REAL ESTATE INVESTOR FINANCING

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    DSCR Loans

    Cash-Out Refinance

    Pull equity out of a stabilized rental property.

    Access accumulated equity from an existing rental property while refinancing into DSCR rental financing — without selling the property. Qualified primarily on the rental income, with cash-out LTV typically lower than purchase or rate-term LTV.

    Available loan structures

    Choose the structure that fits the hold

    Structures are separate from your transaction purpose (purchase, refinance, cash-out, or portfolio). You don't need to understand these before applying — you can note a preference and we'll confirm the right fit for your scenario.

    Maximum-Leverage Core Program

    30-Year Fixed

    Long-term stability with a traditional fully amortizing payment.

    Structure
    30-year fixed-rate loan, fully amortizing principal + interest
    Maximum Leverage
    Up to 85% LTV on qualifying transactions
    Minimum DSCR
    0.75x core guideline
    Credit Profile
    Approximately 660 core guideline
    Property Units
    Residential investment properties up to 10 units
    Rental Types
    Long-term and short-term
    Purposes
    Purchase, rate-and-term refinance, cash-out refinance
    Qualification
    No traditional personal-income qualification; primarily property income
    LTV Stacking
    Available
    Foreign National
    Options available
    Vesting
    LLC and individual options
    Typical Closing
    Approximately 2–3 weeks
    • Investors wanting long-term payment predictability
    • Properties with sufficient DSCR to support an amortizing payment
    • Investors focused on principal paydown over time
    • Investors wanting access to the maximum-leverage core DSCR platform
    10-Year IO + 30-Year Amortization

    40-Year DSCR

    10 years interest only, then 30 years amortizing — 40 years total.

    Structure
    40-year total term: years 1–10 interest only, years 11–40 principal + interest amortized over the remaining 30 years
    Maximum Leverage
    Up to 85% LTV on qualifying transactions
    Minimum DSCR
    0.75x core guideline
    Credit Profile
    Approximately 660 core guideline
    Property Units
    Properties up to 10 units
    Rental Types
    Long-term and short-term
    Purposes
    Purchase, rate-and-term refinance, cash-out refinance
    LTV Stacking
    Available
    Foreign National
    Options available
    Rate
    Structured as the applicable long-term DSCR program rate
    Primary Advantage
    First 10 years of interest-only payments reduce scheduled debt service, which may improve near-term cash flow, improve DSCR, and preserve investor liquidity
    • Investors prioritizing monthly cash flow
    • Properties where amortizing debt service makes DSCR tight
    • Investors expecting to refinance or reposition before the IO period ends
    • Portfolio investors trying to preserve monthly liquidity
    No Minimum DSCR

    Flexible 30-Year Fixed DSCR

    30-year fixed, fully amortizing, with no-minimum-DSCR options.

    Structure
    30-year fixed-rate mortgage, fully amortizing principal + interest
    Maximum Leverage
    Up to approximately 80% LTV purchase / rate-term; up to approximately 75% cash-out
    Minimum DSCR
    No minimum DSCR options
    Credit Profile
    Approximately 640 minimum
    Qualification
    No traditional debt-to-income qualification
    Rental Types
    Long-term, mid-term, short-term
    Occupancy
    Vacancy allowed on purchase
    STR History
    Not required on qualifying scenarios
    Property Units
    1–10 unit residential investment properties
    Vesting
    Entities / LLCs / partners welcome
    Loan Range
    Approximately $100K–$3.5M+ on individual properties
    Blanket / Portfolio
    Up to approximately $5M
    • Properties below 0.75x DSCR
    • Properties with no meaningful DSCR
    • Borrowers around 640–659 FICO
    • Vacant rental acquisitions
    10-Year IO + 20-Year Amortization

    Flexible 30-Year DSCR

    10 years interest only, then 20 years amortizing — 30 years total.

    Structure
    30-year total term: years 1–10 interest only, years 11–30 principal + interest amortized over the final 20 years
    Maximum Leverage
    Up to approximately 80% LTV purchase / rate-term; up to approximately 75% cash-out
    Minimum DSCR
    No minimum DSCR options
    Credit Profile
    Approximately 640 minimum
    Qualification
    No traditional debt-to-income qualification
    Rental Types
    Long-term, mid-term, short-term
    Occupancy
    Vacancy allowed on purchase
    STR History
    Not required on qualifying transactions
    Property Units
    1–10 units
    Loan Range
    Approximately $100K–$3.5M+
    Blanket / Portfolio
    Up to approximately $5M
    • Investors needing both flexible DSCR underwriting and lower early monthly payments
    • Weak-cash-flow rentals
    • Properties that do not fit the 0.75x core DSCR requirement
    • Investors planning to refinance or sell within approximately the first 10 years

    Typical Market

    What investors commonly see in the market

    Typical market ranges for DSCR rental financing across independent lenders. These are broad market reference points, not averages and not a guarantee — actual terms depend on the lender, property, borrower, and transaction.

    Maximum LTV
    Typical market range ~75–80% LTV (purchase/rate-term); cash-out often lower
    DSCR
    Many programs target ~1.0x+; no-minimum-DSCR options exist in the market
    Credit
    Typically mid-600s and up
    Qualification
    Primarily property rental income rather than personal W-2 income
    Term
    30-year fixed and interest-only structures are common
    Property Units
    Residential investment properties, commonly 1–10 units

    The four Green Fire Strategies loan structures shown below are separate from these market ranges — compare them directly.

    Who

    Who this product is for

    Cash-Out Refinance is for investors who have built equity in a stabilized rental and want to access cash while keeping the property. That includes investors recycling equity from one rental into the next acquisition, owners consolidating higher-cost debt against rental equity, and investors who have stabilized a property (often after a bridge or fix-and-flip) and want to pull cash out on long-term DSCR terms.

    What

    What the financing does

    A Cash-Out Refinance refinances an existing rental loan and returns cash from the property's equity, qualified primarily on the rental income. The available cash is determined by the property's current value, the existing payoff, and the cash-out LTV limit — which is typically lower than purchase or rate-term LTV because cash-out is treated as higher risk.

    When

    When an investor uses it

    Use a Cash-Out Refinance when you have equity in a stabilized rental and want to redeploy it into the next deal without selling. It fits the moment after stabilization — when the property is producing qualifying rent, you have built equity through appreciation or paydown, and you want to convert that equity into usable capital on DSCR terms.

    Why

    Why use this instead of traditional financing

    Cash-out lets you recycle capital out of an existing rental while keeping the asset and its cash flow — refinancing on DSCR terms can be preferable to a conventional cash-out refinance when you want qualification based on the property's rent rather than personal income. Because the loan is qualified on the rental income, you can access equity without the personal-income documentation a conventional cash-out would require, and the four structure options let you match the payment profile to your hold strategy.

    Use cases

    Typical use cases

    • Accessing equity from a stabilized rental
    • Funding the next acquisition
    • Consolidating higher-cost debt against rental equity
    • Recycling capital without selling

    Process

    How the loan works

    1. 1

      Confirm the equity

      The investor confirms current value and existing mortgage balance on the stabilized rental to estimate available equity.

    2. 2

      Submit the deal

      Current value, existing payoff, desired cash out, current rent, taxes, insurance, and HOA are submitted.

    3. 3

      DSCR estimate

      The lender estimates the DSCR and the available cash-out within the cash-out LTV limit.

    4. 4

      Underwriting

      The provider verifies value, payoff, rent, and borrower profile, and confirms the structure.

    5. 5

      Close and receive cash

      The refinance closes, the existing loan is paid off, and the cash-out is returned to the investor.

    Underwriting

    What lenders generally evaluate

    A DSCR lender evaluates the property's rental income first and the borrower's profile second. On the property side, they verify the rent — projected or current — the value, the taxes, insurance, and HOA, and calculate the debt-service coverage ratio from the rent relative to the housing payment. On the borrower side, they review credit, liquidity and reserves, and entity structure. Because qualification is based primarily on the property's income rather than personal W-2 income, the strength of the rent and the accuracy of the expense figures are the most heavily weighted factors. No-minimum-DSCR structures relax the ratio requirement but still verify value, rent, and borrower credit.

    Exit

    Exit strategies

    • Hold the property as a rental and service the refinanced debt from rent
    • Redeploy the cash-out proceeds into the next acquisition
    • Refinance again later if rates or strategy change

    Considerations

    Important considerations

    • Requires sufficient rental income relative to the payment (except no-minimum-DSCR structures)
    • Reserves and experience may be required
    • DSCR minimums and LTV vary by program and capital source
    • Actual leverage and terms depend on the transaction, borrower, property, and capital source

    Build toward the full capital requirement

    Your first loan funds the property. Gap capital can fund the rest. Qualifying borrowers may be able to combine primary DSCR financing with eligible gap capital to address the down payment, closing costs, reserves, or other eligible deal costs — building toward 100% of the capital the deal requires when the combined structure qualifies. Gap Funding can complement DSCR financing just as it complements hard money.

    Primary DSCR Financing
    +
    Gap Capital
    =
    Potential Full-Capital Structure
    Primary Financing
    The DSCR loan — long-term rental financing qualified primarily on the property's rental income, up to 85% LTV on qualifying transactions.
    Gap Capital
    Eligible supplemental capital that may help cover the down payment, closing costs, reserves, or other eligible shortfalls the primary DSCR loan does not cover.
    Full-Capital Structure
    The combined stack. Potentially cover up to the full capital requirement when the combined structure qualifies and the primary lender's source-of-funds rules are satisfied.

    100% financing is not guaranteed. The primary lender's source-of-funds, equity, reserve, and seasoning rules still control whether borrowed gap capital counts toward required liquidity. Qualify from a position of strength first, then preserve working capital when the structure permits.

    Ready to apply for Cash-Out Refinance?

    One focused application. No cost, no obligation, and no credit pull to request your terms.

    FAQ

    Cash-Out Refinance — Frequently Asked Questions