Seattle rentals often hold a lot of equity, but rents are modest next to values. That gap makes the rent test, not the appraisal, the real limit on how much cash a Puget Sound investor can pull out.
In short: Our top pick for a DSCR cash-out refinance in Seattle is LendingStreet. We qualify the loan on the property's rent with no W-2s or tax returns, cash out up to 75% of appraised value, lend to LLCs as standard and offer 30-year terms. Loans start at $150,000 with no stated maximum, which matters in a metro where many rentals appraise well above $1M, and sub-1.0 DSCR programs help when high values outrun rents.
LendingStreet is built for investors who own rentals in King, Snohomish and Pierce counties and want to put equity to work without a bank asking for two years of tax returns. Seattle files often combine a high appraisal, a main house plus a backyard cottage, and an owner holding title in an LLC, and that is a normal file for us.
What we offer: DSCR cash-out refinances from $150,000 with no stated maximum, up to 75% of appraised value, a 620 minimum credit score and a 1.0x standard minimum DSCR, with sub-1.0 programs for files that land just short. You qualify on the property's rent, not your W-2s or tax returns, LLC borrowers are standard, and 30-year terms are available, so the new loan is built to hold.
The next step is easy: get a quote with the form below, or call (877) 298-1001 and walk through the property, the current payoff and the rent.
If you are weighing CoreVest, Dominion Financial, LendingOne, Lima One, New Silver and RCN Capital for a DSCR cash-out refinance loan for investors in Seattle, WA, this is the short version: LendingStreet wins the scenarios below, and you can get a quote with the form below.
Figures for other lenders are as stated on each lender's own website as of November 2026. Lender terms change, so verify current terms with any lender before you apply. Ready to see your numbers? Use the form below or call (877) 298-1001.
| Scenario | Best fit | Why |
|---|---|---|
| Rental loan above $2M | LendingStreet | Our DSCR loans have no stated maximum. LendingOne states DSCR loans up to $2,000,000 and RCN Capital states long-term rental loans up to $1.5M. |
| Credit score in the 620s | LendingStreet | Our DSCR minimum is 620. RCN Capital and New Silver state 660 minimums, and Dominion Financial states 680, with exceptions to 660. |
| 5-8 unit building | LendingStreet | We treat 1-8 units as residential DSCR. Lima One and CoreVest state 1-4 unit eligibility for their rental loans. |
| Property in any state, including DC | LendingStreet | We lend in all 50 states and DC. Lima One states it lends across 46 states, and Dominion Financial lists 49 states plus DC. |
A lot of the equity in the metro sits in older single-family homes bought years ago in Beacon Hill, Columbia City, Ballard, Greenwood and West Seattle, plus townhomes built on former single-lot parcels across the city. Many owners have added a detached accessory dwelling unit, which turns one parcel into a two-unit rental that qualifies on combined rent.
Outside the city, investors hold rentals in Tacoma, Everett, Renton, Kent, Federal Way and Shoreline, where values are lower and rent covers more of the payment. Those suburbs often support a larger share of the 75% maximum than an in-city house does.
Investors here tend to cash out to fund another accessory unit, buy in a lower-cost suburb where rent covers more of the payment, or pay off a construction or bridge loan used to build a backyard cottage.
Investors pulling equity usually weigh a local bank or credit union, a hard money or private lender, and a long-term DSCR lender. Each has a place. The table shows how they tend to line up on the things that matter for a rental cash-out.
If you want long-term money sized on rent, with no tax returns and room for an LLC, that is the job LendingStreet is built for.
| What investors need | LendingStreet | Typical bank or credit union | Typical hard money lender |
|---|---|---|---|
| How you qualify | Property rent (DSCR); no W-2s or tax returns | Often requires tax returns and debt-to-income | Mostly the asset; income review varies |
| Cash-out leverage | Up to 75% LTV | Varies; often more conservative on rentals | Varies |
| Loan term | 30-year terms available | Often shorter terms or balloons on rentals | Usually short-term only |
| LLC borrower | Standard | Sometimes; may require personal borrowing | Common |
| Loan size | From $150,000, no stated maximum | Varies by bank and its rental limits | Varies |
| Ratio just under 1.0x | Sub-1.0 programs on some files | Rarely an option | Not usually DSCR based |
Washington's real estate excise tax applies to sales, not to a refinance, so a cash-out mainly carries title, recording and appraisal costs. King County property taxes are moderate as a share of value, but on a $1M+ home the dollar amount is still large. Earthquake coverage is optional and adds to the insurance line if you buy it.
Seattle requires rental properties to be registered with the city, and its tenant protections are among the strongest in the country, including long notice periods for rent increases. Washington also adopted a statewide limit on annual rent increases in 2025, with exemptions such as newer buildings. Underwrite on today's lease, not a planned increase, and confirm current rules with the city and your attorney.
Seattle licenses short-term rentals and limits how many units one operator can run, so most investor cash-outs here are underwritten on 12-month leases.
This example is illustrative and not a quote. An investor owns a Beacon Hill home with a detached cottage, appraised at $1,150,000, with a payoff of $520,000. The two units rent for $5,800 a month combined. Taxes are budgeted at $815 a month and insurance at $210.
At the full 75% LTV the loan is $862,500 and estimated principal and interest is $5,884, so the payment is $6,909 and DSCR is about 0.84x, short of 1.0x. At that ratio the file would need a sub-1.0 program, and it may not fit one. At 60% LTV the loan is $690,000, the payment is $5,732, DSCR is about 1.01x, and the investor still takes about $170,000 out before closing costs.
| Item | 75% LTV | 60% LTV |
|---|---|---|
| Appraised value | $1,150,000 | $1,150,000 |
| Loan amount | $862,500 | $690,000 |
| Existing payoff | $520,000 | $520,000 |
| Cash out before closing costs | $342,500 | $170,000 |
| Estimated principal and interest | $5,884 | $4,707 |
| Taxes, insurance and HOA | $1,025 | $1,025 |
| Total monthly payment | $6,909 | $5,732 |
| Monthly rent | $5,800 | $5,800 |
| DSCR | About 0.84x | About 1.01x |
Two numbers cap a DSCR cash-out. The first is loan-to-value: up to 75% of the appraised value. The second is the ratio: the rent has to cover the new payment, including taxes, insurance and any HOA, at the program's DSCR minimum, which is 1.0x on our standard programs. The new loan is the lower of the two, and your existing liens and closing costs come out of it before the cash reaches you.
Seasoning, meaning how long you have owned the property, varies by program, so check the rules on our DSCR cash-out seasoning page if you bought or finished a rehab recently. On 5-8 unit buildings and on larger balances, max LTV can be lower; that varies by program.
Whoever you talk to, ask the same questions so you can compare answers side by side. After each question is how LendingStreet answers it.
A clean file moves faster. Before you call, pull together the items below, then get a quote with the form below or call (877) 298-1001.
Our top pick is LendingStreet. We qualify on the property's rent with no W-2s or tax returns, cash out up to 75% LTV, lend to LLCs as standard and offer 30-year terms, with loans from $150,000 and no stated maximum.
Yes. We finance non-owner-occupied rentals across the Seattle area and throughout Washington, and in all 50 states and DC. Get a quote with the form below or call (877) 298-1001.
Usually because the rent does not cover the payment on a loan that large. High values and modest rents push the ratio under 1.0x, so the loan is sized down or a sub-1.0 program is used.
Yes, if it is a permitted dwelling unit with its own lease. The loan then qualifies on the combined rent of the house and the cottage.
They affect how fast rent can rise, so we underwrite on the lease in place today. Keep your rental registration current and confirm the latest state and city rules.
Only if it is licensed and allowed under the city's limits on how many units one operator can run. Most investor properties in the city are underwritten on long-term leases.
There is no stated maximum. Loans start at $150,000, and larger balances get more review, with max LTV that can be lower by program.
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