A rental property can make sense on paper while still being difficult to finance through a conventional mortgage. The issue is not always the property itself. An investor may be self-employed, own several rentals, take substantial business deductions, or simply have a financial profile that does not fit neatly into traditional income-based underwriting.
DSCR loans approach the transaction differently. Instead of making personal employment income the center of qualification, the lender looks primarily at the rental property’s ability to support its housing payment. Credit, reserves, leverage, property type, and other underwriting requirements still matter, but the property’s rental performance takes on a much larger role.
That makes DSCR financing relevant across several situations: purchasing another rental, refinancing an existing property, or accessing equity from an investment property. The seven lenders below all operate in this market, but their programs, tools, property eligibility, and financing structures differ.
1. Newfi Lending
Newfi Lending combines DSCR financing with tools for evaluating a deal before moving into a full loan conversation.
Its DSCR program covers eligible purchases, rate-and-term refinances, and cash-out refinances for investment properties. One- to four-unit properties, condos, townhomes, and qualifying long- and short-term rentals can fall within the program, subject to underwriting requirements.
Current Newfi guidelines list loan amounts from $150,000 to $3 million. Eligible purchase and rate-and-term refinance transactions can reach up to 80% LTV, while the actual leverage available depends on factors such as credit, property type, DSCR, reserves, loan amount, and the overall transaction.
The qualification range also gives investors some flexibility. Newfi lists DSCR as low as 0.75 for certain eligible purchases and rate-and-term refinances, while cash-out refinancing generally requires a minimum DSCR of 1.00.
Newfi also provides tools that investors can use before applying.
Its free DSCR Calculator lets users enter property and financing assumptions to estimate:
- DSCR
- Monthly payment
- Potential loan amount
- Property cash flow
- Cap rate
- Financing scenarios across multiple properties
Scenarios can be saved and compared when an investor is evaluating several possible acquisitions rather than a single address.
Newfi also publishes current DSCR rate information. Rates can change with market conditions and individual transaction characteristics, so the rate table provides an initial reference rather than a guaranteed quote. Investors can use it alongside the calculator to see what changing the interest rate, loan amount, rental income, taxes, insurance, or HOA expenses does to the property-level numbers.
There are program limits to keep in mind. Minimum credit score and loan amount requirements apply, reserves are generally required, and lending is not available in every state.
Newfi also should not be confused with a conventional lender simply removing documentation from an ordinary mortgage. Its DSCR offering sits within its broader Non-QM and investment-property expertise and is intended for investment properties rather than primary residences.
Key consideration: Newfi combines DSCR financing with tools for modeling property cash flow, purchases, refinances, and cash-out scenarios.
2. Kiavi
Kiavi has built its lending business specifically around real estate investors, with rental loans sitting alongside financing for other investment strategies.
Its DSCR rental loans focus on property cash flow rather than personal income. Eligible financing includes purchases and refinancing, with cash-out options available for qualifying transactions.
The current rental program advertises financing up to 80% LTV and offers several structures rather than one standard 30-year product. Investors can explore fixed-rate financing, adjustable-rate mortgages, and interest-only options.
Eligible property categories include single-family rentals, PUDs, and two- to four-unit properties, subject to program requirements.
The wider Kiavi ecosystem can also matter to investors whose properties do not begin as stabilized rentals. Someone acquiring and renovating a property before holding it may need a different financing structure during the first stage of the project and a long-term rental loan later.
Investors comparing Kiavi can examine several factors beyond the advertised LTV:
- What rate and points apply to the actual transaction?
- How does the prepayment structure fit the expected hold period?
- Which property types qualify?
- What DSCR does the property need?
- How much cash is required at closing?
- Does the proposed payment leave enough room for the investor’s own cash-flow target?
Kiavi uses a digital lending process and provides financing structures that can support repeated transactions as a rental portfolio grows.
Key consideration: the platform combines a technology-driven process with purchase and refinance financing for rental properties.
3. Lima One Capital
Some investors buy stabilized rentals and hold them for years. Others renovate before renting, operate short-term rentals, or regularly move capital between properties.
Lima One Capital provides financing programs covering several of those strategies.
Its rental offering includes DSCR financing for individual properties and portfolios. Current options include fixed-rate loans, adjustable-rate mortgages, amortizing structures, and interest-only payments.
For eligible single-family rental transactions, Lima One currently advertises up to 80% LTV on purchases and rate-and-term refinances and up to 75% LTV on cash-out refinances.
Its program also states that previous investment experience is not required for its Single Family Rental loans. That makes Lima One relevant not only to established portfolio owners but also to borrowers financing an early rental acquisition.
The lender’s broader rental categories include:
- Single-family rental loans
- Portfolio rental financing
- Short-term rental loans
- Purchase financing
- Rate-and-term refinancing
- Cash-out refinancing
Lima One also has products designed around renovation-to-rental strategies. These programs can cover BRRRR-style scenarios where the financing need changes after renovation and stabilization.
The available structures can be compared according to the planned exit. A borrower expecting to sell or refinance relatively quickly may evaluate prepayment terms differently from someone planning to hold the rental for a decade.
Key consideration: the product range spans individual properties, portfolios, short-term rentals, and renovation-to-rental projects.
4. LendingOne
LendingOne’s DSCR program is centered on long-term rental financing for real estate investors.
Eligible borrowers can use DSCR loans for purchases, refinances, and cash-out transactions. Qualification is based on property cash flow rather than the W-2s, pay stubs, and tax returns typically associated with conventional income verification.
Its current program advertises DSCR as low as 0.75 in eligible scenarios. Financing can reach up to 80% LTV for qualifying purchases and rate-and-term refinances, while cash-out transactions can reach up to 75% LTV.
There is also more than one way to structure repayment.
LendingOne currently offers 30-year fixed loans alongside 5/1 and 10/1 adjustable-rate products, with interest-only options available. Investors can therefore compare structures according to expected cash flow and hold period rather than assuming every DSCR loan needs to look identical.
LendingOne also provides property-analysis tools that allow investors to consider DSCR alongside estimated rent and other property-level figures.
That broader view matters because passing a lender’s DSCR test is not the same as finding an attractive investment. Vacancy, repairs, maintenance, property management, and future capital expenditures can still reduce the cash that remains after the mortgage is paid.
Key consideration: the program includes several long-term loan structures and property-focused qualification for purchases and refinances.
5. Griffin Funding
Griffin Funding offers DSCR structures for several property cash-flow scenarios, including certain cases below a 1.00 DSCR.
Its DSCR program qualifies investment properties using rental income rather than conventional personal-income documentation. Current program information also includes options for properties with DSCR below 1.00 and no-ratio scenarios, subject to the relevant requirements.
The lender currently advertises loan amounts beginning at $100,000 and reaching as high as $4.5 million. It also offers multiple structures, including fixed-rate and adjustable-rate options.
A lower DSCR can change the overall lending scenario even when the property remains eligible for financing.
A property with rent below its housing obligation may require stronger compensating factors elsewhere. Credit profile, reserves, leverage, loan structure, pricing, and other underwriting criteria can all become important.
Griffin Funding also offers investment-property equity products in addition to first-lien DSCR mortgages. That can be relevant to an established investor who wants to access equity without necessarily replacing an existing first mortgage.
A cash-out refinance, second mortgage, and other equity-access structures can produce different monthly obligations and long-term borrowing costs.
Key consideration: Griffin offers DSCR financing for several property cash-flow scenarios alongside multiple equity-access structures.
6. Easy Street Capital
Easy Street Capital’s EasyRent program is specifically designed around DSCR rental financing for real estate investors.
The lender bases qualification primarily on the cash flow of the residential income-producing property rather than using the borrower’s personal income as the main underwriting measure.
Its process is presented around three stages: submitting the deal, establishing terms through underwriting, and receiving ongoing support through servicing.
The servicing component also affects the loan after closing. When rental financing remains in place for years, investors can consider communication and loan servicing alongside the initial rate and leverage.
Easy Street also operates across other real estate investment financing categories, including strategies beyond purchasing already stabilized rentals.
When comparing Easy Street with other DSCR lenders, investors should request transaction-specific details rather than making the decision based on the existence of a rental program alone.
Important points include:
- Eligible property type
- Required DSCR
- Credit criteria
- Available LTV
- Loan amount
- Rate and points
- Reserve requirements
- Prepayment structure
- Refinance eligibility
The resulting financing terms depend on how those conditions interact for the actual property.
Key consideration: Easy Street combines rental-focused financing with in-house servicing and other investment-property financing programs.
7. Visio Lending
Visio Lending focuses on long-term rental property financing and works specifically with residential real estate investors.
That specialization also covers borrowers using DSCR financing for repeated rental-property transactions.
Visio evaluates rental-property cash flow rather than making personal employment income the primary basis for qualification. It also provides resources for investors considering DSCR financing and tools for examining rental scenarios.
The lender’s programs cover buy-and-hold investors and portfolio owners. Once several properties are involved, the financing conversation starts to change. Investors may care about repeatability, property eligibility, portfolio organization, and refinancing flexibility in addition to the economics of one loan.
Visio also addresses different rental strategies, including short-term rental scenarios, subject to its current program requirements.
Investors can still compare the complete transaction, including pricing, leverage, reserves, property eligibility, and other applicable terms. Rental specialization does not mean that the same structure applies equally to every property.
Key consideration: Visio concentrates on financing for long-term residential rental portfolios.
Purchase or Refinance? Start With a Different Question
The phrase “looking for a DSCR loan” can hide two very different financing decisions.
A buyer is usually asking how much capital will be needed to acquire the property and whether its rent supports the proposed debt. An owner considering refinancing already has another variable: the financing currently attached to the property.
For a purchase, the early questions may look like this:
- What is the realistic qualifying rent?
- What purchase price is being considered?
- How much can the investor put down?
- What payment would the proposed loan create?
- What DSCR results from that payment?
- How much cash flow remains after realistic operating expenses?
A refinance requires another layer. The investor should compare the existing rate, remaining balance, new rate and term, closing costs, potential cash-out amount, and any change in monthly payment.
Replacing existing financing can introduce new closing costs, payment terms, and other expenses. Investors can compare those changes with the specific objective of the refinance.
Try Breaking the Deal Before Sending an Application
Optimistic assumptions make almost any rental look better.
Investors can also calculate the property under less favorable assumptions. Reduce expected rent, increase the proposed interest rate, raise insurance assumptions, or increase the loan amount.
The objective is not to predict exactly what will go wrong. It is to find out how much room exists before the financing becomes uncomfortable.
For example, an investor could run three versions:
- Expected case → $2,600 monthly rent
- Lower-rent case → $2,400 monthly rent
- Higher-payment case → same rent, more expensive financing
If DSCR moves from comfortable to marginal after a relatively small change, the property may depend heavily on assumptions going exactly as planned.
Newfi’s DSCR Calculator supports this type of scenario testing by allowing investors to modify financing and property inputs, save scenarios, and compare multiple potential investments. The result remains an estimate rather than a commitment to lend, but it can expose weak assumptions before the formal financing process begins.
80% LTV Can Produce Two Very Different Deals
Loan-to-value is one of the most visible numbers on a lender’s product page. It should not be evaluated alone.
Imagine two lenders are both willing to finance up to 80% of an eligible purchase. Their offers can still produce materially different economics if the rate, points, prepayment penalty, reserve requirement, or other terms differ.
There is another tradeoff as well. Maximum leverage does not necessarily produce the same financing outcome as a lower-LTV structure.
Borrowing more can preserve cash for renovations, reserves, or another acquisition. But it also increases the debt payment, which can lower DSCR and reduce monthly cash flow.
Putting more money down does the opposite. The investor commits more capital to the property but may gain a stronger DSCR, lower payment, or potentially better financing terms.
Investors can therefore compare several versions of the same transaction rather than focusing only on the maximum available loan amount.
A DSCR Approval Is Not an Investment Recommendation
DSCR loans separate property qualification from much of the borrower’s personal-income picture, but they do not evaluate every risk involved in owning a rental.
A DSCR of 1.00 generally means qualifying rental income equals the housing obligation included in the lender’s calculation. It does not mean every property expense has been covered.
An investor may still need to budget for:
- Vacancy between tenants
- Routine maintenance
- Unexpected repairs
- Property management
- Owner-paid utilities
- Leasing and turnover costs
- Capital improvements
A lender can reasonably approve a property that an individual investor decides does not offer enough cash flow for their own strategy.
That distinction becomes especially important when lenders allow DSCR below 1.00. Financing availability answers “Can this transaction fit the program?” It does not answer “Should this property be purchased?”
Compare Rates Using the Same Property Scenario
DSCR rates depend on more than the lender’s name.
Market conditions matter, but so do borrower credit, leverage, property characteristics, DSCR, loan amount, transaction type, points, and other structural choices. A rate advertised publicly may therefore bear little resemblance to the final quote for a specific deal.
Investors can make comparisons more useful by keeping the scenario constant.
Give lenders the same property value, requested loan amount, expected rent, credit profile, transaction type, and intended structure. Then compare the resulting offers across rate, points, cash required, monthly payment, reserves, and prepayment terms.
Newfi’s live DSCR rate information can provide current pricing context before that process begins. Combined with its calculator, investors can see how changes in rate assumptions affect DSCR and projected property cash flow without treating a published rate as a guaranteed offer.
Comparing DSCR Lenders Beyond Closing
Newfi Lending, Kiavi, Lima One Capital, LendingOne, Griffin Funding, Easy Street Capital, and Visio Lending all serve real estate investors, but they are not interchangeable.
A first-time rental buyer may value clear property-analysis tools and the ability to test financing before applying. A portfolio investor may care more about repeat transactions. Someone refinancing may prioritize cash-out flexibility, while an investor moving from renovation into a long-term hold may prefer a lender with products covering both stages.
Newfi combines a DSCR Calculator, current rate resources, investment-property financing options, and Non-QM programs. These resources allow investors to examine property and financing assumptions before selecting a loan structure.
The final decision still needs to be property-specific. Minimum credit scores, loan amounts, reserves, state availability, rates, leverage, property eligibility, and other underwriting requirements apply, and approval or a particular rate cannot be guaranteed. A DSCR loan changes how a rental property can qualify for financing; it does not remove the need to decide whether the financing and the property make sense together.
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