WA Market
Bridge, Flip & Construction
Loans in Washington
Bridge, fix & flip, construction, renovation and DSCR loans for investors buying in Washington, from the US or abroad, on the same terms. $1M to $5M. Foreign nationals welcome.
Washington, and the Seattle and Puget Sound region above all, is a market for infill construction, townhome development and renovation. Passy Capital finances real estate investors who buy, renovate and build residential investment property across the state: bridge loans, fix & flip loans and ground-up construction loans from $1M to $5M, with renovation and DSCR financing for the hold.
The typical Washington project is an older house on a residential lot, renovated and resold, or replaced with several townhomes or a small multi-unit building under the state's middle housing law. We fund the lot on a bridge loan, the build on a construction loan with draws, and the hold on a DSCR loan once the units are leased.
We lend to local builders and to investors buying from abroad on the same terms. A non-US investor borrows through a US LLC with no US credit history required. Term sheets go out in 24-48 hours and a clean file closes in about two weeks. Business-purpose lending only, on non-owner-occupied property. Larger commercial deals are placed through our capital-partner network.
Washington Market Highlights
Middle Housing Zoning
HB 1110 requires cities of 75,000 or more to allow at least four units per lot in former detached-house zones, and at least six near major transit.
Townhome Infill
Builders replace one older house with several townhomes and sell them individually, or hold and refinance into DSCR once leased.
Non-Judicial Foreclosure
Deed of trust, trustee's sale under RCW 61.24, with the notice of sale recorded at least 90 days ahead.
Graduated Excise Tax
State REET runs from 1.1% to 3.0% by price bracket, plus a local rate, usually paid by the seller.
Lot to Build to Hold
Bridge up to 80% LTV on the lot, construction up to 85% LTC, DSCR up to 80% LTV on the finished units.
Same Terms From Abroad
Foreign nationals borrow through a US LLC with no US credit history and no foreign-national premium.
Cities We Serve
Seattle
Bellevue
Kirkland
Redmond
Bothell
Shoreline
Renton
Tacoma
Everett
Issaquah
Vancouver
Spokane
Property Types We Finance
Single-Family
2-4 Units
Condos & Townhomes
Small Multifamily (5-9)
Infill New Construction
Build-to-Rent
SFR Portfolios
Renovation Projects
Loan Programs
Bridge Loans
Buy, refinance or cash out an investment property, closing in about two weeks.
Construction
Ground-up spec homes and build-to-rent, with draws tied to milestones.
Renovation / Rehab
Rehab financing on 1-4 unit and small multifamily, drawn against completed work.
Fix & Flip
Purchase and rehab in one loan for 1-4 unit flips, closing in about two weeks.
DSCR / Rental
Long-term rental financing based on property cash flow.
Other US Markets
We finance investment property for US and foreign investors in other markets too.
FL
Florida →
No-tax growth market, Miami, Orlando, Tampa
TX
Texas →
Population boom, Dallas, Houston, Austin
CA
California →
Spec builds and flips, Los Angeles, Bay Area, San Diego
NY
New York →
1-4 unit and small multifamily, NYC, Brooklyn, Long Island
AZ
Arizona →
Flips and build-to-rent, Phoenix, Scottsdale, Tucson
GA
Georgia →
Flips and spec builds, Atlanta metro
TN
Tennessee →
Build-to-rent and rentals, Nashville, Memphis
NC
North Carolina →
Spec builds and flips, Charlotte, Raleigh
CO
Colorado →
Flips, infill and rentals, Denver metro
IL
Illinois →
Two-flats, flips and rentals, Chicago
OH
Ohio →
Flips and buy-and-hold, Columbus
VA
Virginia →
Flips and rentals, Richmond
SC
South Carolina →
Flips and coastal rentals, Charleston
MT
Montana →
Higher-price builds and rentals, Bozeman
NJ
New Jersey →
Flips and small multifamily, Jersey City, Newark
PA
Pennsylvania →
Rehabs and flips, Philadelphia, Pittsburgh
MO
Missouri →
Flips and rentals, St. Louis, Kansas City
Have a deal in Washington?
Submit your deal in 2 minutes. We'll review it and get back to you within 24 hours with financing options.
Submit a DealWhat is specific about lending in Washington
- Non-judicial foreclosure. Washington investment property loans are secured by a deed of trust. Under the Deed of Trust Act (RCW 61.24), the trustee forecloses through a trustee's sale without a court case, after recording a notice of trustee's sale at least 90 days before the sale.
- Graduated real estate excise tax. The state real estate excise tax is graduated by price: 1.1% up to $525,000, 1.28% up to $1,525,000, 2.75% up to $3,025,000 and 3.0% above that, plus a local rate. The Department of Revenue has published adjusted thresholds that take effect on January 1, 2027. The seller usually pays it, so on a flip or a spec sale it comes off the exit proceeds.
- Middle housing zoning. HB 1110, passed in 2023, requires cities of 75,000 people or more to allow at least four units per lot in areas once zoned only for detached houses, and at least six units near a major transit stop. Smaller cities of 25,000 to 75,000 must allow at least two units per lot. That is what makes the replace-one-house-with-several-townhomes model work in Seattle and other large cities.
- Lot first, then construction. On an infill project we can fund the lot with a bridge loan up to 80% of value while plans and permits move through the city, then move to a construction loan up to 85% of cost with draws released as the work is inspected.
Buying in Washington from outside the US:
Frequently asked questions
What do you finance in Washington?
Bridge loans, fix & flip loans and ground-up construction loans for townhome infill, spec homes and build-to-rent, plus renovation loans and DSCR loans as the hold or exit. Property types are single-family, 2-4 units, condos and townhomes, small multifamily up to 9 units, build-to-rent and SFR portfolios. Loans run from $1M to $5M, business-purpose only.
How much leverage is available on a Washington flip or infill build?
Up to 90% of cost on fix & flip and renovation, up to 85% of cost on ground-up construction, and up to 80% of value on bridge and DSCR loans. The fee is 1-2% of the loan, paid at closing, with no upfront fees.
Who pays the real estate excise tax on a Washington sale?
The seller usually pays it, at graduated state rates (1.1% to 3.0% depending on the price bracket) plus a local rate. On a flip or a townhome sale, build it into the exit numbers.
Can a foreign national finance Washington investment property?
Yes. The loan is made to your US LLC and underwritten on the property and the business plan, not on a US credit history, so a non-resident borrows on the same terms as a US investor. No Social Security number is required.
Is Washington a judicial or non-judicial foreclosure state?
Loans secured by a deed of trust are foreclosed non-judicially under RCW 61.24, through a trustee's sale held at least 90 days after the notice of sale is recorded.
Washington City Guides
Bridge, fix & flip and construction financing in each Washington market we cover.