Bellingham Hard Money and Investor Loans
We read the tax code area before we read the pro forma.
USA Mortgage funds investors across Whatcom County. Rents run behind price here, unlike a cash-flow market. Registration and inspection rules shape a rental hold here. Business-purpose loans only, terms set in underwriting.
You hear the decision from the people who underwrote your deal.
This is a high-basis market, not a cash-flow market
Bellingham is the second most expensive metropolitan statistical area in Washington after Seattle, at a $643,770 mid-tier single-family value, while single-family rent runs about $2,823 a month, a gross yield near 5.3% before expenses. DSCR deals here clear on low vacancy, low taxes, and durable institutional employment, not on rent-to-price.
Registration and inspection are real line items, not a rumor
Bellingham charges $20 per unit per year to register a rental, $16 per unit above 20 units, plus a safety inspection every 3 to 3.5 years capped at four units sampled per three years on a property under 21 units. On a fourplex that runs about $80 a year plus at most $400 every three years, and it belongs in the operating model.
The tenant base is institutional, so it moves slowly in both directions
Six of the county's top nine employers are a university, a hospital, a tribe, a school district, a city, and a county, and total nonfarm employment has held flat at 96,300 to 96,700 since 2023. That composition means low volatility and low wage growth, which cuts against both a downside surprise and a rent spike.
Loan programs in Bellingham
Acquisition through exit, all funded or arranged by one lender.
Bellingham lending questions
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