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DSCR refinance · Rate-and-term & cash-out · Direct lender
Refinance a rental property you already own with rate-and-term or cash-out financing, sized around the property's income rather than your tax return. No tax returns or W-2s required. Direct lender. Real terms in 5 minutes.
One DSCR refinance program. Two transaction types — both underwritten on the property's income, not your tax return.
Transaction type
Replace existing financing without taking cash out. Change the rate, term, or structure while you keep the rental.
No cash-out proceeds · Replace existing financing · Stabilized rentals
How rate-and-term worksTransaction type
Replace existing financing and, when eligible, access built-up equity — subject to LTV, property, and DSCR requirements.
Access eligible equity · Subject to LTV & DSCR · Hold for income
How much can you pull outUnderwriting
CR Equity AI sizes the loan from the property up — income first, then coverage, then advance — not from your personal tax return.
01
In-place rent (and market rent where needed) sets the top of the stack.
02
Annual rent minus yearly taxes, insurance, and HOA — we calculate this ourselves.
03
NOI divided by annual debt service. Program floor is 1.00x.
04
Advance is limited by DSCR and applicable LTV — value, existing balance, and coverage all matter.
DSCR = NOI ÷ annual debt service. Program floor is 1.00x. Open the full DSCR calculator, or jump to the on-page example.
Illustrative flow for DSCR refinance. Final terms come from underwriting. Soft credit pull only to see a quote.
Cash-out refinance
Cash-out refinance replaces existing financing and, when eligible, may return equity after payoff. Rate-and-term does not return cash-out proceeds. Soft credit pull only — no hit to your score to get terms.
Available cash depends on the property's value, applicable LTV, existing mortgage balance, closing costs, and DSCR. The maximum cash-out amount is limited by the applicable program guidelines and whichever constraint applies.
As a planning frame: estimated eligible cash-out is roughly (property value × applicable LTV) minus existing mortgage balance and closing costs — then further limited if DSCR binds.
These are program maxima for a hold refinance. Final LTV depends on the asset and underwriting.
For a deeper walkthrough of cash-out sizing — without product application — see how much equity you can pull from a rental.
You may still qualify for DSCR financing on an investment property. ITIN and foreign-national status describes who the borrower is, not a separate loan type.
For borrower-specific eligibility, requirements, and available programs, see ITIN & foreign national loans.
First-time investors can qualify — zero completed projects does not automatically exclude you. See our first-time real estate investor loans guide for the applicable experience and credit tiers, including the DSCR path, which does not require prior investment experience.
Transaction type
Replace existing financing on an eligible rental or investment property — without cash-out proceeds.
The new loan pays off the prior lien. CR Equity AI evaluates the property under DSCR — net operating income relative to debt service — alongside the other applicable loan criteria. Use rate-and-term to change financing structure or refinance existing debt while keeping the asset.
Looking to access equity instead? See DSCR cash-out refinance.
Published pricing for DSCR refinance (rate-and-term and cash-out), not a teaser rate you find out later. Your final rate is set on the executed term sheet — not a commitment to lend.
DSCR = NOI ÷ annual debt service. Change the example to match your deal. Floor is 1.00x. Not a commitment to lend. Full DSCR calculator— formula and worked example.
DSCR
1.45x
Covers the debt. 1.00x floor.
1.45x
Covers the debt. 1.00x floor.
$54,000 yearly rent minus $7,800 expenses is $46,200 NOI. Annual debt is $31,935, so NOI covers it 1.45 times.
Monthly P&I $2,661
DSCR underwriting starts with the property's income. The same refinance program covers rate-and-term and cash-out.
CR Equity AI evaluates the property's NOI and debt service alongside the other applicable loan criteria — not personal tax returns or W-2s.
No tax returns. No W-2s. Soft credit pull only to see terms. DSCR qualifies on how the rental performs, which fits borrowers whose personal returns understate the deal.
Rate-and-term replaces existing financing without cash-out proceeds. Cash-out replaces financing and may unlock eligible equity when LTV and DSCR allow.
Multifamily, mixed-use, retail, industrial, storage, hospitality, and single-family non-owner-occupied — all commercial asset types except RV and trailer parks.
Rate-and-term or cash-out — both priced on the property's performance.
Related: cash-out equity guide · qualify on rent · DSCR calculator · first-time investor path.
Business-purpose DSCR refinances on commercial and non-owner-occupied residential property.
| Status | Situation |
|---|---|
| Eligible | Investors refinancing a rental or investment property they already own, with or without a mortgage on it |
| Eligible | Rate-and-term refinance to replace existing financing without taking cash out |
| Eligible | Cash-out refinance against built-up equity when LTV, property, and DSCR requirements allow |
| Eligible | Self-employed borrowers and anyone whose tax return understates the deal |
| Eligible | Entity and LLC borrowers on business-purpose transactions |
| Eligible | Stabilized rentals priced on net operating income via DSCR |
| Not eligible | RV parks and trailer parks |
| Not eligible | Consumer-purpose or owner-occupied primary residence loans |
| Not eligible | Loans under $75,000 |
| Not eligible | Deals without a credible exit or hold thesis |
ITIN and foreign-national investors are a borrower type, not this loan type. See ITIN & foreign national loans.
The situations this DSCR refinance program was built for — rate-and-term and cash-out.
Turn eligible equity in one rental into capital for the next acquisition — without selling the asset that produces income.
Rate-and-term refinance to retire hard money or a maturing balloon without pulling cash out.
The bank could not read your returns. We read the property's income instead.
Refinance a maturing bridge into DSCR hold financing once the rental numbers are proven.
Lease-up is done and the numbers are proven — refinance on that income, rate-and-term or cash-out.
Refinance to take a partner out without selling the asset underneath you.
Rate-and-term vs cash-out, how DSCR is calculated, leverage, and who qualifies.
DSCR means debt service coverage ratio: the property's net operating income divided by its annual mortgage payment. At 1.00x the rent covers the debt. At 1.25x it covers it with 25% to spare. CR Equity AI calculates NOI from rent, taxes, and insurance rather than taking your number. Every quote shows your current DSCR next to the 1.00x and 1.20x marks.
A DSCR refinance replaces financing on a rental or investment property you already own, evaluated on the property's income rather than personal tax returns or W-2s. This program supports rate-and-term (no cash-out proceeds) and cash-out (eligible equity when the file qualifies). Soft credit pull only to see terms.
Rate-and-term refinance replaces existing financing on an eligible rental or investment property without cash-out proceeds. The new loan pays off the prior lien. The property is evaluated under applicable DSCR and program criteria — useful when you want to change financing structure or refinance existing debt while keeping the asset.
Cash-out refinance replaces existing financing and may allow an eligible borrower to access built-up equity, subject to applicable LTV, property, DSCR, and other program requirements. Published DSCR cash-out maxima are up to 75% LTV on single-family non-owner-occupied and 65% on commercial. For the educational walkthrough, see how much equity you can pull from a rental.
Both replace existing financing on a property you own. Rate-and-term does not return cash-out proceeds. Cash-out may return eligible equity after payoff, subject to LTV and DSCR. Same DSCR refinance program; different transaction type.
Yes. On DSCR refinance we do not underwrite personal income. No tax returns and no W-2s. Soft credit pull only to get terms. For broader context, see how investors qualify on rent instead of tax returns.
Both exist as products. This page is DSCR refinance — rate-and-term and cash-out — on a rental you already own. To buy a rental, go to investment property purchase loans.
Yes, as a business-purpose investment. We look at in-place collections and market rent, not a best-case calendar. If the STR story does not hold as a long-term rental either, we will say so.
The floor is 1.00x. Deals with more coverage price better. The quote shows current, 1.00x, and 1.20x so you can see the gap instead of guessing.
DSCR = net operating income divided by annual principal and interest. NOI is (monthly rent × 12) minus yearly taxes, insurance, and HOA. Use the DSCR calculator to illustrate the ratio, then submit for real terms. The program floor is 1.00x.
On DSCR purchase: up to 80% LTV on 1–4 unit non-owner-occupied, and up to 70% on commercial assets. On DSCR refinance (hold): up to 75% SFR non-owner-occupied and 65% commercial. These are maxima. Final LTV depends on the asset and underwriting. Soft credit pull to price it.
Only on a cash-out refinance — rate-and-term does not return cash-out proceeds. Available cash depends on property value, applicable LTV, existing mortgage balance, closing costs, and DSCR. On a DSCR hold cash-out: up to 75% LTV on single-family non-owner-occupied and 65% on commercial, subject to DSCR. Jump to cash-out sizing on this page.
Yes. On a cash-out refinance, owning it free and clear simply means the whole advance comes back to you as cash, subject to applicable LTV and DSCR. Soft credit pull to price it.
You may still qualify for DSCR financing on an investment property. ITIN and foreign-national status describes who the borrower is, not a separate loan type.
For borrower-specific eligibility, see ITIN & foreign national loans.
Yes. Many sponsors season the asset and refinance from bridge into DSCR hold financing once the rental numbers support the payment. Talk to underwriting if your bridge is already in flight. Bridge product structure is on bridge loans.
Yes. Real terms in about five minutes from a soft credit pull. Underwriting decision in 4 hours. Typical DSCR close is 9–15 days. Some files still need a certified appraisal at closing if title, program, or investor guidelines require it. See how AIVAA values property.
Then it typically runs as a bridge refinance while you finish the work, and can move into DSCR hold financing once the numbers are proven. See bridge loans for repositioning leverage.
No. All CR Equity AI loans are business-purpose. We do not lend on an owner-occupied primary residence.
Business-purpose lending in 48 states. Coverage is lending availability, not a 48-state mortgage license claim.
A refinance pays off and replaces the existing mortgage. A second lien leaves that first mortgage in place and adds a new loan behind it. If the first mortgage should stay, and the new loan is $250,000 or less, see CR Equity Mini 250. That file has to come through a broker or correspondent, with ownership unchanged.
Rate-and-term or cash-out. Soft credit pull. Real terms in 5 minutes.