The Rain City Way: How a Lifestyle Lender Became a National Platform
Release Date: 03/10/2026
The Rain City Way: How a Lifestyle Lender Became a National Platform
Lender Lounge with Kevin Kim
Fred Rea, Founder of Rain City Capital, and Ian Morell, Partner since 2013, join Kevin Kim to trace Rain City’s path from courthouse-step hard money lending in Washington to becoming a national private lender. They discuss their early days funding foreclosure auctions, the decision during COVID to expand beyond the Pacific Northwest, and the push to access institutional capital through securitization. The conversation covers growth challenges, lessons learned in DSCR lending, culture-driven leadership, and how Rain City balances portfolio flexibility with scalable capital markets...
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info_outlineFred Rea, Founder of Rain City Capital, and Ian Morell, Partner since 2013, join Kevin Kim to trace Rain City’s path from courthouse-step hard money lending in Washington to becoming a national private lender. They discuss their early days funding foreclosure auctions, the decision during COVID to expand beyond the Pacific Northwest, and the push to access institutional capital through securitization. The conversation covers growth challenges, lessons learned in DSCR lending, culture-driven leadership, and how Rain City balances portfolio flexibility with scalable capital markets execution.
Bullet Points:
[00:00:00] Introduction to Fred Rea and Ian Morrell of Rain City Capital.
[00:02:26] Fred’s start in hard money lending and early foreclosure auction experience.
[00:03:45] Competing at the courthouse steps and the origins of their partnership.
[00:06:43] Launching with a fund model and lessons from the 2008 crash.
[00:10:00] COVID as the inflection point for national expansion.
[00:11:14] From hyper-local lending to scaling beyond Washington and Oregon.
[00:15:37] Early exposure to the secondary market and loan sales.
[00:17:28] Balancing portfolio flexibility with institutional capital access.
[00:21:17] Setting the goal to become a top 10 lender nationally.
[00:22:44] Company culture: “Have fun and get it done” as a core operating philosophy.
[00:26:38] Team growth from 25–30 employees to a nationwide footprint.
[00:28:15] Staying focused on fix-and-flip as core business while expanding vertically.
[00:33:17] Lessons learned from DSCR lending losses and underwriting discipline.
[00:37:19] Advice for lenders entering DSCR: broker first and understand buyback risk.
[00:41:41] Ground-up construction and ADU lending opportunities.
[00:42:39] Entering securitization: preparation, roadshows, and operational demands.
[00:52:42] Payoff speeds, portfolio management, and structural considerations in rated deals.
[00:54:45] Market outlook for 2026: flat RTL, opportunity in DSCR and construction.
[00:58:04] Expansion plans: broker channel growth, table funding, and California entry.
[01:00:00] How brokers and borrowers can connect with Rain City Capital.
Links:
Learn more about Rain City Capital at https://raincitycapital.com
Learn more about Fortra Law at: https://fortralaw.com
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Subscribe to the Fortra Law newsletter at: https://fortralaw.com/sign-up/
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)