Spokane values climbed sharply in the early 2020s as buyers from Western Washington and other higher-cost markets moved east. Landlords who bought before that run-up often have large equity positions. Whether that equity can be borrowed depends mostly on one thing: how the rent compares with the new payment.
In short: LendingStreet offers DSCR cash-out refinances on Spokane rentals up to 75% LTV, qualified on the property's rent with no W-2s or tax returns. Loans start at $150,000 with no stated maximum, the standard minimum DSCR is 1.0x at the new payment and the minimum credit score is 620. Seasoning varies by program. In Spokane, small multi-unit properties usually reach the 75% cap more easily than single-family homes.
Spokane single-family homes appreciated faster than their rents, so a cash-out on a house often runs into the rent test before it reaches 75% LTV. Take a South Hill house worth $520,000 renting for $2,750. At 75% LTV the payment would be about $3,240, a DSCR of about 0.85x. With these numbers, the largest loan that clears 1.0x is about 61% LTV.
Duplexes, triplexes and fourplexes carry more rent per dollar of value, so they reach the 75% cap more often. If you own both kinds of property, the multi-unit is usually the better one to tap.
This example is illustrative and not a quote. A landlord owns a fourplex north of the river, bought years ago, now worth about $690,000 with a balance of $210,000. Each unit rents for $1,195, $4,780 a month in total. Taxes are about $600 a month and insurance is $280.
At 75% LTV the new loan is $517,500. Estimated principal and interest is about $3,530, the total payment is about $4,410 and the DSCR is about 1.08x. After paying off the existing loan and about $10,000 in closing costs, the landlord receives roughly $297,500.
| Item | Fourplex | South Hill house |
|---|---|---|
| Value | $690,000 | $520,000 |
| Monthly rent | $4,780 | $2,750 |
| Loan at 75% LTV | $517,500 | $390,000 |
| Total payment at 75% LTV | $4,410 | $3,240 |
| DSCR at 75% LTV | About 1.08x | About 0.85x |
| Largest LTV that clears 1.0x | 75% (cap) | About 61% |
The Spokane County Assessor updates values every year, so a property you bought years ago is taxed on today's value, not your purchase price. The refinance will use the current bill. Pull it from the county's website and check the combined levy for your tax code area.
If you believe the assessed value is too high, you can appeal to the county Board of Equalization within the deadline on your notice. A lower assessment helps both the ratio and your cash flow.
Spokane County assessments can change significantly from one year to the next, especially in neighborhoods where sales have been strong. Check the most recent notice rather than last year's bill before you estimate the loan. If the new value looks out of line with similar rentals, the appeal deadline printed on the notice is the one to watch.
Washington enacted a statewide limit on annual rent increases for many residential rentals in 2025, with exemptions that include newer buildings, along with longer notice requirements. Read the current rules before you build a rent-growth plan, and remember that a DSCR loan is sized on today's rent, not projected increases.
If your current tenants are paying below market, the loan may be sized on what they pay today. Some landlords wait to refinance until units turn over and can be leased at market, which can raise the amount the property supports.
If you bought or renovated the property recently, the program may limit cash-out to your cost plus documented improvements until a seasoning period passes. Requirements vary by program; our seasoning guide explains the common patterns.
For a property still on a bridge or rehab loan, a rate-and-term refinance is often the first step, with a cash-out to follow later.
Proceeds from a business-purpose cash-out are typically used for investment purposes.
Give the appraiser a rent roll, copies of leases, and a dated list of improvements. In older Spokane buildings, documentation of a new roof, electrical updates, oil tank decommissioning or a new furnace helps value and may help insurance.
Make every unit accessible on inspection day, and keep walkways clear if the inspection falls in winter. Appraisers note visible deferred maintenance, so handle small repairs such as broken windows, damaged gutters or peeling exterior paint before the visit.
If one property cannot produce the cash you need, consider which of your rentals carries the most rent relative to its value. In Spokane that is usually a duplex, triplex or fourplex north of the river rather than a South Hill house. Refinancing that property at the full 75% cap, and leaving the houses alone, can produce more cash with less strain on the ratio.
Owners of five or more rentals can also look at a blanket portfolio loan, which qualifies on the combined cash flow of the group. Strong-cash-flow properties can carry weaker ones, and you get one closing and one payment. Our comparison of blanket loans and individual DSCR loans explains when each is the better fit.
Send the address, value estimate, current balance, rents and your cash goal. We will show you the loan at several LTVs and where the ratio lands. Use the form below or call (877) 298-1001. Our investor loans are business-purpose loans on non-owner-occupied property.
Up to 75% of appraised value, as long as the rent covers the new payment at the program minimum.
Values rose faster than rents. At 75% LTV the payment can exceed the rent, so the rent test limits the loan first.
No. We qualify on rent, with a 620 minimum credit score and reserves.
Seasoning varies by program. Recent purchases may be limited to cost plus documented improvements.
Not directly. The loan uses current rent. Below-market tenant rents can limit the loan, and increases on existing tenants are limited.
Yes. Small multi-unit properties qualify on combined rent and often reach the 75% cap.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
Yes. Proceeds from a business-purpose cash-out are typically used for investment, and many Spokane investors buy in nearby Idaho markets. The new property would need its own financing review.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.