Bridge Loan Washington State
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Last Updated: May 2, 2025
At OfferMarket, our passion is helping you grow wealth through smart real estate investments. To support your journey, we’ve built a fully integrated platform offering:
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Our Washington Bridge Loan program delivers fast, reliable, and competitively priced financing for the purchase and improvement of 1-4 unit residential investment properties across the Evergreen State.
Whether you're flipping a fixer-upper in Tacoma or buying and holding a rental in Spokane with plans to refinance into a DSCR loan, we’re here to be your financing partner and help you succeed.
Let’s dive into the OfferMarket Bridge Loan Program tailored for Washington investors!
What is a Bridge Loan?
A bridge loan is a short-term financing solution meant to carry you from acquisition or rehab through to a more permanent financing exit.
Common bridge loan scenarios
Among real estate investors in Washington, bridge loans are frequently used in these situations:
Purchasing and rehabbing a dated property — you find a fixer in Bellingham, need to move quickly, and want to preserve your cash.
Refinancing a property bought with cash and needing renovation — say you closed fast on a home in Everett and now want to pull out equity to fund improvements.
Paying off an existing private lender while completing a rehab — perhaps you borrowed from a local hard money lender in Renton and now need better terms to finish the project.
Acquiring a property without a rehab plan — for example, buying a below-market duplex in Yakima to resell without touching the interiors.
Refinancing a cash purchase without rehab — you scooped up a deal in Tri-Cities and want to unlock equity for your next move.
Refinancing after a completed rehab — work’s done on your Seattle flip, and you just need more time to sell or refi.
In the Washington market, "bridge loan," "hard money loan," and "fix and flip loan" are often used interchangeably—they all mean short-term funding to help you get deals done.
How it works
Every bridge loan is built around two funding components:
Initial Advance – this goes toward your purchase price. It’s wired to your title company at closing.
Construction Holdback – this covers rehab costs. Funds are released through draws as work progresses.
These loans are intentionally flexible. You can opt for either the initial advance, the construction holdback—or both, depending on your strategy.
In practice, many Washington investors prefer to maximize their leverage by using both components. That said, if you're working on a property in Vancouver and want to handle the rehab with your own funds, just the purchase advance is fine. Or if you paid cash for a Spokane house and only want us to finance the renovation—great! We can provide a construction-only bridge loan for up to 100% of the rehab budget.
The Washington market is full of opportunities, and our flexible bridge loans are designed to meet you where you are.
Your endgame might be to sell the property for a quick return, or to refinance into a long-term rental loan like a DSCR. Either way, a Washington bridge loan gives you the flexibility to pivot based on how your project plays out.
Say you go into a project near Olympia with a BRRRR mindset—Buy, Rehab, Rent, Refinance, Repeat—but end up spotting better profits on the resale market once the remodel is complete. That switch is common and encouraged when the market tells you it’s the right move.
On the flip side, maybe you planned to flip a townhouse in Tacoma, but the resale market stalls. You could pivot to renting it out and refi into a DSCR loan with a low prepay penalty. When prices rebound, you’re still in position to sell.
The key takeaway for Washington investors: always seek projects with dual exit strategies. They provide a buffer against risk and let you respond to market shifts without pressure.
Who uses bridge loans?
We work with a wide range of real estate investors across Washington, including:
Flippers — buying, renovating, and reselling homes from Spokane Valley to Vancouver.
BRRRR Investors — building rental portfolios across markets like Everett, Federal Way, and Tacoma.
Our popular Fix and Rent bundle combines the initial bridge loan for purchase + rehab with a discounted DSCR loan for your refinance. It’s a seamless two-step solution built for investors scaling their portfolios across Washington.
Remember: many successful Washington investors don’t lock themselves into one model. They may flip some properties in competitive areas like Bellevue and hold others in emerging rental markets like Yakima or Kennewick. Having flexibility is what sets pros apart.
Bridge Loan Program Guidelines
| Guideline | Details |
|---|---|
| Loan amount (minimum) | $25,000 |
| Loan amount (maximum) | $2,000,000 |
| ARV (minimum) | $100,000 |
| Experience | Not required |
| Credit score (minimum) | 680 |
| Borrowing entity | LLC or Corporation |
| Initial advance | up to 90% |
| Construction holdback | up to 100% |
| LTARV (maximum) | 75% |
| Interest rate | get instant quote |
| Origination fee | 1.5 to 2 points |
| Term | 12 to 24 months |
| Points out | None |
| Prepayment penalty | None |
| Structure | Interest-only with balloon payment |
| Recourse | Full (51% of borrowing entity must guarantee) |
| Exit strategy: Sale | minimum 30% ROI |
| Exit strategy: Refinance | minimum 1.1 DSCR after repairs |
| Valuation | Appraisal report or In-house valuation |
| SqFt (minimum) | Single family: 700+ 2-4 unit: 500+ per unit Condo: 500+ |
| Acreage (maximum) | 5 |
| Interest accrual | Under $100,000 loan: full boat $100,000+ loan: as disbursed |
| Advanced draws | Lender discretion |
| Down payment (minimum) | $10,000 |
Project Eligibility
We aim to be more than just your lender—we’re your risk partner. That's why we’ve achieved one of the lowest default rates in the private lending industry, with under 0.5% of our loans ever requiring foreclosure.
Across Washington, we see borrowers face the most risk when they jump into complex, high-cost rehab projects without experience. These “extensive” rehabs, especially in markets like rural Washington or where permitting delays are common, can spiral fast.
Our role is to help you avoid those pitfalls and grow your real estate business with confidence. That’s why we classify rehab scopes and tie eligibility to your experience level. You’ll find more on that below.
Initial Advance
Your initial advance—the funds released for your purchase—is based on your experience, credit, and the deal specifics. For example, if you're buying a duplex in Tacoma, we’ll look at:
How many similar projects you've completed in the past 5 years
How many investment properties you’ve owned in the past 24 months
Your personal credit (680+ minimum, 720+ preferred)
If the contract purchase price is higher than the As Is value from appraisal, we’ll use the appraisal figure for your initial advance—not the inflated price.
Exit strategy also matters. For flips, we look for a minimum 30% projected margin and at least $15,000 profit. For BRRRR projects, your DSCR after rehab must be 1.1+.
If the property is in a rural county in Washington, we’ll limit the advance and require a minimum Tier 3 experience.
Experience-based Tiers
| Tier | Verifiable experience |
|---|---|
| 1 | 0 |
| 2 | 1 to 2 |
| 3 | 3 to 4 |
| 4 | 5 to 9 |
| 5 | 10+ |
Initial Advance by Tier
| Tier | Initial advance (% of purchase price) |
|---|---|
| 1 | 80%* |
| 2 | 85% |
| 3 | 85% |
| 4 | 90% |
| 5 | 90% |
(*) 85% is possible at Tier 1 with strong credit and cash reserves.
Adjustments to Initial Advance
| Scenario | Adjustment |
|---|---|
| Credit score under 720 | -5% |
| Full gut rehab | -5% |
| New market | -5% |
| Licensed Realtor | +5% |
| Licensed General Contractor | +10% |
| Licensed Professional Engineer | +10% |
| Rural | -20% (Tier 3+ only) |
Rehab Scope Classification
| Rehab Scope | Definition |
|---|---|
| Light | Rehab budget < 25% of purchase price |
| Moderate | Rehab budget 25%–49.99% of purchase price |
| Heavy | Rehab budget 50%–99.99% of purchase price |
| Extensive | Rehab budget 100%+ of purchase price — includes additions, expansions, ADUs, or low price-to-rehab scenarios |
In Washington, extensive rehabs like full tear-downs in older neighborhoods or adding an ADU in King County fall into this high-risk category and require careful review.
Rehab Scope Eligibility
| Tier | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Experience | 0 | 1-2 | 3-4 | 5-9 | 10+ |
| Light | Eligible | Eligible | Eligible | Eligible | Eligible |
| Moderate | Ineligible | Eligible | Eligible | Eligible | Eligible |
| Heavy | Ineligible | Eligible | Eligible | Eligible | Eligible |
| Extensive | Ineligible | Ineligible | Eligible | Eligible | Eligible |
LTARV Limits
Your maximum loan-to-after-repair value (LTARV or ARLTV) depends on your experience tier and rehab scope. This helps ensure you’re not over-leveraging, especially in markets across Washington where values can fluctuate by zip code.
| Tier | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Experience | 0 | 1-2 | 3-4 | 5-9 | 10+ |
| Light | 70% | 70% | 75% | 75% | 75% |
| Moderate | Ineligible | 70% | 75% | 75%< | 75% |
| Heavy | Ineligible | 70% | 75% | 75%< | 75% |
| Extensive | Ineligible | Ineligible | 70% | 70% | 70% |
LTFC Limits
Loan-to-full-cost (LTFC) limits apply to extensive rehabs, particularly when the rehab budget exceeds the purchase price. These controls are essential when working on ambitious projects in high-risk or rural areas of Washington.
| Tier | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Experience | 0 | 1-2 | 3-4 | 5-9 | 10+ |
| Light | N/A | N/A | N/A | N/A | N/A |
| Moderate | Ineligible | N/A | N/A | N/A< | N/A |
| Heavy | Ineligible | N/A | N/A | N/A< | N/A |
| Extensive | Ineligible | Ineligible | 85% | 90% | 90% |
Example: No Experience
Purchase price: $100,000
Tier: 1
Credit score: 695
Rehab budget: $24,000
ARV: $150,000
Initial advance: $75,000 (75%)
Construction holdback: $24,000
Total loan amount: $99,000
LTARV: 66%
LTFC: 79.8%
Interest accrual: Full boat
Example: No Experience, Excellent Credit
Purchase price: $100,000
Tier: 1
Credit score: 750
Rehab budget: $24,000
ARV: $150,000
Initial advance: $80,000 (80%)
Construction holdback: $24,000
Total loan amount: $104,000
LTARV: 69.33%
LTFC: 83.9%
Interest accrual: As disbursed
Example: 5 Experience
Purchase price: $100,000
Tier: 4
Credit score: 750
Rehab budget: $20,000
ARV: $150,000
Initial advance: $90,000 (90%)
Construction holdback: $20,000
Total loan amount: $110,000
LTARV: 73.33%
LTFC: 91.67%
Interest accrual: As disbursed
Refinance Using As Is Value Instead of Cost Basis
In some refinance scenarios—such as an older property in Spokane that's appreciated over time—we may base your loan on the current As Is value instead of original cost basis, subject to:
The property being habitable (C4 condition or better)
3+ years of seasoning
No past-due fees or defaults on the current loan
Minimum 680 credit
Experience Tier 3 or higher
Verified As Is value via strong sales comps
This approach lets experienced Washington investors unlock more equity from long-held properties needing new upgrades.
We can fund deals involving wholesalers in Washington as long as the price markup doesn’t exceed 20% of the original contract price.
Example:
A-B Contract (seller to wholesaler): $100,000
B-C Contract (wholesaler to you): $125,000
As Is value: $125,000
Value basis for initial advance: $120,000
We allow up to 20% of the assignment markup to count toward cost basis—but require all contracts and supporting documents. If the property was listed on the MLS or there are red flags, we reserve the right to adjust.
Construction Holdback
Your construction budget is reimbursed through draws as you complete work on your rehab project—whether you're improving a duplex in Bellingham or a single-family in Tacoma.
| Draw Processing Guideline | Details |
|---|---|
| Minimum draw amount | None |
| Maximum draw amount | 100% of remaining holdback |
| Minimum number of draws | 0 |
| Maximum number of draws | None |
| Materials delivered but not installed | 50% (receipt or invoice required) |
| Draw inspection | App-based (self-serve) |
| Draw turnaround | 0 to 2 business days |
| Draw fee | $270 |
| Wire fee | $30 |
Valuation and Appraisals
We require a valuation for all Washington bridge loans. Depending on the deal and your experience, this may be an in-house valuation, exterior appraisal, or full interior appraisal.
In-House Valuation
| Criteria | Eligibility |
|---|---|
| Property type | Single-family, Duplex, Triplex, Quadplex |
| Tier | 4 or higher |
| Credit score | 720+ |
| Rural | Not allowed |
| New market | Not allowed |
| LTARV | Max 70% |
We reserve the right to upgrade your appraisal requirement if needed.
Exterior Appraisal
Used in specific acquisition types like:
REO sales
Foreclosure or sheriff’s auctions
Online auctions
Bankruptcy sales
Appraisal must be dated within 120 days of closing (or 180 days with recert).
Interior Appraisal
If your loan scenario doesn’t meet the conditions for in-house or exterior valuation, a full interior appraisal will be required—especially for properties in suburban and urban markets like Renton or Olympia where appraisers can access interiors easily.
| Property Type | Appraisal Forms |
|---|---|
| Single family | 1004 + 1007 ARV with As Is value included (non-gridded) |
| 2-4 Unit | 1025 + 216 ARV with As Is value included (non-gridded) |
| Condo | 1073 + 1007 ARV with As Is value included (non-gridded) |
Unless you're transferring a previously ordered appraisal, OfferMarket handles ordering and coordination through an AMC. You’re responsible for paying the invoice before your file can move forward.
Appraisal Transfer
Already have an appraisal on hand? You may be able to transfer it to OfferMarket under the following conditions:
Ordered through an approved AMC
Less than 180 days old at closing
Transfer letter includes Appraiser Independence Requirements (AIR) compliance
Full documentation (PDF, XML, invoice) provided
Once transferred, we’ll review and decide if it meets underwriting criteria for your Washington deal.
Scenario: Stabilized Bridge Loan
If you're buying or refinancing a stabilized property—say a turnkey duplex in Spokane—where no repairs are needed and the appraisal reflects C4 condition or better, you may qualify for a "stabilized bridge loan."
| Criteria | Guideline |
|---|---|
| LTV (maximum) | Tier 1: 70% Tier 2: 70% Tier 3+: 75% |
| LTFC (maximum) | Tier 1-2: 80% Tier 3+: 90% |
| Appraisal condition rating | C1, C2, C3 or C4 |
| Loan Term (maximum) | 12 months |
This type of bridge loan is a strong fit for stabilized rentals in Washington that simply need to be listed or refinanced without major updates.
Key Loan Details
| Criteria | Details |
|---|---|
| Loan Amount | $25,000 to $2,000,000 |
| Units per Property | 1 – 4 |
| Eligible Property Types | Non-owner occupied 1-4 unit residential |
| Property Minimum Size | Single Family: ≥700 SQFT 2-4 Unit/Condo: ≥500 SQFT per unit |
| Max acreage | 5 acres |
| Loan to Cost (LTC) | Up to 90% purchase, 100% rehab |
| LTARV | Up to 75% |
| Down Payment | $10,000 minimum for purchases under $100K |
| Loan Term | Standard 12 months; 18-24 months available |
| Extensions | Up to 50% of original term (fees apply) |
| Points | 1.5 to 2 points ($2,000 minimum) |
| Prepayment Penalty | None |
| Occupancy | Non-owner occupied – business purpose only |
| Transaction types | Arms-length purchase, refinance |
| Geography | All U.S. states except AK, AZ, HI, MN, ND, NV, OR, SD, UT, VT |
| Amortization | Interest-only, balloon at maturity |
| Interest Method | Loans < $100K: Full Boat Loans ≥ $100K: As Disbursed |
Extensions
Washington bridge loans are meant to be temporary—typically resolved within 12 months. But if delays arise, you can extend your loan for up to 50% of the original term.
Avoiding extensions helps you cut costs and reduce risk. Some common extension pitfalls include:
Hiring unproven contractors
Over-scoping rehab relative to your experience
Working in municipalities with slow permitting (like parts of King County)
Limited property access (due to tenant leasebacks or eviction holdovers)
Not planning for dual exit strategies
Avoiding these factors improves your timeline—and your bottom line.
Extension Limits
| Initial Loan Term | Max Extension |
|---|---|
| 12 months | 6 months |
| 18 months | 9 months |
| 24 months | 12 months |
Extension Terms and Fees
| Extension Term | Fee |
|---|---|
| 3 months (1st request) | 1% of total loan |
| 3 months (2nd request) | 1.5% of total loan |
| 6 months (1st request) | 2.5% of total loan |
Before you’re approved for an extension, your builders risk insurance must be renewed through the end of the new term.
Ineligible Property Types
We do not offer bridge loans for the following property types in Washington:
Mixed-use buildings
5+ unit multifamily
Condotels or co-ops
Mobile homes or manufactured housing
Commercial buildings
Cabins, log homes, vacation rentals
Properties with oil/gas leases
Operating farms or ranches
Exotic or luxury homes
Properties on unpaved/dirt roads
Exception Scenarios
There are exceptions we may consider on a case-by-case basis, including:
Credit scores between 660–679
Leasehold interest (ground rent)
Smaller single family homes (500–699 SQFT)
Financing based on As Is value above cost basis
Non-arm’s length transactions
Financed interest payments
One or more units below 500 SQFT in a 2–4 unit
Borrower and Guarantor Requirements
| Item | Details |
|---|---|
| Borrowing Entities | LLC or Corporation (no nonprofits) |
| Eligible Borrowers | U.S. Citizens, Permanent Residents, qualified Foreign Nationals |
| Foreign Nationals | Must provide valid visa/passport and have U.S. FICO score |
| Credit Score | 680 minimum (exceptions 660–679 reviewed case-by-case) |
| Tri-Merge Credit Report | Required, not older than 120 days |
| Liquidity | Must cover estimated cash to close + 25% of rehab budget |
| Eligible Liquid Assets | Personal/business bank or brokerage accounts, 401k (50% haircut) |
| Guaranty Structure | Purchases: 51%+ of borrowing entity must guarantee Cash-out refi: 100% must guarantee Full recourse required |
| Net Worth | Must equal 50% of loan amount |
Credit and Background Items
When underwriting bridge loans in Washington, we use a full trimerge credit report and consider your overall financial picture. Here's how we evaluate:
3 credit scores returned: we use the middle score
2 credit scores returned: we use the lower score
No mortgage tradelines: 6 months of interest reserves required
<5 tradelines: 6 months of interest reserves required
If you’ve had financial blemishes, here’s what to expect:
| Item | Requirement |
|---|---|
| Bankruptcy | Must be discharged > 4 years before loan closes |
| Foreclosure | Must be completed > 4 years before loan closes |
| Bankruptcy or Foreclosure 4–7 years ago | May require 3+ months interest reserves |
| Late mortgage payments (past 12 months) | LOE required; may disqualify |
| Past-due tradelines | Must be paid off before funding |
| Involuntary liens/judgments | Must be resolved before funding |
| Pending lawsuits | Civil: LOE required; Criminal: Not eligible |
| Financial crimes | Not eligible |
| Serious or repeat crimes | LOE required and reviewed case-by-case |
Interest Reserves
We may collect interest reserves upfront to ensure smooth monthly payments while you’re focused on executing your project.
| Guarantor Profile | Interest Reserve |
|---|---|
| FICO 700+ | 1 month |
| FICO 660–699 | 3 to 6 months depending on credit/background |
| FICO < 660 or red flags | 6 months |
| At lender discretion | 0 months (rare, case-by-case) |
These funds are held in escrow and applied automatically to interest due. You only start monthly payments once reserves are drawn down.
Financed Interest Payments
To protect your liquidity during rehab, you may qualify for financed interest payments. In this scenario, no monthly payments are due—your accrued interest is added to your payoff amount.
Example:
Loan amount: $100,000
Interest rate: 12%
Project duration: 9 months
Accrued interest: $9,000
Payoff: $109,000 total due at sale or refi
This is particularly helpful for Washington investors managing multiple active projects and tight cash flow.
Property Sourcing Guidelines
Whether you’re investing in Tacoma, Spokane, or anywhere in between, we want your acquisitions to be safe and properly documented. Here’s what we require:
If it's a new market, include your General Contractor agreement or LOE explaining why you’re qualified to self-manage
For wholesale deals, include full chain of contracts (A-B and B-C), and a complete breakdown of costs
For complex rehabs or conversions, architect/engineer letters or permits may be required
Always submit your purchase contract, settlement statement, operating agreement, and track record to speed up underwriting.
Bridge Loan Insurance Guidelines
Protecting your asset during construction is critical. Builders risk insurance—also called fix and flip insurance—is required for all properties financed through our bridge loan program.
| Coverage Type | Limit | Required |
|---|---|---|
| Dwelling | Replacement Cost or Loan Amount | Yes |
| Liability | $1M per occurrence / $2M aggregate | Yes |
| Builders Risk | Included | Yes |
| Flood | Greater of $250K or loan balance (if in FEMA zone) | Conditional |
| Coverage Details | Guideline |
|---|---|
| AM Best Rating | A- VIII or greater |
| Policy Type | Special Form |
| Deductible | $1,000–$5,000 |
| Lender Designation | Must list us as mortgagee & additional insured |
| Exclusions | No wind/hail/storm exclusions |
| Cancellation | 30-day advance notice required |
💡 Pro tip for Washington investors: After closing, install smoke detectors, secure the property, and set up cameras immediately. This helps avoid coverage issues and keeps your investment safe.
Frequently Asked Questions
What states does OfferMarket fund bridge loans in?
OfferMarket provides bridge loans in most U.S. states. Below is a list of supported and unsupported states:
| Supported States |
|---|
| Alabama |
| Arkansas |
| California |
| Colorado |
| Connecticut |
| Delaware |
| Florida |
| Georgia |
| Idaho |
| Illinois |
| Indiana |
| Iowa |
| Kansas |
| Kentucky |
| Louisiana |
| Maine |
| Maryland |
| Massachusetts |
| Michigan |
| Mississippi |
| Missouri |
| Montana |
| Nebraska |
| New Hampshire |
| New Jersey |
| New Mexico |
| New York |
| North Carolina |
| Ohio |
| Oklahoma |
| Pennsylvania |
| Rhode Island |
| South Carolina |
| Tennessee |
| Texas |
| Virginia |
| Washington |
| Washington D.C. |
| West Virginia |
| Wisconsin |
| Wyoming |
In states where a special business-purpose lending license is required (or we do not lend directly), OfferMarket will serve as a rate-shopping service and refer you to a licensed capital provider.
Can I manage multiple bridge loans at the same time?
Yes, many real estate investors in Washington maintain multiple bridge loans. If your liquidity, timeline, and operational capacity are solid, we’re happy to help you grow.
Are bridge loans considered commercial loans?
Yes. Since they’re issued to LLCs or corporations and used for business purposes, bridge loans are categorized as commercial financing.
What’s the minimum loan amount?
The minimum loan amount is $25,000.
Which types of properties are eligible?
We lend on non-owner occupied residential properties with 1 to 4 units, including:
Single-family homes
Duplexes, triplexes, quadplexes
Warrantable condominiums
Townhouses
Planned unit developments (PUDs)
Note: Mixed-use, manufactured, commercial, and luxury/exotic properties are not eligible under this program.
How is the loan-to-value (LTV) determined?
The initial advance is based on the lower of either the purchase price or the As-Is appraised value.
The LTARV (loan-to-after-repair value) is calculated as:
LTARV = (Initial Advance + Construction Holdback) ÷ After-Repair Value
What are the credit score requirements?
The minimum FICO score is 680, though scores as low as 660 may be reviewed on a case-by-case basis.
Do I need prior investing experience to qualify?
No, but experience improves your leverage and project eligibility. We have a tiered system that adjusts funding terms based on your rehab track record.
Can wholesaling experience count?
No. Being a wholesaler does not qualify as experience since you weren’t financially responsible for completing the rehab.
What Documentation is Required?
When you're securing a Washington bridge loan through OfferMarket, the right documentation ensures a fast and smooth closing process. Below are the required items, categorized by purchase and refinance transaction types.
Purchase Transaction Requirements
| Document | Requirement |
|---|---|
| Purchase Contract | Fully executed by buyer and seller |
| Credit Report | Soft trimerge for each guarantor of the borrowing entity |
| Background Report | Required for each guarantor |
| Track Record | Documented for each guarantor, detailing experience |
| ID Verification | Valid government-issued ID (driver’s license, passport, Green Card) |
| Borrowing Entity Docs | Articles of Organization, Operating Agreement, Certificate of Good Standing, W-9 |
| Scope of Work | Detailed rehab budget used to determine ARV |
| Appraisal Report | Ordered by OfferMarket; link provided to pay invoice |
| Bank Statements | Two most recent statements from each guarantor (personal or business) |
| Letter of Explanation | Required if flagged by underwriting (i.e. large deposits, background items) |
Refinance Transaction Requirements
| Document | Requirement |
|---|---|
| Settlement Statement | Fully executed and signed by buyer and settlement agent |
| Credit Report | Soft trimerge for each guarantor of the borrowing entity |
| Background Report | Required for each guarantor |
| Track Record | Submitted for each guarantor with verifiable rehab experience |
| ID Verification | Government-issued identification |
| Borrowing Entity Docs | Articles of Organization, Operating Agreement, Certificate of Good Standing, W-9 |
| Sunk Costs | List of all costs already incurred for the project |
| Scope of Work | Budget that supports your ARV and rehab strategy |
| Appraisal Report | Ordered by OfferMarket after invoice is paid |
| Bank Statements | Two most recent statements for each guarantor (personal or business accounts) |
| Letter of Explanation | If requested, to address flagged items |
These requirements apply across all Washington cities and counties—whether you're rehabbing in Bellevue, refinancing in Spokane, or adding value to a triplex in Everett.
Are there special requirements for loans over $1 million?
Yes. For bridge loans above $1 million in Washington, enhanced criteria apply to ensure the project’s scale and complexity are managed responsibly.
| Criteria | Explanation |
|---|---|
| Experience | Minimum Tier 3 required, with preference for similar or higher price-point deals |
| Market Liquidity | At least 3 comparable sales within a 2-mile radius, closed on MLS in the last 6 months |
| Credit Score | Minimum 680 FICO with at least 5 tradelines showing 24-month history |
| Rural Properties | Not eligible if the area is designated rural by CFPB/USDA or flagged in the appraisal report |
| Track Record | Required from each member of the borrowing entity for verification purposes |
Glossary of Key Terms
| Term | Definition |
|---|---|
| ADU | Accessory Dwelling Unit — a secondary, self-contained unit on the same parcel as a primary home |
| Arms-length | A transaction between unrelated parties acting in their own self-interest |
| Non-Arms-length | A deal where buyer and seller have a personal or financial relationship |
| Initial Advance | Portion of the loan applied to the purchase price, disbursed at closing |
| Construction Holdback | Rehab funds disbursed in stages via reimbursement |
| Interest Reserves | Prepaid interest held in escrow and applied to monthly payments as needed |
| LTC (Loan-to-Cost) | Loan amount divided by total cost (purchase + rehab) |
| LTFC (Loan-to-Full-Cost) | Loan amount divided by the combined purchase and rehab budget |
| LTV | Loan-to-Value — loan amount divided by As Is appraised value |
| LTARV | Loan-to-After-Repair Value — loan amount divided by projected appraised value after rehab |
| As Disbursed Interest | Interest charged only on funds that have been disbursed |
| Full Boat Interest | Interest charged on the total loan amount from day one (typical for loans under $100K) |
| Lopsided Deal | When rehab budget exceeds the property’s As Is value or purchase price |
| GC Agreement | Contract with a general contractor outlining scope and terms of work |
| DSCR | Debt Service Coverage Ratio — rental income ÷ debt payment obligation (see PITIA for full breakdown) |
| PITIA | Principal, Interest, Taxes, Insurance, and Association dues — components of monthly debt service |
Instant Bridge Loan Quote
OfferMarket Capital LLC is a leading private lender for Washington real estate investors. Whether you're flipping houses in Everett or building a BRRRR portfolio in Spokane, our bridge loan and DSCR products are here to help you scale fast and safely.
Membership is 100% free and includes:
💰 Private lending
☂️ Insurance rate shopping
🏚️ Off-market property access
💡 Local market data
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