Tampa DSCR Loan Lenders for Long-Term Rental Homes
Are you seeking long-term private financing for a residential rental property in Tampa? On this page you'll find a list of lenders that offer these “DSCR” loans for single family homes, condos, and 2-4 unit rental properties in Tampa’s urban areas. Some lenders consider vacation rentals (aka short-term rental or STR). The maximum loan-to-value is 80%. For a purchase, investors need a minimum down payment of 20%, and it could be higher depending on the debt service coverage ratio (DSCR), borrower’s credit score and location. The minimum credit score is 680 for most lenders. The loan terms range from 5 to 30 years.Searching...
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Florida DSCR Loan Interest Rates
According to the loan documents software company, Lightning Docs, the average interest rate for Florida DSCR long-term rental loans in the 1st quarter of 2024 was 7.88%. The average loan amount was $299,449. These stats are the average of 362 loans funded for residential rental properties in Florida between October 1, 2023 and December 31, 2023 by multiple lenders that use Lightning Docs as their preferred software provider to prepare loan documents.
Select a Metro Area
Florida is a huge state, and some DSCR lenders only consider specific regions. Filter your search by selecting a metro area:
Miami & Fort Lauderdale | Orlando | Tampa Bay | Jacksonville | Palm Beach County | Fort Myers | Tallahassee | Pensacola
Funded Long-Term Rental Loans in Tampa Bay
RCN Capital, a national direct private lender, funded a $562,500 1st lien position equity cash-out refinance loan secured by a 4-unit residential property in Tampa, FL. The property value was estimated at $750,000 so our loan-to-value was 75%. The debt service coverage ratio (DSCR) was 1.53. The subject property was acquired for $650,000 in March 2022 and had completed $25,000 in renovations. It was in excellent condition and was appraised for $750,000 as-is. All four units were leased above market rents for a total of $8,150/month. The property is approximately 2,268 square feet. The Borrower had good credit and sufficient liquidity to close. The interest rate was fixed at 8.94% with amortized payments, and we charged 0.5% origination points. The loan term was set at 30 years. This DSCR equity cash-out refinance loan was funded in December 2023.