Eastside Funding Review 2026: 577 WA Loans at 12%, DFI Order

Who Eastside Funding is, and what we could and could not read

Eastside Funding, LLC is a Washington limited liability company with its address in Kirkland, per the 2020 consent order. We found no SEC filings under its name (EDGAR full-text search, October 31, 2026), so there is no 10-K, no audited financial statement and no public balance sheet. Everything quantitative on this page comes from two government records: its own loan-level reports under the Home Mortgage Disclosure Act (HMDA), which we downloaded from the FFIEC data browser for 2018 through 2025, and the Department of Financial Institutions (DFI) order, downloaded from dfi.wa.gov.

The company's website blocked our direct request (Cloudflare), so we read it through a fetch tool that returns a summary, not the raw page. On October 31, 2026 that summary listed fix-and-flip, refinance, rehab, new-construction, bridge and commercial programs, said loans can close in as little as three business days without an inspection or appraisal, advertised rates starting at 10% and funding with as little as 5% down, and carried no licence number or licensing statement. Treat those as advertised claims that we have not confirmed from a loan document.

The advertised 10% matters because of what the loan record shows next. In 2025 only 11 of 577 loans were at 10%, and 52 were below 12%.

The 2025 HMDA record: 577 loans, one price

Lenders above a size threshold report every application and loan under HMDA. We downloaded Eastside's complete 2025 file (all actions, all liens) from the FFIEC data browser by its legal entity identifier.

Eastside Funding's 2025 HMDA application records, by outcome (our tabulation of the federal file)

All 577 originations carry the same flags: occupancy type investment property, business or commercial purpose, closed-end, not a reverse mortgage, conventional, state Washington, no debt-to-income ratio, no prepayment-penalty term, and interest-only and balloon payments. Denials are rare. Ten files were denied against 577 originations, 1.7% of decided files (our arithmetic), and all ten list collateral as the first reason. In 2021 the same arithmetic gives 51 denials against 680 originations, 7.0%.

Eastside Funding's note rates, 2025 originations

The 25th percentile, the median and the 75th percentile are all 12%. That is unusual in a mortgage file, where rates normally spread with loan size, credit and loan-to-value. Here the rate barely moves with size: the median is 12% in every band from under $100,000 to $1,000,000 and over. The 12.55% and 12.75% loans are 107 of the 525 loans at 12% or more (20.4%, our arithmetic). HMDA does not say why a loan is priced above 12%, and it cannot show points, so a 12% note rate with points and a 12.75% rate without them are not comparable from this file alone.

Eastside Funding's loans by size, 2025 (first-lien and second-lien counts show why small loans dominate the low end)

Terms: six months is the product

Of the 577 loans, 373 (64.6%) have a six-month term, 115 (19.9%) five months, 62 (10.7%) twelve months, 19 nine months, 6 seven months, and one each at one and eight months. All 577 are flagged interest-only and balloon. A borrower who needs more than the stated term has to refinance or ask for an extension, and the extension terms are not in any public file we read. Our page on extension and default interest on hard money loans explains the questions to ask.

Worked example (our arithmetic): on a $325,000 first-lien loan, the median first-lien size in the file, at 12% interest-only for six months, the interest is $19,500, or $3,250 a month, before any points. At the 12.75% some borrowers paid, it is $3,453.13 a month, $203.13 more. On a twelve-month term at 12% the interest is $39,000. The points and fees, which HMDA does not report for these loans, come on top.

Reconciling 577 loans and $199.9 million with the 416 on our other pages

Our hard money lenders in Washington and Washington DSCR lenders pages both show Eastside with 416 loans, and our national hard money lender table shows 416 loans and $177.2 million. This page shows 577 and $199.9 million. Both are the same company in the same federal file; the filters differ, and here is every step.

From 800 records to the 416 on our other Washington pages (federal HMDA file, our arithmetic)

Step 3 is the one that matters. Our Washington state pages count conventional, first-lien, closed-end loans on one-to-four-unit investment properties, the same base as the federal investor-loan counts on those pages, and the hard money page adds a term of 36 months or less with no debt-to-income ratio. Every Eastside loan passes the term and debt-to-income tests (terms run from 1 to 12 months, none reports a ratio), so for Eastside the only filters that bite are the first-lien test and the one-to-four-unit test. The 160 second liens are 27.7% of the 577 loans and 11.1% of the dollars (our arithmetic).

Three more figures reconcile the same way. Our pages' 308 loans at exactly 12% are the 412 here less 103 second liens and one first lien on 5 to 24 units. Their 359 loans with a five- or six-month term are the 488 here less 128 second liens (113 six-month and 15 five-month) and one first-lien loan on 5 to 24 units (our arithmetic). Their median loan of $325,000 becomes $275,000 here because the second liens have a median of only $85,000.

What the second liens are

The 160 second-lien loans range from $25,000 up to $2,335,000, with a median of $85,000, and 159 of them are coded with the HMDA loan purpose "home improvement", against the first liens, 415 of 417 of which are coded as purchases. The reported loan-to-value ratio on the second liens has a median of 13%, which suggests it is not a combined ratio, so we do not use it. What HMDA does not tell us is whether a second lien sits behind an Eastside first lien or someone else's. The share of second liens has risen from 132 of 680 loans in 2021 (19.4%) to 160 of 577 in 2025 (27.7%, our arithmetic).

Volume fell 35.6% by count from 2021 to 2023 and has since recovered to within 15.1% of 2021 by count and 12.0% by dollars (our arithmetic). The file has no Eastside records for 2018 through 2020, so we cannot say how large the lender was when the DFI case was opened.

Where Eastside lends

All 577 loans are in Washington, in 16 counties. King County, which holds Seattle, had 183 loans and $94,965,000 at a median of $365,000. Pierce County had 166 loans and $39,600,000 at a median of $245,000, and Snohomish County 78 loans and $29,380,000 at a median of $365,000. Kitsap had 50 loans and Thurston 44. The three largest counties hold 427 of 577 loans (74.0%). For the statewide picture, including what the 12% median does to the state average, see our Washington hard money lender page, where Eastside's 416 first-lien loans are 24.5% of the 1,695 short-term loans.

The file flags 68 of the 577 loans (11.8%) with a construction method of manufactured home, and 509 as site-built. We did not look further: the file does not say what land the manufactured homes sit on, so the share is a flag to ask about, not a finding.

The 2020 Department of Financial Institutions order

The order is a public document of the Washington Department of Financial Institutions, Division of Consumer Services. Here is what it says, and what it does not.

Washington DFI Consent Order C-17-2145-20-CO04 (document read October 31, 2026)

Three points keep the order in proportion. First, it concerns the Consumer Loan Act, which regulates loans to consumers; the Act's own exclusion covers “any person making a loan primarily for business, commercial, or agricultural purposes unless the loan is secured by a lien on the borrower's primary dwelling” (RCW 31.04.025(4)(e)). The order is about residential mortgage loans, not about the business-purpose loans on investment properties that make up the 2025 file, and we do not say those loans are unlicensed or unlawful. Second, “at least seven” is a floor for 2015 to 2020, and the order does not say how many loans the Department examined; HMDA reports 680 originations for 2021, a different kind of loan in a different year. Third, the fine was partly stayed. The order says the stayed $40,000 would expire without further action if the Department did not seek to lift the stay within two years, which would have been December 22, 2022. We found no record either way and did not search the Department's later actions, so we cannot tell you whether the stay lapsed.

What we did not establish: whether Eastside holds a Washington licence today. The order's summary page lists an NMLS identifier of 1477998 and a licence effect of “n/a”; we did not read the current NMLS Consumer Access record, which is a dynamic page, and the company's website shows no licence number. If your loan is secured by a lien on the property where you live, the exclusion above does not apply and you should ask any lender, in writing, for its Washington licence number. Our hard money lenders in Washington page walks through the statutes that apply to business-purpose loans and the borrower's own dwelling.

What HMDA does not show

• No cost beyond the note rate. Points, origination charges, lender credits, total loan costs and prepayment penalties are blank on all 577 loans.
• No extension, draw or default terms. Interest-only with a balloon at five or six months means the exit matters more than the rate; those terms are in the loan documents, not in the federal file.
• No credit, no experience, no leverage. The loan-to-value ratio is reported but its basis is unclear for second liens; no credit score or borrower experience is reported.
• No reviews. We did not rely on directory or forum star ratings. We could not check the CFPB complaint database directly (it blocked our request), and business-purpose loans fall outside most consumer complaint channels.
• No 2026 loans. The 2025 file is the newest complete year; the 2026 loans appear in 2027.

What a reader can do with this

• Test any Eastside quote against its own record. In 2025, 71.4% of its loans were at 12% and 91.0% at 12% or higher; a quoted rate of 10% would have put you in the cheapest 2% of its loans (11 of 577, our arithmetic). Ask for the rate, the points, the extension fee and the default rate in one written term sheet.
• Price the exit before the rate. On a six-month interest-only loan the total interest is small next to a missed refinance. Put the extension fee and the date you would have to refinance in the same spreadsheet as the rate. See our hard money loan rates page.
• Compare with the other large Washington lender. The second local short-term name in the same file is covered in our Rain City Capital review; for national names, see best fix-and-flip lenders and our guide is this lender legit?.
• Ask for the licence if the property is your home. Business-purpose loans on investment property sit under the exclusion quoted above; a loan secured by your primary dwelling does not.
• Get a second written quote the same week, from a lender that publishes its terms.

Kiavi pays us a referral fee when a loan closes through the button below. We show it because it is the lender we have a contract with; it is not a ranking, and nothing on this page compares its price with Eastside's.

FAQ

Sources, read October 31, 2026: FFIEC HMDA loan-level data for Eastside Funding LLC (LEI 254900FDPG829O6VBB05), 2018 through 2025, from the FFIEC data browser API, tabulated by us in sources/hmda_tabulation_output.txt; Washington Department of Financial Institutions Consent Order C-17-2145-20-CO04 (dfi.wa.gov); Revised Code of Washington 31.04.025 and 31.04.035 (app.leg.wa.gov); a summary of eastsidefunding.com returned by our fetch tool. Our own pages on Washington hard money and DSCR lending are linked in the text. This is analysis of public documents, not investment, legal or tax advice.