Address: 12131 113th Ave NE, Suite 201, Kirkland, WA 98034
States They Lend In: Washington and Oregon
Seattle’s leading bridge financing company
Welcome to Rain City Capital! We offer financing services to real estate investors and professionals in Washington State. We specialize in providing short-term loans for residential, non-owner occupied property purchases that require fast action and secured funding to close. Our experienced team will put their years of expertise to work for you by assisting with specialized acquisition types such as auctions, bank-owned, wholesale, and even traditional channels.
Our excellent customer service has helped make us one of the largest hard money lenders in the Puget Sound area. Contact us to find out how we can support your business plans with customized funding!
What We Do
Rain City Capital provides real estate professionals and investors with the working capital they need to purchase select properties. If you’re looking to purchase a property for business or commercial use, let’s talk!
We specialize in helping borrowers acquire and rehab single-family residential properties, multi-family residential properties, wholesale, bank-owned, or MLS purchases. We advance funds towards the acquisition and fix-up costs of residential properties, and also offer spec construction and commercial loans that meet our underwriting criteria.
Rain City is a great alternative to traditional lenders, who often determine if a property meets their standards for value, not yours. We’ll review your application based on your individual investment plan, not a “one-size-fits-all” checklist of underwriting criteria. We look at the big picture, not just the funding aspect.
What is hard money?
- Hard money is a short-term property loan with an accelerated approval process. It offers quick, reliable financing that allows borrowers to take advantage of real estate opportunities as soon as they become available. If you’re a savvy investor who sees the profit potential in upgraded real estate assets, we can assist you with the capital you need to put your plans into action!
What is bridge financing?
- Bridge loans provide temporary financing for real estate purchases while other funding sources are being finalized. If your property acquisitions require immediate action and cash in hand for short sales, foreclosure auctions or sales of distressed properties, we can get you to the closing table in record time.
What are typical loan terms?
- Rain City offers loan terms in line with bridge financing standards. Give us a call to talk over your project! We want to make sure our terms are a good fit for you.
How do I get a loan?
As with traditional funding, step 1 is a loan application! If you’re wondering whether or not Rain City is a good fit, please contact us at 425.434.9009 or at firstname.lastname@example.org to start a conversation about your project.
Do I have to have insurance on the property?
Just as with a traditional lender, insurance is required to protect Rain City’s financial interest in the property, so you will need to obtain and manage your own insurance policy. If you haven’t already submitted proof of insurance (from the date of funding for the full note amount), please be sure to submit a copy as soon as possible to email@example.com. Rain City may obtain insurance at your expense to protect our financial interest in the property.
Can I just use Rain City’s insurance provider?
Absolutely! If you’re having trouble acquiring insurance for your property, or you just don’t want to deal with the hassle of managing your own insurance, let us know. Our insurance provider works directly with us to insure properties that may not qualify for insurance under standard underwriting guidelines.
What if I want to live in a property financed through Rain City?
The reason we’re able to finance higher-risk deals and fund so quickly is because these properties are for commercial or business-use (not occupied by the owner). Owner occupancy is considered an event of default, which would accrue 24% interest and eventual foreclosure. If you decide you’d like to make the property your primary residence, you would need to refinance.
Do I need to record my own documents?
Nope! Rain City will take care of that for you. A “Recording Fee” will appear in your deferred charges and will be collected at time of payoff.
How does a construction loan work?
Construction loans are funded as your project progresses. Before work begins, we take a detailed budget. As you rehab your property, you’ll request draws on your loan amount, which will be verified by a 3rd party inspector. Each draw incurs a flat $150 fee for inspection and if you choose to have the funds transferred by wire, a $25 wire fee. Your last draw is issued when the home is 100% complete and marketable, and your total interest is assessed only on the amount you draw.
Can I pay down my principal balance? Can I pay off my loan before the maturity date?
Of course! Both principal paydowns and early payoffs can be done without penalty.
Can I get an extension for my loan?
Extensions are offered on a case-by-case basis for loans with good payment history. If your maturity date is approaching, please be sure to contact our servicing team to see if your loan qualifies. Extensions are typically 3 months with a 2 point extension fee, collected at payoff.