Oregon flips the usual tax story. Thanks to Measure 50, a long-held rental often carries a tax bill well below its market value, and that bill does not reset when you buy. The constraint here is rent growth, not taxes.
In short: LendingStreet offers jumbo DSCR loans of about $1.5M to $5M+ on Oregon rentals with 1 to 8 units, qualified on the property's rent with no W-2s or tax returns. Oregon's statewide rent stabilization limits how fast rent can rise on most older units, so the lender sizes the loan on rent you can collect now. Max LTV on larger balances varies by program.
In the Portland area, the West Hills, Dunthorpe, Eastmoreland, Laurelhurst and Irvington have large older homes, and the Pearl District and Northwest 23rd area have condos and small buildings. Lake Oswego and West Linn have executive homes, while Hawthorne, Division and Alberta have 5 to 8 unit buildings close to busy commercial streets.
Bend, especially Northwest Crossing, Awbrey Butte and Tetherow, has large homes with year-round recreation demand. On the coast, Cannon Beach, Manzanita and Gearhart are high-value vacation markets, and Hood River and Ashland have their own seasonal draws.
Portland's rental market has steadied after several slower years, and demand remains strong near major employers in health care, apparel and technology. Bend has grown with remote workers and retirees, which supports year-round rents, while coastal towns depend more on seasonal visitors.
| Area | Typical high-value property | What to check |
|---|---|---|
| West Hills, Dunthorpe, Lake Oswego | Large homes | Comparable leases, rent stabilization, seismic |
| Hawthorne, Division, Alberta, NW 23rd | 5-8 unit buildings | Building age, Portland tenant rules |
| Bend, Cannon Beach, Manzanita | Recreation and coastal homes | STR permits and caps, wildfire or coastal insurance |
Under Measure 50, a property's assessed value grows by a limited amount each year and does not reset to market value when it sells. On older homes, assessed value is often well below market, so the seller's tax bill is a fair guide to what you will pay. New construction and major remodels are assessed differently, so check the county record.
Oregon also has statewide rent stabilization. For most units more than 15 years old, annual rent increases are capped by a formula tied to inflation with a hard ceiling set in state law, and tenants gain just-cause protections after the first year. Portland adds its own relocation and notice rules. The DSCR is sized on current rent, so do not count on fast increases to fix a tight ratio.
Hazard insurance deserves an early quote. Wildfire risk has narrowed carrier options in parts of Central and Southern Oregon, and coastal homes face wind and, in some places, flood and tsunami zone questions. Older unreinforced masonry buildings in Portland can raise seismic concerns. A binding quote and, for older buildings, any seismic work records help the file move.
This example is illustrative and not a quote. An investor buys an eight-unit building near Division Street in southeast Portland for $2,600,000. Units lease for about $2,100 each, so gross rent is $16,800 a month. Taxes, based on Measure 50 assessed value, are $2,200 a month and insurance is $700. Two loan amounts are shown below, each with estimated principal and interest over 30 years.
At 70% LTV the loan is $1,820,000, estimated principal and interest is about $12,262, the total payment is about $15,162 and DSCR is about 1.11x. At 65% the loan is $1,690,000, the payment is about $14,286 and DSCR is about 1.18x. Both columns clear the 1.0x standard minimum. Because rent increases on an older building are capped, the ratio at closing is close to what you should expect for some time, so size for comfort rather than future rent.
| Item | 70% LTV | 65% LTV |
|---|---|---|
| Purchase price | $2,600,000 | $2,600,000 |
| Loan amount | $1,820,000 | $1,690,000 |
| Down payment | $780,000 | $910,000 |
| Estimated principal and interest | $12,262 | $11,386 |
| Taxes and insurance | $2,900 | $2,900 |
| Total monthly payment | $15,162 | $14,286 |
| Monthly rent | $16,800 | $16,800 |
| DSCR | About 1.11x | About 1.18x |
Portland requires short-term rental permits and has rules that limit non-owner-occupied whole-home rentals in many residential areas. Bend uses a permit system with spacing rules for whole-home rentals in residential zones, and coastal cities and counties, including Cannon Beach and Lincoln County, have their own caps and licensing.
Some programs can qualify an Oregon vacation rental on projected revenue, but the permit has to be in place or obtainable. Check with the city or county before you rely on nightly income.
Many Oregon jumbo files are small apartment buildings in Portland, Eugene or Salem, where several units add up to a large balance. Buildings of 9 or more units go to our commercial programs.
Investors with five or more rentals can use a blanket portfolio loan, and some programs can include properties in Washington or Idaho as well.
Underneath, a jumbo DSCR loan works like any rent-based loan: a 620 minimum score, LLC borrowers welcome, no W-2s or tax returns, and a payment that the rent should cover at 1.0x or more on standard programs.
The differences come with size. Expect leverage below the standard 80% purchase and 75% cash-out ceilings, larger reserve requirements and, on some programs, a second valuation. Each large loan is priced on its own facts, so terms vary by program.
Oregon law generally prohibits new local real estate transfer taxes, and Washington County is the main exception with a transfer tax that predates that rule. Escrow, title insurance and recording fees apply statewide.
Gathering these early keeps the appraisal and underwriting moving.
Our investor loans are business-purpose loans on non-owner-occupied property. We finance DSCR loans on 1 to 8 unit rentals in Multnomah, Washington, Clackamas, Deschutes and Clatsop counties and across Oregon.
Send the address, price or value, rent and the leverage you want. We will run the ratio on realistic taxes and insurance, test it at more than one loan amount and come back with options. Call (877) 298-1001 or use the form below.
Generally no. Under Measure 50, assessed value does not reset to market on a sale, though new construction and major improvements are assessed differently.
The loan is sized on current rent. Because increases on most older units are capped, plan for a ratio that works now rather than after future raises.
Yes, if the property has or can get a permit under Bend's rules. Some programs qualify on projected STR revenue.
Washington County has one; most of the state does not. Escrow, title and recording costs still apply.
Purchase leverage goes up to 80% LTV on standard programs, but on jumbo balances it is often lower and varies by program, so plan for a larger down payment.
Yes, 30-year terms are available on DSCR loans, including larger balances, subject to program review.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so a home you live in does not qualify.
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