Washington is two very different flip markets split by the Cascades. The right lender handles a high-basis Seattle remodel and a mid-priced Spokane flip with equal ease.
In short: There is no single best fix and flip lender in Washington. The right lender offers the lowest total cost on your deal, enough leverage on purchase and rehab, fast draws and extension terms that fit local permit timing. LendingStreet finances investment property in Washington, with rates from 9.99% for qualified borrowers, up to 90% of the purchase price and up to 100% of the rehab budget paid in draws. Whether you buy in Seattle or Spokane, count every exit cost, including the state's excise tax on the sale.
Washington investors use regional banks, private lenders and national programs such as Kiavi, CoreVest, Lima One and RCN Capital, along with LendingStreet. Each has its own leverage tiers, ARV limits, draw processes and experience rules.
In the Seattle area, larger loans make total cost the main question. In Spokane and the Tri-Cities, draw speed and leverage on the rehab often matter more.
Our fix and flip loans run from $150,000 to $5M+, with terms typically 12 to 18 months and rates from 9.99% for qualified borrowers. A complete file can close in as little as 10 days.
We finance up to 90% of the purchase price and up to 100% of the approved rehab budget, released in draws after each phase is completed and inspected. Experience improves pricing and leverage, and first-time flippers can qualify on some programs, often at lower leverage. Our financing team reviews your scenario and comes back with 2 to 3 options.
Seattle, Tacoma, Everett, Bellevue and Vancouver sit on the wet west side, with mild temperatures, long rainy seasons and higher prices. Older Seattle and Tacoma neighborhoods have Craftsman homes, bungalows and early 1900s houses with basements and crawlspaces.
Spokane, Yakima and the Tri-Cities of Kennewick, Pasco and Richland are on the dry east side, with hot summers, cold winters and lower entry prices. Spokane has a large stock of older homes near downtown and on the South Hill. The rehab issues, schedules and price ranges differ a lot between the two sides of the state.
| West side (Seattle, Tacoma) | East side (Spokane, Tri-Cities) | |
|---|---|---|
| Climate | Wet, mild winters | Dry, hot summers, cold winters |
| Common rehab items | Moisture, crawlspaces, roofs, seismic work | Heating and cooling, roofs, snow load |
| Price level | Higher basis, larger loans | Lower basis, mid-sized loans |
| Exterior work season | Drier summer months | Spring through fall |
Seattle's permit review can take time for structural or layout work, and each city in the Puget Sound region has its own building department. Spokane, Tacoma and Vancouver set their own processes too. Confirm current timing for your scope before you commit to a schedule.
Build permit time and weather into your plan, and ask each lender how extensions work in case the project runs long.
Washington charges a real estate excise tax when property is sold, and the seller typically pays it. Rates are set by the state, and some cities add a local portion. Confirm the current amount with your title or escrow company and include it with commissions in your selling costs.
Leaving it out of your numbers can make a thin deal look better than it is.
This example is illustrative and not a quote. An investor buys an older Spokane home for $300,000, plans $75,000 of rehab and expects an after-repair value of $465,000. The loan covers 90% of purchase ($270,000) plus 100% of rehab ($75,000), or $345,000, about 74% of ARV. The investor brings $30,000 down.
At a sample rate of 10.5% on the full balance, interest is $3,018.75 a month, or $21,131.25 over seven months. Sample selling costs of $36,000 include commissions and excise tax. The estimated profit is $15,668.75.
| Item | Amount |
|---|---|
| Sale price | $465,000 |
| Purchase price | -$300,000 |
| Rehab | -$75,000 |
| Sample closing costs | -$10,200 |
| Interest, 7 months | -$21,131.25 |
| Taxes, insurance, utilities ($1,000 x 7) | -$7,000 |
| Sample selling costs, including excise tax | -$36,000 |
| Estimated profit | $15,668.75 |
Send the address, contract, line-item scope with bids, comparable sales, bank statements for down payment and reserves, LLC documents and your project history. On the west side, include any sewer scope or crawlspace report. On the east side, note the age of the roof and heating system.
A complete package lets us size the loan correctly and move toward closing quickly.
Yes. LendingStreet finances investment property in Washington, including Seattle, Tacoma, Spokane, Vancouver, Everett and the Tri-Cities. Loans are business-purpose on non-owner-occupied property, from $150,000 to $5M+.
It depends on your project. Kiavi, CoreVest, Lima One, RCN Capital and LendingStreet all finance flips in the state. Compare total cost, leverage, draw speed and extension terms on the same property.
In Washington the seller typically pays the real estate excise tax. Confirm the current amount with your title or escrow company and include it in your numbers.
They are different strategies. Seattle deals have larger loans and higher costs. Spokane deals have lower prices and different rehab needs. Run the numbers on each property.
With up to 90% of purchase financed, you bring at least 10% of the price plus closing costs and reserves. Newer investors often see lower leverage.
Yes. A DSCR loan can pay off the short-term loan once the property is renovated and rented.
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