Spokane is not a market where most rentals need a jumbo loan. Typical rental homes here finance well under $1M. The jumbo deals that do come up tend to be new small apartment buildings made possible by the city's zoning changes, a handful of large South Hill and lakefront homes, and long-held buildings with enough equity for a large cash-out.
In short: LendingStreet offers jumbo DSCR loans in Spokane from about $1.5M to $5M+ for purchases, rate-and-term refinances and cash-out refinances on high-value 1-8 unit rentals. Loans qualify on rent with no W-2s or tax returns and a 620 minimum credit score. Larger balances get more review, and maximum LTV can be lower; it varies by program. Investors whose value is spread across many smaller rentals are often better served by a blanket portfolio loan.
In a market with moderate prices, a $1.5M+ loan on one property usually means a particular kind of asset.
| Property | Typical location | Main underwriting question |
|---|---|---|
| New 6-8 unit infill building | Residential lots opened up by middle housing rules | Value support from few comparable sales |
| Large historic home | South Hill, Rockwood, Manito | Small tenant pool; rent support |
| Lakefront or resort-area home | Liberty Lake, Newman Lake and other area lakes | Seasonality and STR rules |
| Cash-out on a long-held building | Browne's Addition, near downtown | Rent test at the new payment |
This example is illustrative and not a quote. An investor buys a newly completed eight-unit building on an infill lot for $2,100,000. Each two-bedroom unit leases for about $1,750, $14,000 a month. Taxes on the completed assessment are budgeted at $1,840 a month and insurance at $900.
At 75% LTV the loan is $1,575,000, estimated principal and interest is about $10,744, the total payment is about $13,484 and the DSCR is about 1.04x. At 70% LTV the loan is $1,470,000, the total payment is about $12,768 and the DSCR is about 1.10x.
On a loan this size, the program's maximum LTV and reserve requirements may matter more than the ratio, so the investor should be prepared for the lower-leverage scenario.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Loan amount | $1,575,000 | $1,470,000 |
| Estimated principal and interest | $10,744 | $10,028 |
| Taxes and insurance | $2,740 | $2,740 |
| Total monthly payment | $13,484 | $12,768 |
| DSCR at $14,000 gross rent | About 1.04x | About 1.10x |
Washington's 2025 rent stabilization law exempts newer buildings for a period of years after they are first occupied, which can make new construction more attractive to long-term investors. Confirm the exact exemption period and conditions for your building, since the loan is still sized on rent in place and the exemption affects future increases, not today's ratio.
New buildings are assessed at completed value. Use a tax estimate based on your purchase price rather than a land-only bill from before construction.
Large South Hill homes in Rockwood and Manito sometimes lease to physicians and executives, but the tenant pool is small and comparable leases are scarce. Expect the ratio to be tighter and leverage to be lower than on a smaller rental.
Lakefront homes near Spokane can earn strong summer income as short-term rentals, but revenue is seasonal and local rules and HOAs vary. Our STR program can qualify on projected revenue on some programs where nightly rentals are allowed. Confirm county and HOA rules for the specific property first.
A well-documented lease history on a large home, even one or two prior leases, can make a meaningful difference in how the appraiser supports the rent. Without it, the appraiser has to rely on a thin set of comparable leases, which often produces a conservative rent figure and a tighter ratio. Bring whatever lease records you have.
Qualification still rests on the rent, with LLC borrowers and 30-year terms available. The review gets deeper.
Owners who bought Browne's Addition or downtown-area buildings years ago may now have values that support a large cash-out. The cap is 75% LTV and often lower on large balances, and the rent has to cover the new payment. Washington's rent rules limit increases on existing tenants, so underwrite the cash-out on current rents.
Many Spokane investors with large holdings own a dozen houses and small buildings rather than one big property. A blanket portfolio loan combines five or more rentals, each 1-8 units, into one loan with one payment, qualified on portfolio cash flow, with release provisions when you sell. On some programs the portfolio can include properties in more than one state, which some Inland Northwest investors use for holdings across the Idaho line.
Value support is often the hardest part of a Spokane jumbo file. There are few sales of new eight-unit buildings or large historic homes in any given year, so appraisers may reach farther for comparables or rely heavily on the income approach. Some programs require a second appraisal or a more detailed review on large balances.
You can help by providing signed leases, the rent roll, construction costs for new buildings and any recent sales you know of. For an older property, a detailed list of improvements with dates and costs helps the appraiser separate a fully updated building from one with deferred work.
Taxes and insurance deserve the same care. New buildings are assessed at completed value, and large older buildings can be expensive to insure. Get both numbers early, because on a jumbo loan a few hundred dollars a month can move the ratio enough to change the loan size.
Send the address, price or value, rent roll, tax estimate, insurance quote and your target loan amount. We will show the ratio at several loan sizes and tell you whether a jumbo loan or a portfolio loan fits better. Use the form below or call (877) 298-1001. Our investor loans are business-purpose loans on non-owner-occupied property.
About $1.5M to $5M+ on a single 1-8 unit rental, for purchase, rate-and-term or cash-out.
Not very. They usually involve a new small apartment building, a large South Hill or lakefront home, or a cash-out on a long-held building.
It varies by program, and larger balances often have lower maximum LTV than standard loans.
Washington's law exempts newer buildings for a period of years. Confirm the current terms for your building.
On some programs, yes, using projected revenue, if local and HOA rules allow nightly rentals.
If the value is in one property, a jumbo DSCR loan fits. If it is spread across five or more rentals, a blanket loan is usually simpler.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
Usually, yes. Reserve requirements are typically higher on large balances, and they vary by program. Plan for more cash on hand than you would need for a standard rental loan.
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