• New construction with CO issued: standard DSCR programs apply
• Market rent (from appraiser) used for DSCR; no lease required at funding
• Up to 75% LTV purchase on stabilized new construction
• Up to 70% LTV cash-out within first 12 months of CO
• Same FICO / reserves / DSCR threshold as standard DSCR

• You are buying a newly-built rental property from a developer
• You completed new construction yourself and want to refinance out of a construction loan into DSCR
• You are a build-to-rent investor (BTR) finishing a custom-built rental
• Certificate of occupancy is issued or imminent

Standard DSCR application. The appraiser appraises the new property and estimates market rent based on comparable new-build rentals in the area (or near-equivalent existing rentals). The lender uses that market rent in the DSCR calculation. Once you have a real lease in place, you can refinance for slightly sharper pricing.

• New construction sometimes appraises differently than the contract price. The lender uses the lower of purchase price or appraisal. Be ready if the appraisal comes in below the contract.
• Market rent on new construction can be optimistic in markets where new-build rentals are still rare. Some lenders haircut market rent on new construction by 10-15%.
• Build-to-rent + 30-year fixed DSCR is the standard exit from a construction loan. We can quote DSCR rates during construction so you can size your construction loan to match.
• Properties on owner-financing or seller-financing during construction need to be fully paid off and titled before DSCR refinance.