Hard Money Loans for Short-Term Rentals in Washington
Hard Money Loans
From Seattle multifamily flips to vacation homes in Leavenworth, Washington real estate investors need fast, flexible financing. BNB Lending offers hard money loans in Washington based on property value—not credit or income. These asset-based loans are ideal for short-term rental acquisitions, fix-and-flips, and rapid refinances. With minimal documentation and closings in just 3 to 10 business days, Washington investors can act on profitable deals before the competition. It’s financing built for speed, strategy, and execution.
How to qualify
To obtain a quote, we will need the following information:
Property Value and
Purchase Price
Down Payment
Amount
Credit Score
Asset Types
- Single Family Homes
- Townhomes
- Condos
- 2 - 4 Units (Duplex, Triplex, Quadplex)
- Multi-Family: 5 - 8 Units
- Mixed-Use: 2 - 8 Units
- Multi-Family: 9+ Unit
Loan Terms
- Loan Sizes:
$100k up to $3.5 Million (Larger loan sizes available on a case by case basis)
- Purchase LTV:
Up to 85%
- Rate & Term Refinance LTV:
Up to 80%
- Cash Out Refinance LTV:
Up to 80%
- Amortization:
30 Year % 40 Year Amortization Options Available
- Term Lengths:
5/6 ARMs, 7/6 ARMs, 10 Year Interest Only, 30 Year Fixed & 40 Year Fixed
- Floor Rate:
5.50% (subject to change daily due to market volatility)
- Full Recourse
with personal guarantee required for all borrowers with majority ownership (typically 20%+ or 25%+ if closing in an Entity)
- DSCR Requirement: 1.00x or greater depending on loan size and property type. Sub-1.00x DSCR and NO DSCR options available.
- Vesting:
Lending to Individuals, LLCs, and Corporations. Trusts Allowable on a Case by Case Basis.
- Average Time to Close:
14 to 35 days
Wondering if you qualify for investment property financing in your area?
We offer lending services in all 50 states! Find out more and get your application started today!
Frequently Asked Questions
What are hard money loans and how do they work for real estate investors?
Hard money loans provide a short-term, asset-based financing solution for real estate investors seeking speed and agility. These loans are approved based on the property’s current or after-repair value rather than borrower credit, enabling rapid closings—often within days. Terms generally include brief durations, interest-only structures, and higher rates, reflecting their emphasis on liquidity and deal velocity. Investors use them to acquire distressed assets, complete renovations, and refinance into long-term products once the property stabilizes. By bypassing traditional underwriting, hard money loans enable strategic plays that conventional financing can’t support.
When should an investor consider using a hard money loan instead of a conventional loan?
Washington investors should consider hard money loans when conventional lending is too slow or inflexible. These loans are perfect for LLC purchases, properties needing renovation, or when the borrower lacks full documentation. If you need to close within days—or if banks won’t approve your deal—hard money gives you a faster, asset-focused path to funding. It’s ideal when the strength of the property and your plan outweigh traditional underwriting metrics.
What makes hard money different from other types of financing?
Hard money loans in Washington stand apart from traditional loans because they’re approved based on the property, not the person. While conventional lenders require credit checks, tax returns, and extended underwriting, hard money lenders offer quick decisions based on deal viability. That means more flexibility, fewer barriers, and faster execution. Though interest rates are higher, the speed and adaptability of hard money often result in better overall returns for real estate investors.
What are the typical loan terms for a hard money loan?
In Washington, hard money loans typically range from 6 to 36 months with interest-only payments. Loan-to-value ratios can go up to 85% for purchases and 80% for refinances. These loans often include origination fees and may require reserves, depending on the property and borrower experience. Designed for short-term investments, flips, and transitional rentals, hard money loans are structured for fast approvals and minimal paperwork, giving Washington investors an edge in a highly competitive real estate market.
How quickly can a hard money lender close a deal?
Hard money lenders in Washington can usually close deals in just 3 to 10 business days. That speed is essential in tight markets like Seattle, Spokane, or Bellingham, where opportunities move quickly. Since the loan is based on the property and the investor’s strategy, there’s no need for lengthy credit reviews or income verification. For Washington real estate investors who need to act fast, hard money loans provide the speed and certainty banks can’t match.
Can I get a hard money loan in Washington with poor credit or no income documentation?
Yes. In Washington, many investors qualify for hard money loans with poor credit or limited income verification. These asset-based loans are evaluated on the property and your exit plan—not your personal financials. While Washington regulates lending practices and enforces usury laws, business-purpose loans are often exempt from strict consumer protections. To ensure compliance, work with a transparent, licensed lender who adheres to all applicable state requirements and provides clear, upfront terms.
