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Case studies

Real scenarios we’ve closed

Anonymized investor scenarios from closed DSCR and non-QM loans. Numbers are real but borrower details have been removed. If your situation looks similar, the same product and similar terms are likely available for you.

BRRRR

Cleveland BRRRR Cash-Out at 75% LTV in 16 Days

Closed in

16 days

Out-of-state investor purchased a Cleveland duplex for $95K all-cash, rehabbed for $32K, and needed delayed-financing cash-out within the 6-month seasoning window.

Market

Cleveland, OH

Loan amount

$187,500

LTV

75%

FICO tier

720+

Challenge: Standard DSCR cash-out requires 6-12 months of seasoning before the appraised value (not purchase price) is used. This investor needed cash out within 4 months to fund the next acquisition.
Solution: Delayed-financing carve-out: cash-out at $250K appraised value (75% LTV = $187,500), pulling out essentially the full purchase + rehab investment, with zero seasoning required because the original purchase was all-cash.
Outcome: $187,500 cash-out at 75% LTV, 30-year fixed, no prepayment penalty after year 3. Investor recycled the full capital into the next BRRRR within 90 days.
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Foreign National

Foreign National STR Purchase in Orlando, FL

Closed in

32 days

Canadian buyer purchased a 4-bed STR-zoned home in the Disney area as a personal-use + rental property, with no US credit or US tax returns.

Market

Orlando, FL

Loan amount

$367,500

LTV

65%

FICO tier

N/A (foreign credit reference)

Challenge: No US credit file, no SSN, no US tax returns. Standard non-foreign DSCR programs all reject this profile.
Solution: Foreign-national DSCR program accepting Canadian credit bureau letter, passport, valid B-2 visa stamp, and 12 months of reserves seasoned in a US account. DSCR calculated off STR projected revenue from AirDNA (discounted 30%) since the property would operate as a short-term rental.
Outcome: $367,500 loan at 65% LTV, 7/1 ARM, closed in 32 days. Property has been actively renting as STR.
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No-Ratio DSCR

No-Ratio DSCR on a Vacant Tampa Triplex

Closed in

19 days

Investor purchased a vacant Tampa triplex with no current rent roll. Standard DSCR programs require DSCR >= 1.0 from actual rent, which a vacant property cannot demonstrate.

Market

Tampa, FL

Loan amount

$285,000

LTV

70%

FICO tier

740+

Challenge: Standard DSCR underwriting needs rent verification (lease, 1007). Vacant property = no current income.
Solution: No-ratio DSCR program waiving the DSCR ratio requirement entirely. Approval based on FICO (740+), 30% down payment, and 12-month reserve cushion. Appraiser 1007 schedule used to support post-rental income projection.
Outcome: $285,000 loan at 70% LTV, 30-year fixed, closed in 19 days. Investor leased all three units within 60 days of close.
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DSCR Purchase

First-Time Investor LLC Purchase in Atlanta

Closed in

21 days

New investor with W-2 income wanted to vest in an LLC instead of personal name for liability protection. Conventional Fannie/Freddie requires personal vesting.

Market

Atlanta, GA

Loan amount

$312,000

LTV

80%

FICO tier

760+

Challenge: Borrower had strong W-2 income that would qualify for conventional, but conventional requires personal vesting. Switching to DSCR allowed LLC vesting at the cost of ~0.5% higher rate.
Solution: DSCR 30-year fixed in newly-formed Georgia LLC. Personal guarantee signed by borrower. Property cash flow (1.18 DSCR) handled the underwriting.
Outcome: $312,000 loan at 80% LTV in LLC vesting, 30-year fixed, closed in 21 days. Borrower now has 4 properties through the same LLC structure.
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Apartment Loan

12-Unit Apartment Purchase in Charlotte, NC

Closed in

41 days

Investor scaled from 4-unit properties into a 12-unit apartment building. Residential DSCR caps at 4 units; needed small-balance multifamily financing.

Market

Charlotte, NC

Loan amount

$1,425,000

LTV

72%

FICO tier

700+

Challenge: Property too large for residential DSCR (5+ units = multifamily). Borrower had no prior multifamily ownership track record.
Solution: Small-balance multifamily DSCR program covering 5-50 unit buildings. T-12 financials from the prior owner used to qualify, with operator-experience requirement waived by adding a property manager with multifamily track record.
Outcome: $1.425M loan at 72% LTV, 7/1 ARM, closed in 41 days (typical for multifamily). Building maintaining 95% occupancy.
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Condotel

Condotel Investment in Miami Beach

Closed in

28 days

Investor purchasing a unit in a Miami Beach condo-hotel building (45% of units in rental program). Most lenders reject condotels outright.

Market

Miami Beach, FL

Loan amount

$280,000

LTV

70%

FICO tier

720+

Challenge: Condotel buildings are rejected by Fannie, Freddie, and most non-QM DSCR programs due to the hotel-style rental operation.
Solution: Specialty condotel DSCR program with reduced LTV (70% vs 80% standard) and elevated reserve requirement (12 months PITIA). Property cash flow qualified via the condo-hotel rental management revenue history.
Outcome: $280,000 loan at 70% LTV, 30-year fixed, closed in 28 days. Property continues operating in the building rental program.
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DSCR Cash-Out

Portfolio Cash-Out: 4 Properties Refinanced Simultaneously

Closed in

38 days

Established investor with 4 free-and-clear rentals in different states needed to pull capital out for a commercial acquisition. Sequential refis would take 4-6 months.

Market

Multi-state (FL, GA, TN, NC)

Loan amount

$875,000

LTV

75%

FICO tier

760+

Challenge: Single-lender exposure limits would have rejected the full portfolio. Sequential refis at one lender would take 18+ months.
Solution: Each property submitted to a different DSCR wholesale lender in parallel, leveraging broker access across the network. Closings staggered 1-2 weeks apart but originated in parallel.
Outcome: $875,000 aggregate cash-out across 4 properties, average 75% LTV, all 30-year fixed. Total time from first application to last funding: 38 days. Borrower closed on the $1.2M commercial acquisition with the proceeds.
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Fix & Flip

Baltimore Fix-Flip Bridge with 100% LTC

Closed in

12 days

Experienced flipper found a Baltimore distressed property requiring $45K rehab. Needed bridge financing covering both acquisition and rehab capital.

Market

Baltimore, MD

Loan amount

$235,000

LTV

100%

FICO tier

700+

Challenge: Flipper had $40K cash but needed $190K acquisition + $45K rehab = $235K total. Cash-only acquisition would have used all available capital with nothing left for rehab.
Solution: 100% LTC fix-flip bridge: lender funded 100% of the purchase price ($190K) plus 100% of the rehab budget ($45K) held in escrow with draws against completed work. 12-month interest-only term.
Outcome: $235,000 funded, 12-day close. Property sold post-rehab at $315K (40% margin) within 5 months of close. Borrower used the same lender for the next two flips.
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