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Program 08
Portfolio Loans in Seattle
Seattle rental portfolios, rolled into one rental portfolio loan.
Roll five or more King County rentals into one blanket loan with a single payment, starting at $500K, with the option to release individual properties as you sell. RRIO registration and inspection follow the property, not the loan, so each door in the portfolio carries its own compliance clock. Washington's statewide rent cap runs per unit too, and Seattle layers ownership-scale rules on top once your door count grows. Business-purpose only, and every structure is set in underwriting.
5+
properties
1
blanket loan
Single
payment
Most states
lending
Typical figures, subject to underwriting and market conditions. Not a commitment to lend.
How it works
Instead of a separate mortgage on every door, we structure one blanket loan secured by the portfolio, with the option to release individual properties as you sell them. It is built for investors scaling past a handful of rentals.
Who it's for
Investors with 5+ rentals
Buy-and-hold portfolios
Blanket / cross-collateral
Cash-out to keep scaling
Typical terms
Properties5 or more
StructureBlanket / portfolio
Loan amount$500K and up
TermCustom, short to long
PaymentSingle consolidated
ReleaseIndividual properties
*Typical terms, subject to underwriting and market conditions.
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Local FAQ
Portfolio Loans in Seattle, answered.
Does RRIO registration work at the portfolio level or does every Seattle property need its own?
Every property, not the portfolio. Seattle's Rental Registration and Inspection Ordinance (SMC 22.214) requires each rental unit to be registered once occupied, with registration renewing every 2 years and inspection required at least once every 5 to 10 years, at the owner's expense. As of January 2026 the fee runs $126 per property including the first unit, plus $31.50 per additional unit, so a blanket loan across five single-family rentals carries five separate $126 registrations rather than one combined fee. Budget RRIO per door when you underwrite a Seattle portfolio, and confirm each property's registration status before you close. See portfolio loan terms. Subject to underwriting.
I own four rentals in Seattle and I am about to close on a fifth. Does that change anything?
Yes, Seattle's winter eviction ban turns on that exact door count. SMC 22.205 gives a moderate-income tenant a defense against a winter eviction between December 1 and March 1, but only where the owner owns more than four rental housing units in Seattle. A four-property owner sits outside that rule; the fifth door pulls the whole portfolio inside it, not just the new property. Whether Washington's statewide rent cap under RCW 59.18.700 also applies to that unit depends on the building's age, not your door count, but the winter ban is scale-triggered and worth flagging to your attorney before you close the fifth Seattle property.
Washington has a statewide rent cap now. Does it apply once, to the portfolio, or per unit?
Per unit, and Washington's rent cap is real, not the older "no rent control" story some pages still repeat. RCW 59.18.700 caps rent increases at 7% plus CPI or 10%, whichever is less, for calendar 2026 the published maximum is 9.683%, and the cap resets on each unit's own 12-month tenancy clock rather than once for the whole portfolio. New construction is exempt for 12 years from its first certificate of occupancy under RCW 59.18.710, and that exemption also runs per building: a 2024-built fourplex in your portfolio can carry an uncapped rent roll while a 1990s duplex two doors down cannot. Underwrite each property's exemption status separately rather than assuming one answer covers the file. See DSCR loans if you are financing doors individually instead. Subject to underwriting.
My portfolio is all in King County. Does that simplify tax diligence across the properties?
Somewhat, because every parcel sits under one assessor and one appeal process, even though the bill per parcel still varies by levy code. King County revalues every property annually and physically inspects each one at least once every six years, and every parcel shares a single Board of Equalization appeal window: postmarked by July 1 of the assessment year or within 60 calendar days of the value change notice, whichever is later. That is one clock to track across a multi-property King County file, rather than reconciling separate county calendars the way an out-of-county portfolio would. It does not mean one tax rate: Seattle, Bellevue, Renton and the other cities in the county each carry their own 2026 levy code, so budget each door's own rate.
If I release one property from the portfolio loan to sell it, does that trigger the same excise tax as any other sale?
Yes, releasing and selling a property out of a Washington portfolio is a standard REET event on that property's own sale price, not on the portfolio. Washington's real estate excise tax is graduated on the state side (1.10% up to $525,000, higher brackets above that) plus a local add-on that runs a flat 0.50% across King County, so an $800,000 King County release works out to roughly $13,295, about 1.66% of price. Each released property pays REET on its own number when it sells; the rest of the portfolio loan continues on the remaining properties. See portfolio loan terms. Subject to underwriting.
Does Seattle's short-term rental cap affect how I can use a portfolio loan there?
It limits how many of your doors can run as short-term rentals within Seattle city limits, not the portfolio loan itself. Seattle's short-term rental ordinance (SMC chapter 6.600) permits an operator a maximum of one dwelling unit, or two if one is the operator's own primary residence, so a Seattle-heavy portfolio cannot be built around a short-term rental strategy the way it might be in a different market. Long-term rentals across your portfolio are not affected by that cap. If short-term rentals are part of the plan, that side of the portfolio needs doors outside Seattle proper, and each suburb's own rules should be checked before you count on it.
How many Seattle rentals do I need before a portfolio loan makes sense?
Five or more properties. Below that, we finance doors individually. At five and up, a blanket loan rolls them into one consolidated payment with individual property release as you sell. Note that owning more than four rental housing units in Seattle also pulls your Seattle rentals inside the city's winter eviction protection for moderate-income tenants. That ordinance counts units rather than properties, so it can apply before you reach our five-property floor. Plan for both. Subject to underwriting.
Is there a minimum loan amount for a Seattle portfolio loan?
Yes, $500,000 and up. Five King County rentals clear that floor easily at local values, so the door count is usually the binding test rather than the dollar amount. The term is custom, set around the portfolio rather than off a rate sheet, so tell us which doors you expect to release and sell first. Budget RRIO registration per property while you are at it, since that fee follows each door, not the loan. Subject to underwriting.
More Portfolio Loans questions, answered on the program page
Resources
Guides for Portfolio Loans
Rental / DSCR · 5 min read
What Is a DSCR Loan? How Investors Qualify on Rental Income
Read the guide Strategy · 6 min read
Financing the BRRRR Method: Buy, Rehab, Rent, Refinance, Repeat
Read the guide Rental / DSCR · 5 min read
How to Finance a Rental Property in an LLC
Read the guide Strategy · 5 min read
How to Scale a Rental Portfolio
Read the guide Compare
Portfolio Loans vs. other options
More in Seattle
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Fix and FlipUp to 90% / 100% rehabRental / DSCR30-yr fixed, DSCR from 0.75Ground-Up ConstructionUp to 70% LTV, most statesCRE BridgeUp to $10M, 24-36 moTransactional FundingSame-day double-close capitalBank Statement / No-DocNo tax returns requiredConventional InvestmentNon-owner-occupied investmentCRE PermanentLong-term agency & permSBA Financing7(a) & 504 placement
About the local figures on this page
Local rules move. Every tax rate, fee, ordinance and market figure here comes from a primary source and carries the date we read it, and we correct them as the rules change. Where a number is mid-change or we could not verify it, we say so rather than guess. Before you commit a budget, confirm anything that drives it with the city or county, and talk to your attorney or CPA on questions of law or tax.
Published by USA Mortgage Funding, LLC, NMLS #152588. Researched from primary sources by our team, drafted with AI assistance, and every figure checked against its source before publishing. Where an answer rests on a public record, that record is linked under it. Figures read on 2026-08-15.
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