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Hard money loans in Spokane, WA
Fix and flip and rental loans for investors in Spokane and the Inland Northwest.
Investing in Spokane real estate
Spokane is the largest city in eastern Washington and the second-largest in the state. Its older neighborhoods are known for early-1900s Craftsman bungalows and brick homes on the South Hill, in Garland and in West Central, with post-war houses on the north side and in Spokane Valley.
Purchase prices are well below those in the Seattle area, which lets investors buy with less cash and can produce strong rent-to-price ratios. That makes Spokane a natural fit for the buy, renovate, rent and refinance approach: a fix and flip loan to acquire and improve the property, then a DSCR loan to hold it. Gonzaga University, Whitworth University, the medical district and Fairchild Air Force Base all support rental demand.
Neighborhoods investors ask about
- South Hill and the Perry District: Craftsman and brick homes at the upper end of the city market
- Garland and Emerson-Garfield: bungalows on the near north side
- West Central and Kendall Yards: older homes next to new development along the river
- Logan: rentals near Gonzaga University
- Hillyard and Northeast Spokane: lower price points and small multi-families
What to plan for on a Spokane deal
- Our minimum loan is $75,000. On lower-priced properties, check that your purchase and rehab financing together reach that amount.
- Spokane allows duplexes, triplexes and fourplexes on most residential lots citywide, which makes conversions and infill builds possible.
- Winters bring snow and hard freezes. Plan exterior and concrete work for spring through fall, and winterize vacant houses.
- Exterior changes in local historic districts such as Browne’s Addition go through the Spokane Historic Landmarks Commission.
Loan programs for Spokane investors
| Program | What it funds | Maximum leverage |
|---|---|---|
| Fix and flip loans | Buying and renovating a property you plan to resell | Up to 90% of purchase and 100% of rehab, capped at 70 to 75% of after-repair value |
| DSCR rental loans | Buying or refinancing long-term and short-term rentals | Up to 85% loan-to-value on a purchase, up to 80% on a cash-out refinance |
| New construction loans | Ground-up builds, including the land | Up to 90% of cost for experienced builders, capped at 70 to 75% of completed value |
| Portfolio and commercial loans | Several rentals under one loan, plus multifamily and commercial property | Up to 80% on a portfolio purchase; commercial quoted deal by deal |
Spokane hard money loan questions
Yes. We lend on investment property in Spokane, Spokane Valley and across eastern Washington, including fix and flip loans, DSCR rental loans and new construction loans.
Yes, as long as the loan is at least $75,000. On a fix and flip loan the purchase and rehab financing are combined to reach that amount.
Yes. A DSCR cash-out refinance at up to 80% loan-to-value is the usual way to pay off a fix and flip loan and keep the property as a rental.
Fix and flip loans average up to 21 days and can close in about 7 days when title and insurance are complete. Rental and DSCR loans take about 30 days, including the appraisal.
Other Washington markets
Have a deal in Spokane?
Tell us the address, the purchase price and your plan for the property. We will come back with leverage and pricing for your scenario.