No W-2. No Tax Returns.
A DSCR loan in Seattle qualifies on the property's rent rather than your W-2 or tax returns — business-purpose financing for non-owner-occupied rentals, available to LLCs as standard. What makes Seattle its own underwriting problem: Washington has no state income tax and is non-judicial. That is exactly the kind of variable that one lender's credit box handles badly and thirty handle well, which is how LendingStreet places the file.
Check My Seattle Rental Loan Options →The economy runs on Amazon, Microsoft, Boeing, Joint Base Lewis–McChord, the Port of Seattle and Tacoma, and the University of Washington. The rental stock is early-20th-century craftsman and bungalow stock in Seattle and Tacoma, with post-war single-family across the South King and Pierce County corridor.
Washington has no state income tax and is non-judicial. The South King and Pierce County corridor — Auburn, Kent, Federal Way, Tacoma — is where most investor purchases happen, because Seattle proper prices out cash-flow underwriting. Washington's landlord-tenant law is among the most tenant-protective in the country, and Seattle adds its own layer; that affects eviction timelines and therefore how some capital sources view the collateral.
Because the tax line is the swing factor here, run the DSCR with the actual current bill and the reassessed figure after purchase — in Seattle they are frequently not the same number, and the lender will use the higher one.
Local landlord-tenant rules in Seattle affect eviction timelines and therefore how some capital sources view the collateral. It does not change your eligibility; it changes which sources are comfortable and at what leverage.
A military and defense tenant base produces reliable rent and predictable turnover on the PCS cycle. Some capital sources treat that as a positive; a few discount it for concentration. Either way it is worth stating in the file.
Standard ranges across our capital sources: $150,000 to $3.5M, up to 80% LTV on purchase and 75% on cash-out, 1.00 minimum ratio with sub-1.0 and no-ratio at select sources, 660 credit standard with 640 and 620 tiers, 30-year fixed, LLC vesting with personal guaranty, 14 to 21 days to close. Full detail and the current rate floor are on the DSCR loan page. The figures on your file depend on the source, the property and the ratio.
The Seattle–Tacoma metro — Seattle plus Tacoma, Auburn, Kent, Renton, Federal Way, Everett and Puyallup — and the rest of Washington via the Washington DSCR page. Investor activity in Seattle concentrates in Rainier Valley, Beacon Hill, White Center, South Park, Hilltop (Tacoma); the loan is underwritten identically anywhere in the metro.
Run the ratio in the DSCR calculator with real Seattle tax and insurance figures before you submit — those lines decide more ratios here than the rate does.
Also see: Portland, OR →Los Angeles, CA →
Yes — Seattle, Tacoma, Auburn, Kent, Renton, Federal Way, Everett and Puyallup, and the rest of Washington.
It affects the lender's side. A faster recovery timeline widens the pool of sources comfortable writing there; a slower one makes some conservative on leverage. We account for it in placement.
Seattle requires STR licensing and limits operators to two units; Tacoma and the suburbs vary. Underwrite on long-term rent by default. We underwrite on long-term market rent.
Almost always the tax line. In Seattle the lender uses the reassessed bill after purchase, which is often higher than the seller's current bill.
Not your eligibility — which capital sources are comfortable and at what leverage. We place around it.
Typically 14 to 21 days from a complete file. Appraisal is the longest fixed step.
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