DSCR or debt-service coverage ratio loans are financing options underwritten based on a property's ability to generate enough rental income to pay its monthly debt obligations.
For example, if a rental property cash flows at $1,200 and has $1,000 in monthly payments (mortgage payments, insurance, and property taxes), its DSCR or debt service coverage ratio, would be 1.2.
A DSCR above 1.0 is considered healthy as it shows that the property earns enough rental income to cover all expenses. However, lenders like Constitution Lending can finance properties with a DSCR as low as 0.75.
Unlike conventional loans, DSCR loans don't require income verification, tax returns, or a low debt-to-income (DTI) ratio. With less paperwork, they also close much faster, making them perfect for real estate investors with large portfolios, high DTI ratios, or non-W2 income.
That said, borrowers should carefully assess the lender they partner with. It can mean the difference between closing quickly and beating a cash buyer to an undervalued property or dealing with a lender that can’t close. Here are two ways to assess a lender's quality.
- How soon do they offer term sheets and loan approval? Most lenders advertise 14 to 21-day closing times, but this is rarely accurate. A good way to estimate a lender's closing times is to look at how quickly they issue term sheets and loan approval. If the initial phase of the loan is slow, there’s little reason to expect the rest of the process to be any different.
- Are they a direct lender? Since brokers aren't directly financing the deal, they only know if you qualify after the lender finishes underwriting. If the lender catches something deep into underwriting that the broker missed, it can cause last-minute drama. Avoid this by working directly with lenders, as they can assess your eligibility upfront.
Below, we evaluate seven of the best DSCR lenders in Florida.
We first start by talking about ourselves, Constitution Lending, and how we close quicker and more reliably than most DSCR lenders.
We then look at the processes of other lenders that serve Florida — Griffin Funding, Visio Lending, Angel Oak, Easy Street Capital, Stratton Equities, and BridgeWell Capital — so you can gain a comprehensive understanding of the best options.
Use our Florida DSCR loan pricer to generate a quote within seconds and see what interest rate and terms you qualify for.
1. Constitution Lending
High LTV, Quick Closing DSCR Loans Florida
Constitution Lending is a direct DSCR lender that operates in most U.S. states, including Florida.
We founded Constitution Lending after over a decade of experience as real estate investors frustrated by slow lenders. Most claim they can close within 14 to 21 days, but in reality, it almost always takes more than 40 days.
In addition, most "lenders" were actually loan brokers connecting us with third-party lenders. This was a problem because these brokers had to submit our application to the lender and didn't know if we qualified until after the lender had finished underwriting, causing last-minute complications.
We started Constitution Lending to fix these problems. We do this by being a direct lender and using tools like our DSCR pricer and documents portal to close quickly.
Here’s what borrowers say about our application and closing processes.
Constitution Lending Closes Within Just 10 to 21 Days
Most lenders require borrowers to fill out a contact form on their website, wait several days for a loan officer's call, and spend an hour answering multiple questions. They must then wait a few more days to receive a quote, term sheet, and approval letter before submitting documents.
Constitution Lending expedites this process with our automated DSCR pricer. You can obtain instant quotes by entering the loan amount, LTV, property's location, asking price, and estimated rental income:
Feel free to experiment with different property values and loan scenarios to understand how they influence your quotes.
If a particular quote stands out to you, select it, type in your full name and email address, and download a term sheet and loan approval letter.
We’ll give you access to our online documents portal, which outlines all the required paperwork and lets you submit everything in one go. This includes ID, bank statements, entity documents, purchase contracts, and proof of insurance.
We fund your loan a week after you submit all the paperwork.
Since we're a direct lender, we can give you a clear yes or no immediately after you submit documents, significantly reducing the likelihood of last-minute complications.
Read more: DSCR Loan Requirements: 5 Key Factors Lenders Consider
Constitution Lending is a Direct Lender (We Lend Our Own Capital)
We are the lender and can create our own requirements, so we know if you qualify as soon as you submit paperwork via our portal. Unlike brokers, we do not need to submit your application to a third-party lender and wait weeks for them to finish underwriting before giving you an answer.
This means that you’ll know if you qualify almost immediately after submitting documents. Should there be any problems with your application, we will let you know so you can focus on resolving it rather than wasting weeks on a loan that won’t close.
Compare this process to loan brokers, who act as intermediaries between you and a third-party lender. They aren’t lending you the capital, so they only know if you qualify after the lender has underwritten. If you are already weeks into underwriting and the lender finds a problem, it leads to those last-minute rejections.
We have experienced these frustrations firsthand, which is why we emphasize quick, upfront communication.
Get Started
Constitution Lending has originated over $200 million in loans throughout Florida and across the US.
The differentiators mentioned above have made us the go-to lending partner for real estate investors, with over 90% of our borrowers returning for multiple loans and many completing 5 to 10 deals per year with us — proof that experienced investors trust our speed, reliability, and competitive terms.
We regularly lend to borrowers in Miami, Orlando, Tampa, and various other cities in Florida.
You can use our automated DSCR loan pricer to price out different loan scenarios and receive instant quotes.
2. Griffin Funding
Griffin Funding is a mortgage lender that offers DSCR loan options to borrowers in Florida and several other U.S. states. In addition to DSCR loans, they provide fix and flip loans, bank statement loans, VA home loans, and asset-based loans.
Note: Griffin Funding doesn't offer an automated pricer, so you cannot get a quote without talking to a loan officer, delaying closing.
Requirements and Additional Information
- Griffin Funding requires all properties to have a DSCR of at least 0.75 in order to qualify.
- Interest-only DSCR loans have a max LTV of 75%.
- Borrowers must have a credit score of 620 or higher. For a 75% LTV, a minimum credit score of 740 is needed.
- Griffin Funding offers both fixed-rate and variable-rate DSCR loans.
- Borrowers can qualify for loan amounts ranging from $100K to $20M.
- Borrowers aren’t required to submit business plans when applying for DSCR loans.
How to Apply
Borrowers can pre-qualify for a loan on the Griffin Funding website by filling out a contact form and providing a loan officer with details about the property they wish to purchase.
3. Visio Lending
Visio Lending is a private lender that operates in Florida and many other U.S. states. They offer 30-year DSCR loans as well as vacation rental loans that can be used to purchase Airbnb properties.
They also offer commercial loans, hard money loans, and refinancing options, ideal for investors looking to fix and flip properties or bridge the gap between buying and selling.
Note: Although Visio Lending claims fast closing times, they don’t have an automated pricer or documents portal, which can delay the application and closing process.
Requirements and Additional Information
- Visio Lending requires a minimum credit score of 680.
- Borrowers must have no bankruptcies in the past four years.
- Borrowers must have zero late payments on their mortgage for 12 months.
- Borrowers can purchase 1-4 unit residential properties, including condos and townhouses.
- The minimum loan amount is $150K.
- Borrowers cannot purchase mobile homes, log homes, or manufactured homes.
- 80% max LTV for purchases.
- 70% max LTV for cash-out refinances.
- All properties must be in a ready to rent state.
How to Apply
Borrowers must fill out and submit an application on Visio Lending’s website. Then, a loan officer will phone them to learn more about the deal and provide a rough estimate. From here, borrowers can send documents to the loan officer and close.
4. Angel Oak
Angel Oak Mortgage Solutions is a non-QM wholesale lender that offers DSCR loan options to professional real estate investors based in Florida and who struggle to qualify for financing at large banks. They also lend to borrowers in other U.S. states, including California and Atlanta.
In addition to DSCR loans, Angel Oak also offers jumbo loans, closed-end second mortgages, and bank statement loans.
Note: Angel Oak is another mortgage lender who doesn’t have an automated DSCR loan pricer, so it’s unclear how long you’ll wait before receiving a quote.
Requirements and Additional Information
- Angel Oak offers a maximum LTV of 85%. This LTV requires a minimum FICO score of 720.
- The minimum FICO score to qualify is 680.
- Loan amounts range from $100K to $3M.
- Angel Oak can fund deals with a DSCR below 1.0.
- Borrowers are limited to just five DSCR loans with Angel Oak.
- First-time real estate investors are unable to qualify.
- Interest-only DSCR loan options are available.
How to Apply
Borrowers can apply by visiting the contact page on Angel Oak’s website and providing details about the deal such as loan amount, approximate DSCR, net operating income (NOI) and preferred closing time. A loan officer will reach out to continue the application process.
5. Easy Street Capital
Easy Street Capital is a private real estate lender tailored for property investors with high DTI ratios. Easy Street Capital has a DSCR loan program called EasyRent, where borrowers can apply for funding without having to worry about their personal finances — just the DSCR of the property.
Note: We are unsure how quickly Easy Street Capital can close because they don’t provide tools like an automated pricer and documents portal to streamline application processes.
Requirements and Additional Information
- Loan amounts range from $75K to $3.5M.
- Blanket loans are available up to $5M.
- Interest rates start at 5.50%.
- Borrowers can use Easy Street to purchase most kinds of residential real estate, including single-family homes, 1-4 unit condos, and vacation rentals.
- DSCR loan options are available in 10-year and 30-year loan terms.
- Easy Street has a max LTV of 85% for purchases and 75% for refinances.
- A minimum credit score of 640 is required.
- Easy Street charges a 0% to 3% closing fee, $1,000 underwriting fee, and $1,500 pass through deposit.
How to Apply
You can qualify by requesting a term sheet on the Easy Street Capital website, giving information about the purchase or refinance (i.e., loan amount, estimated value, property’s income potential, location, etc.) and a loan officer will call you.
6. Stratton Equities
Stratton Equities is a hard money lending firm based in Connecticut, but who specializes in providing real estate backed financing across the Eastern U.S.
Stratton Equities provides financing solutions to self-employed borrowers who may not qualify for conventional mortgage loans. The company offers a broad range of loan products, including fix-and-flip loans, bridge loans, blanket loans, and DSCR loans.
Side note: Stratton Equities doesn’t offer instant loan documents; you need to jump on a call with a loan officer to get a quote.
Requirements and Additional Information
- Interest rates start at 6.99% for long-term rental loans (and 9.99% for short-term rentals).
- Borrowers can use Stratton Equities’ DSCR loans to purchase 1-4 unit residential, commercial, and mixed-use properties.
- Non-traditional mortgage and financing options are also available for townhomes and industrial properties.
- Loan amounts range from $100K to $5M.
- Borrowers can receive up to 75% LTV, requiring a minimum down payment of 25%.
- Loan durations vary from nine months to 24 months.
- There are no prepayment penalties for short-term loans.
How to Apply
There are two methods to apply for a private money loan with Stratton Equities. You can either contact a loan officer directly by phone or fill out a loan application form on their website. After entering basic information about the loan and property, a loan officer will reach out to you.
7. BridgeWell Capital
BridgeWell Capital is a real estate investment lender catering to investors in need of fast financing. Operating across much of the Midwest and Eastern U.S., including states like Florida, Connecticut, Texas, and Colorado, BridgeWell serves a wide range of investors.
In addition to DSCR loans, borrowers can borrow up to $2M to purchase, fix, and flip investment properties.
Side note: It’s unclear how quickly BridgeWell can close because they don’t offer instant loan documents.
Requirements and Additional Information
- LTV typically ranges from 60% to 80%.
- BridgeWell funds 100% of the renovation costs.
- Borrowers receive 20% of the rehab loan upfront.
- No interest is charged on undrawn construction funds.
- Short-term loans come with no prepayment penalties.
- The maximum loan amount for commercial properties is $2M.
- BridgeWell provides funding for residential, retail, mixed-use, and commercial properties.
- Experience in real estate investing is not required.
- Refinancing options are available.
- Closing costs are not listed on their website.
How to Apply
To begin the loan process with BridgeWell, you can get pre-qualified by completing a questionnaire on their website. The form asks for details such as the loan product you're interested in, the property's purchase price, your credit score, and your real estate experience.
A loan officer will then contact you within three days to provide a term sheet and request additional documents, including proof of insurance, credit report, and bank statements.
Qualify for Quick DSCR Loans in Florida with Constitution Lending
See what LTV and interest rates you qualify for using our DSCR loan pricer.
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