to ~65–70% LTV on stabilized assets, deal-dependent |
| Term / amortization | 5, 7, or 10-year terms; 25–30-year amortization |
| Recourse | Non-recourse options on quality stabilized assets |
| Close time | 15–30 days typical on a clean, lender-ready file |
Structure shown is typical, not a quote or commitment; actual terms are set by third-party lenders subject to underwriting. See disclosures.
When it fits
Acquisition
Buying a Texas industrial asset? In a competitive market, the buyer who lines up the right debt early, and can close on time, wins. We make sure financing isn’t what loses you the deal.
Refinance / maturing loan
Loan maturing into a higher-rate market? Even a strong bulk distribution asset deserves a competitive process, especially with Texas industrial pricing above coastal comps. We run the market so you refinance on the best available terms, not your current lender’s first offer.
Permanent / stabilized
Holding long-term? Life-company and CMBS options can lock competitive fixed rates on premium stabilized Texas distribution and warehouse assets.
Value-add, lease-up, or specialized
Transitional or specialized assets (cold storage, manufacturing, IOS) need the right lender, a bridge or a specialist for the business plan, then a permanent takeout.
See what terms your Texas industrial property can command.
Book a 15-minute call → or submit your dealTexas industrial loans: FAQ
What rate can I get on a Texas industrial loan?
Taking the spreads on recent closings and applying them to index levels as of September 28, 2026, loans here would run roughly 6.9%–7.6% for permanent financing (middle half of repriced deals), priced over the 5-year Treasury at about +2.0–2.6%. That is indicative market data, not an offer; your rate depends on the asset, leverage, and sponsor. Contact us for a live quote.
Why does Texas industrial price higher than California or Florida?
In observations from recent closings, Texas industrial has run above comparable California and Florida deals, with a May 2026 median near 7.0% versus lower coastal comps. A few things drive it: Texas industrial trades at a higher cap rate than the supply-constrained coastal markets, the property-tax expense load is heavier, and the sheer volume of new construction gives lenders more product to price against. It isn’t a penalty on your building; it’s the local band, which is exactly why knowing it keeps you from overpaying.
Do Texas property taxes affect industrial financing?
Yes. Commercial effective tax rates in the big Texas metros often run 2.5% to 3.0% of assessed value, and a large warehouse carries a large assessment. Most Texas industrial is leased triple-net, so tenants usually reimburse the taxes and the owner’s NOI is insulated, but lenders test what happens if the building goes dark and the bill reverts to the owner. How your leases handle the tax load is part of how the deal gets sized.
How fast can it close?
15 to 30 days is typical on a clean, lender-ready file, which on acquisitions can be the difference between winning and losing the deal.
How much can I borrow?
We place industrial debt from $5 million to $30 million, commonly up to about 65% to 70% LTV on stabilized assets.
Can you finance specialized industrial (cold storage, manufacturing, IOS)?
Yes, but it needs lenders who specifically underwrite that subtype. A generic lender’s pricing or "no" isn’t representative; matching you to the right one is the job.
Is Northern Ridge Capital a lender?
No. We’re a commercial mortgage broker (CA DRE #02093377). We place your deal with the right lender from a network of 700+ and make them compete. Commercial real estate only.
Do you only work in Texas?
We place debt nationwide within our licensed footprint, with deep focus in Texas, California, Florida, Georgia, and Indiana.
About
Justin Ashcraft is the president of Northern Ridge Capital, a commercial real estate debt brokerage placing $5M–$30M in multifamily, retail, and industrial financing nationwide within its licensed footprint, with $600M+ in deal experience across underwriting and brokerage. Licensed in California, DRE #02093377.
Lenders want Texas industrial. Make them compete for yours.
Book a 15-minute call →Northern Ridge Capital is a licensed commercial mortgage broker (CA DRE #02093377), not a lender, and arranges financing on commercial real estate only (no residential). Rates and figures reflect actual closed transactions as of the date noted and are not an indication or offer of terms. For informational purposes only; not financial, legal, or tax advice. Full disclosures.