Question 1

Who in Olympia actually fits a bank statement loan?

Accepted Answer

The self-employed trades and services base that makes up the metro's private economy, because there is no single dominant employer here to draw a W-2 from. Olympia-Lacey-Tumwater's largest private employer, Providence Health & Services, employed about 2,100 workers on the regional planning council's 2024 estimates, in a metro that ran 133,400 total nonfarm jobs in July 2026, so the private sector is genuinely small-business heavy rather than anchored by one large company. A borrower running a contracting, trades, or service business here is a normal, not unusual, profile for this program, and a complex return full of write-offs doesn't have to work against you.

Question 2

Does the City of Olympia's business tax help document my income if my tax returns don't show the full picture?

Accepted Answer

It can, if you bill work inside city limits. Olympia levies its own local business and occupation tax on gross receipts, with no deduction for labor or materials, and requires an Olympia endorsement on the state business license, including for businesses located outside the city with Olympia customers. Starting with the 2026 tax period, the no-tax-due filing threshold rose from $20,000 to $500,000 in annual gross receipts. A contractor or GC's Olympia B&O filings are a real, checkable document trail alongside 12 to 24 months of bank statements, something most out-of-state lenders don't think to ask for. Talk to your CPA about your specific filing obligation.

Question 3

I already collect long-term rent in Olympia. Does that income get taxed the same way as my contracting income?

Accepted Answer

No, and the distinction matters if you run both a rental portfolio and a trade or service business. Olympia's municipal code exempts gross proceeds from the sale, lease, or rental of real estate under a contract of 30 continuous days or longer from the city's B&O tax outright. Fee income, commissions, and interest tied to real estate transactions are not exempt, and neither is labor billed on a rehab or GC job inside city limits. A bank statement borrower who mixes rental deposits with business deposits should expect us to separate the two when we read the statements.

Question 4

Does the local visitor economy give self-employed operators steady work here?

Accepted Answer

Yes, and it's a real employer base, not a seasonal side note. Three of the ten largest private employers in Thurston County are leisure and hospitality operators: Lucky Eagle Casino and Hotel near Rochester (about 1,000 jobs), Nisqually Red Wind Casino near Lacey (about 700), and Great Wolf Lodge at Grand Mound (about 500), all on the regional planning council's 2024 estimates. That's steady demand for the hospitality-adjacent trades and service businesses this program is built for, from contractors and cleaning crews to vendors and maintenance operators who bill those properties on an ongoing basis, not a single seasonal event.

Question 5

How much do I need to put down on an Olympia property with a bank statement loan?

Accepted Answer

From 20% of the purchase price, plus closing costs. On Olympia's $536,583 median value as of July 2026, a 20% down payment is about $107,317, with roughly $429,266 financed (536,583 x 80% = 429,266). Income comes from 12 to 24 months of bank statements, or from the asset itself with no income documentation at all, so there are no tax returns or W-2s in the file. This is investment and business-purpose lending only. Subject to underwriting.

Question 6

Is a 640 credit score enough for an Olympia bank statement loan?

Accepted Answer

Yes. Credit starts at 640 on this program. We do run credit, but there is no hard pull to start a conversation, and the deposit history carries most of the weight. For an Olympia contractor or service operator, the point of the program is that a return full of legitimate write-offs does not have to work against you, because we read deposits rather than net income. If your score sits under 640, say so early and we will tell you which structure fits instead. Subject to underwriting.

Question 7

Is there a minimum loan size for an Olympia bank statement borrower?

Accepted Answer

Yes, $100,000, with a ceiling of $3,000,000. Because seven of the eight Thurston County cities we serve sit within about $46,000 of each other on value, from roughly $490,346 in Yelm to $536,583 in Olympia, virtually any single-property purchase in this metro clears the floor at normal leverage. Terms run short-term or 30-year, so the same documentation approach works whether you are holding the Olympia asset or turning it. Subject to underwriting.

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