Purchase
Buy the next door on the property's rent. Close in an LLC, qualify off the lease or a market-rent addendum, skip income documentation entirely.
- Max LTV
- 80%
- Down from
- 20%
- Units
- 1–4
Direct DSCR lender · We underwrite and fund in-house
Tell us the rent.
We'll tell you the ceiling.
DSCR loans underwrite the property, not your tax returns. So the real question isn't whether you qualify — it's the most you can pay for a property at a given rent and still have the deal work. Solve that first, then go shopping.
We're a direct lender. The people who set the guidelines, underwrite your file, and fund the loan all work here, so the answer you get on day one is the answer you get at closing.
- Direct lender, not a broker
- In-house underwriting
- No tax returns or W-2s
- No DTI calculation
- Close in an LLC
- No cap on properties owned
- 620+ FICO
- 1–4 units + STR
Deal solver
Runs in your browserAssumptions — edit these
1.03
Coverage ratioQualifies
Educational estimator. Not a rate quote, an offer of credit, a pre-approval, or a
commitment to lend. Figures are based only on the assumptions you enter and do not
reflect underwriting, vacancy, maintenance, management, closing costs, or lender fees.
620FICO floor across programs
80%Max LTV on purchase
$100K–$3MLoan amount range
In-houseUnderwriting and funding
Why investors leave agency financing
Conventional lending gets harder
the better you get at this.
Agency guidelines were written for someone buying one house to live in. Run a portfolio well and the same rules start working against you.
Problem 01
Your write-offs count against you
Depreciation, repairs, mileage, cost segregation — every deduction that lowers your tax bill also lowers the income a conventional underwriter is permitted to count. Good accounting reads as low income.
Problem 02
The financed-property ceiling
Agency programs cap how many financed properties you can hold, then stack reserve requirements across all of them. Investors get declined for owning too many performing assets, not for a weak deal.
Problem 03
Full doc takes weeks you don't have
Two years of returns with all schedules, transcripts, verifications of employment, letters of explanation, then a second condition list. A seller with three offers isn't waiting, and a maturing bridge loan doesn't pause.
Direct lender
No middleman between you
and the decision.
Most companies advertising DSCR loans are brokers. They take your file, shop it to a wholesale lender, and pass along whatever answer comes back — which is why terms change late and nobody can tell you why. We underwrite and fund our own loans.
What that means 01
The underwriter works here
Your file isn't sitting in a queue at a company we have no relationship with. When there's a question about the rent schedule or the entity docs, it gets answered the same day by someone we can walk over to.
What that means 02
We set the guidelines
A deal that lands just outside the box is a conversation, not an automatic decline. Nobody has to ask permission from an investor three steps removed to look at a compensating factor.
What that means 03
No brokered markup
There's no second set of hands taking a cut between the wholesale price and what you sign. You're pricing against our cost of capital directly.
What that means 04
The terms hold
The most common complaint investors have about DSCR lending is a rate quoted at application that moves three days before closing. When the company quoting is also the company funding, that doesn't happen.
Certain programs and property types may be placed with a partner lender where doing so produces better terms for the borrower. We'll tell you up front if that applies to your file.
The mechanic
One ratio decides it
DSCR is the debt service coverage ratio, and it asks exactly one question: does the property's rent cover the property's payment? Your job, your income, your DTI, and the number of doors you already own never enter the calculation.
The whole formula
DSCR = gross monthly rent ÷ monthly PITIA
PITIA = principal, interest, taxes, insurance, and HOA duesA 1.25 ratio means $1.25 of rent for every $1.00 of debt service. A property that misses isn't automatically dead — more often it's a structure problem. More money down, an interest-only period, or a no-ratio program moves it back into range. That's usually a five-minute conversation, not a decline.
Where your number puts you
Our pricing tiers, roughly. We set these guidelines ourselves.
1.25+
Best pricing
Strongest tier. Most leverage available and the lowest rate add-ons.
1.00–1.24
Qualifies
The rent covers the payment. Standard qualifying range for most programs.
0.75–0.99
Workable, tighter
Property runs at a deficit. Still closeable, typically at reduced LTV with more reserves and a 660+ score.
Under 0.75
No-ratio territory
Cash flow won't carry it. A no-ratio program skips DSCR qualification entirely, at lower leverage.
Programs
Five ways investors use this
Same underwriting logic every time. What changes is the job you're trying to do.
Single-familyDetached or attached
2–4 unitDuplex through fourplex
Condo / townhomeWarrantable
Short-term rentalAirbnb and mid-term
Rate & term refinance
Get off hard money, a maturing balloon, or a private note into 30-year permanent debt before the term runs out or the rate resets.
- Max LTV
- 80%
- Term
- 30-yr fixed
- Balloon
- None
Cash-out refinance
Turn trapped appreciation into the down payment on the next two deals — without selling and without a taxable event today.
- Max LTV
- 80%
- Seasoning
- 3–6 mo.
- Use of funds
- Open
Short-term rental
Airbnb, VRBO, and mid-term properties qualified on documented platform revenue or a short-term rent schedule instead of a 12-month lease.
- Income basis
- STR revenue
- Expense haircut
- ~20%
- Lease
- Not required
Foreign national
Non-resident investors can finance U.S. rental property with no U.S. credit history, using passport, visa status, and international credit references.
- U.S. FICO
- Not required
- Max LTV
- Reduced
- Vesting
- Entity
Portfolio & blanket
Five or more properties under one loan, one closing, one payment. Cross-collateralized, with the ability to release individual assets on sale.
- Properties
- 5+
- Structure
- Blanket
- Vesting
- Entity req.
Parameters shown are typical ranges on our programs, for orientation. They are not an offer of specific terms and vary by credit, property, program, and state.
First rental
Deal one, start to close
Most DSCR lenders quietly prefer investors who've already done ten deals. You don't need a track record here. You need a property whose rent covers the payment, a down payment and reserves, and someone who'll tell you the truth about the numbers before you write the offer instead of after.
It's a legitimate on-ramp, not an advanced play. One door, 20% down, a market rent that covers PITIA, a 30-year fixed.
What a clean first file looks like
- Coverage ratio
- 1.10+
- Credit score
- 700+
- Down payment
- 20–25%
- Reserves after close
- 6–12 mo.
- Property condition
- Rent-ready
- Vesting
- LLC
Get your ceiling before you shop
Run the solver above, then have it checked. You'll know the most you can pay at a given rent and still land where you want on the ratio. Nothing hits your credit at this stage and there's no application to fill out — you're just setting a budget that's real.
Underwrite the deal, not the listing
Rent is only half of it. Taxes and insurance are what sink first deals. A property in the right neighborhood with the wrong tax bill won't cover, and insurance in coastal or wildfire markets can move the ratio by a tenth on its own. Send an address and we'll run actual PITIA against comparable rents before you get attached to it.
Decide how to take title
Most investors close in an LLC for liability separation, and DSCR programs allow it where conventional financing generally doesn't. You'll sign a personal guarantee either way. Forming an entity takes days, not weeks — but whether you should is a question for your own CPA and attorney, not your loan officer.
Get the term sheet before you spend money
Rate, LTV, payment, prepay options, and total cash to close, in writing, before you pay for third-party reports. This is the step first-timers skip and then regret — particularly on the prepayment penalty, which nobody thinks about until they want to sell in year two.
Appraisal, docs, close
Appraisal with a rent schedule, entity documents, insurance binder, and proof of reserves. That's the file. No returns, no W-2s, no verification of employment, no DTI worksheet. The rent schedule is usually the long pole, so it gets ordered early.
Then structure deal two
Because DSCR loans don't consume personal debt-to-income, property two doesn't get harder because of property one. That's the entire reason investors move to this product — and it's worth setting up deal one with deal three already in mind.
What actually trips up first-time investors
Budgeting the rent, forgetting the taxes
A $3,200 rent looks great until the tax bill is $700 a month. Underwrite PITIA, never just the mortgage payment.
Thin reserves after closing
First-time buyers often face higher reserve requirements, not lower. Spending every dollar on the down payment stalls files late.
Trusting the seller's rent number
The appraiser's market rent can land under what the listing claims. That gap changes your ratio, and sometimes your loan amount, after you're already in contract.
Buying something that needs work
DSCR programs want rent-ready condition. A gut rehab needs bridge financing first, then a refinance into the 30-year once it's tenanted.
The prepayment penalty nobody explained
Most DSCR loans carry one to five years of prepay. If there's any chance you sell early, that term matters more than a small rate difference.
Planning to live in it
These are business-purpose loans for non-owner-occupied property. House-hacking needs an entirely different product.
How it compares
DSCR, conventional, or hard money
All three finance investment property. They ask completely different questions to get there.
| DSCR loan | Conventional investment | Hard money / bridge | |
|---|---|---|---|
| Qualifies on | The property's rent | Your documented personal income | The asset and your exit |
| Tax returns / W-2s | Not required | Generally required | Not required |
| Effect on your DTI | None | Every property adds to it | None |
| Property count limit | None | Capped by agency guidelines | Deal by deal |
| Title in an LLC | Yes, standard | Typically no | Yes |
| Typical term | 30-yr fixed, ARM, or interest-only | 15- or 30-yr fixed | 6–24 months |
| Property condition | Rent-ready | Habitable | Any, including full rehab |
| Typical timeline | 2–4 weeks | 4–6 weeks | Days to 2 weeks |
| Best for | Buy and hold, BRRRR takeout, cash-out | A first property with strong W-2 income | Flips and heavy rehab |
General educational comparison. Specific requirements vary by lender, program, property, and state.
Terms at a glance
The guardrails, not a quote
General parameters on our programs. Because we underwrite in-house, files that sit slightly outside these are a conversation rather than an automatic decline — but this is the shape of the box, not your specific terms.
| Parameter | Typical range | Notes |
|---|---|---|
| Minimum FICO | 620 | 660 for sub-1.00 ratio tiers; pricing improves at 700, 720, and 740+ |
| Max LTV, purchase | 80% | Driven by FICO, coverage ratio, and loan size |
| Max LTV, rate & term | 80% | Payoff of the existing lien plus limited costs |
| Max LTV, cash-out | 75–80% | Small rate add-on typical |
| Minimum coverage ratio | 1.00 | Sub-1.00 and no-ratio available at reduced leverage |
| Loan amount | $100,000–$3,000,000 | Larger files reviewed case by case; portfolio structures go higher |
| Property types | SFR, 2–4 unit, condo, townhome | Acreage limits apply; condotels and rural see reduced LTV |
| Reserves | 3 months PITIA | 6 months over $1.5M, 12 months over $2.5M, and often 12 for first-time investors |
| Vesting | LLC, LP, or corporation | Personal name permitted; personal guarantee typical either way |
| Terms offered | 30-yr fixed, ARM, interest-only | 40-year interest-only available on many programs |
| Prepayment penalty | 0–5 years | Shorter or zero prepay trades for a higher rate; prohibited in some states |
| Seasoning, cash-out | 3–6 months | Sometimes waived refinancing out of a bridge or rehab loan |
| Occupancy | Non-owner occupied | Business purpose only — no primary residences or second homes |
Nothing in this table is a rate quote, an offer of credit, an advertisement of specific available terms, or a guarantee of qualification. All figures are illustrative typical ranges, subject to change without notice, and subject to full underwriting, appraisal, and approval.
Who this is built for
If you recognize yourself here,
the conversation is short
Profile 01
The investor agency financing turned down
You own eight, twelve, twenty doors. Your returns show a paper loss and your last lender said "too many financed properties." Nothing about your portfolio is actually weak — it just doesn't fit a form built for homeowners.
Profile 02
The BRRRR operator on a clock
You bought with hard money in the double digits, rehabbed, and tenanted it. Now the bridge is maturing and the takeout has to happen. A cash-out DSCR refinance is how you recycle the capital and start the next one.
Profile 03
The self-employed buyer
1099, business owner, commission, or a recently changed entity structure. Your income is real, but two years of returns don't tell a clean agency story. The property doesn't care what your Schedule C says.
Profile 04
The first rental buyer
You've never done this and you'd rather not hand over your entire financial life to find out if it works. One door, 20% down, a rent that covers the payment. Start here.
Straight answers
What comes up on nearly every first call
Are you actually a direct lender, or a broker?
A direct lender. We underwrite our own files and fund our own loans, which is why we can give you a decision and a structure without shopping your scenario out and waiting on someone else’s answer. Most companies advertising DSCR loans are brokers placing files with wholesale lenders. If a particular program or property type would genuinely get better terms with a partner lender, we’ll say so before you spend a dollar.
Do you really not look at my income?
Correct. No tax return, no W-2, no pay stub, no verification of employment, and no debt-to-income calculation. What does get verified: your identity, your credit, assets for the down payment and reserves, and the property's rental income. Your personal earnings are not part of qualification.
What credit score do I need?
620 is the general floor. Pricing improves meaningfully at 700, again at 720, and again at 740 and above. Sub-1.00 coverage tiers typically want 660 or better. Foreign nationals with no U.S. credit history qualify through an alternate documentation path instead.
How much do I have to put down?
Usually 20–25% on a purchase. Twenty percent is achievable with strong credit and a healthy ratio. A weaker ratio, a lower score, a short-term rental, or a small loan amount can push it to 25–30%.
Can I close in my LLC?
Yes, and most investors do. LLC, LP, and corporate vesting are standard on DSCR programs. You'll typically sign a personal guarantee, and the file needs the operating agreement, articles, EIN letter, and a certificate of good standing.
Is there a limit on how many properties I can own?
No, and this is the single biggest reason investors move off agency financing. There's no financed-property count ceiling and no requirement to hold reserves against unrelated doors elsewhere in your portfolio.
What if the property is vacant right now?
Still workable. The appraiser completes a rent schedule — Form 1007 — estimating market rent, and qualification can run off that figure. An executed lease is cleaner and occasionally prices better, but it isn't a hard requirement on most programs.
What is a prepayment penalty and can I avoid it?
It's a fee for paying off or refinancing the loan early. Most DSCR programs carry one for one to five years. Shorter or zero prepay is available and gets priced into the rate. If there's any chance you sell or refinance inside a couple of years, say so at the start so the loan is structured for it. Prepays are prohibited outright in several states.
Do short-term rentals count?
Yes, on programs that allow them. Qualification generally uses documented platform revenue or a short-term rent schedule, with roughly a 20% expense haircut applied to gross receipts and a rate premium versus a long-term lease. Local ordinances are worth checking early — some municipalities restrict STR operation outright.
How long does closing take?
Two to four weeks is typical, with the appraisal usually the long pole. Because there's no income documentation to chase, these files tend to move faster and stall less than comparable full-doc loans.
Can I use a DSCR loan on a house I'll live in?
No. These are business-purpose loans for non-owner-occupied investment property only. If you intend to occupy the property, you need a different program — happy to point you toward the right one.
What does it cost to find out where I stand?
Nothing. A scenario review is a conversation. No application fee, and no credit pull until you've seen indicative terms in writing and want to move forward.
Get a quote
Send the address and the rent.
We'll send the number.
That's genuinely enough to start. You'll get back the loan amount the property supports, where it lands on the ratio, and what it would take to close it.
- 01No application fee and no credit pull to size the deal
- 02No tax returns, W-2s, or employment verification
- 03A straight answer if the deal doesn't pencil
Tell us about the property
About a minute.