DSCR · From 5.99% · 30-year fixed available

Rental loans, sized by the rent — not the W-2.

DSCR-based permanent financing from 5.99% for single-family rentals, vacation rentals, and small multifamily. No personal-income documentation. Interest-only available on day one. Lock a 30-year fixed without converting your tax return into a Russian novel.

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$650M+
Capital deployed
1,450
Loans closed
50
States covered
5.99%
Rates from
Modern single-family rental home with swimming pool and lush lawn

Cash-flowing single-family rental. DSCR-qualified — no W-2, no tax returns, no DTI cap.

Photo · Max Vakhtbovych / Pexels

Why DSCR for rentals

Conventional rental lenders qualify the borrower. DSCR lenders qualify the deal.

If you are a self-employed investor or running income through an LLC, the W-2 mortgage path is friction without payoff. DSCR replaces “prove your income three ways” with “prove the rent covers the debt” — and that math takes less than a week to underwrite.

No personal income docs.

We do not need W-2s, tax returns, paystubs, 4506-Ts, or DTI math. The rent and the appraisal carry the underwrite. Self-employed investors, anyone with depreciation-heavy returns, and operators of recently formed entities get a cleaner approval path than they would on agency. Most files close in five to seven business days against the 30 to 45 a bank takes.

Vacation rentals welcome.

Twelve months of Airbnb or VRBO history qualifies at 75 percent of platform-verified gross. AirDNA submarket reports accepted on newer acquisitions in markets we underwrite directly. PML treats short-term rental cash flow as primary, not a haircut-on-a-haircut. STR-specific tier pricing kicks in at $200K minimum loan size.

BRRRR exit, same underwriter.

If you acquired through our fix and flip loan, the takeout into DSCR has no seasoning requirement, often no second appraisal, and the same underwriter team. The same file that funded the acquisition stabilizes into permanent. Total elapsed time from cash-purchase through stabilized DSCR in our book typically runs 9 to 14 months — meaningfully faster than the bank-takeout path.

Three rate programs

5/1 ARM, 7/1 ARM, or 30-year fixed.

Pick a program based on hold horizon. Five-year hold? ARM. Seven-year hold? 7/1. Permanent? Fixed. Each program supports interest-only at origination, with the IO window calibrated to the fixed period.

5/1 ARM

Five years fixed, then adjusts annually against SOFR + margin. Best for value-add holds, BRRRR exits with a planned refinance, and investors who refinance every cycle.

Term
30 yr
Interest-only
5 yr opt.
LTV up to
80%
Pre-pay
5/4/3/2/1

7/1 ARM

Seven years fixed for longer holds without committing to a 30-year fixed rate. Our most-requested program for the SFR rental track in current rate environments.

Term
30 yr
Interest-only
10 yr opt.
LTV up to
80%
Pre-pay
5/4/3/2/1

30-year fixed

Permanent rate-locked financing for buy-and-hold investors. The closest thing PML offers to set-and-forget rental capital. Tighter LTV than the ARM programs in exchange for full term rate certainty.

Term
30 yr
Interest-only
10 yr opt.
LTV up to
75%
Pre-pay
5/4/3/2/1

Rental loan terms

Numbers across all three programs.

Pricing tiers move with FICO, DSCR ratio, LTV, and property type. Every adjustment is published; nothing is negotiated on the back end.

Rates from
5.99%30-year fixed, top tier
Loan amount
$75K–$3MPer asset; portfolio cross-collateral available
LTV up to
80%Purchase, 75% cash-out
Min DSCR
0.75×Sub-1.0 allowed with rate adj.
Term
30 yrFully amortizing or interest-only
Property types
1–8 unitSFR, 2–4 unit, condo, vacation rental
FICO floor
680Soft pull until terms accepted
Income docs
NoneDSCR-based, no W-2 or tax return
Origination
0.75–2 ptsNo application fee, ever
Pre-pay penalty
5/4/3/2/1Buy-out available for 50–75 bp
Reserves
6 mo PITIAPer loan, verified liquid
Seasoning
NoneOn PML-to-PML BRRRR exit
Time to close
5–7 days48 hours on BRRRR exit refi
Coverage
All 50 statesIn-house title in 28 states
Foreign nationals
Allowed70% LTV, 50–100 bp adj.
Recourse
StandardPG from sponsor; non-recourse case-by-case

From submission to wire

A DSCR loan can fund in five business days.
Here is the path.

  1. Submit the deal

    Drop in the property address, the rent roll or lease, and the existing payoff if cash-out. No application fee, no credit pull at this stage.

    ~5 minutes

  2. Indicative terms

    An underwriter replies with a real DSCR calculation, rate, leverage, and a binding term sheet within four business hours. Soft credit inquiry runs only after you accept.

    ~4 hours

  3. Title & appraisal

    We order title and a 1004 appraisal (or 1025 for 2-to-4-unit) in parallel. Most appraisals deliver within seven business days; we have rural-market and STR submarket panels.

    ~5–7 days

  4. Closing docs

    Same underwriter issues closing docs. No table-funding, no last-minute repricing, no fee changes between term sheet and HUD.

    ~12 hours

  5. Wire

    Cash-out proceeds wire to borrower same business day; purchase proceeds wire per the PSA timeline. Recurring payment to PML Servicing the first of the following month.

    Same day

Representative scenarios

Three configurations across the DSCR product.

Illustrative deal profiles drawn from common configurations across our book. Real closings vary; these are anchor points for the math, not solicitations.

SFR long-term rental

Indianapolis, IN · 3/2 SFR

Wired · 7 days
Property value$240,000
Monthly rent$1,950
PITIA$1,720
DSCR1.13×
Loan amount$180,000
Program7/1 ARM · IO
Rate / LTV6.875% · 75%
Use: Cash-out refi on a stabilized rental held 18 months. Equity recycled into next acquisition.

STR vacation rental

Gatlinburg, TN · 4-bed cabin

Wired · 9 days
Property value$485,000
12-mo Airbnb gross$96,000
Underwritten (75%)$72,000
PITIA / DSCR$2,950 · 2.03×
Loan amount$388,000
Program30-yr fixed
Rate / LTV6.75% · 80%
Use: Purchase financing on an established Airbnb cabin. AirDNA matched 12-month income within 3 percent.

BRRRR exit

Phoenix, AZ · 4-unit fourplex

Wired · 48 hrs
As-repaired value$815,000
Aggregate rent$5,800
PITIA / DSCR$4,950 · 1.17×
Loan amount$611,250
Prior fix & flip loan$601,200
Program7/1 ARM · IO
Rate / LTV7.25% · 75%
Use: Same underwriter on both loans. No second appraisal, no seasoning gate. Total cycle (cash → stabilized DSCR) ~10 months.

Illustrative only. Representative of typical configurations across our book — not specific recent closings.

Built for

Four landlord profiles, one rate sheet.

First-time landlord

Buying your first rental.

You qualify even without a track record on the rental side. We tighten LTV slightly (75 percent on the 30-year fixed, 80 percent on the ARM programs) and add 25 basis points of rate adjustment. After the first stabilized 12 months on our books, your second loan prices at our standard tier.

From 6.49% · 75–80% LTV · No prior rental required
BRRRR investor

Buy, rehab, rent, refinance, repeat.

The most common path through our book. Close the acquisition and rehab on a fix and flip loan; refinance into our DSCR rental once stabilized. No seasoning requirement, often no second appraisal, same underwriter team. Total cycle in our book typically runs 9 to 14 months from cash close to stabilized DSCR.

F&F → DSCR refi · 75% LTV exit
STR operator

Vacation rentals (Airbnb, VRBO).

Twelve months of platform-verified income at 75 percent of gross qualifies, including seasonal swings. AirDNA submarket reports accepted on newer acquisitions in markets we underwrite directly. STR-specific tier pricing at $200K minimum loan size, with interest-only available for the first 10 years.

12-mo platform history · AirDNA accepted on new STR
Portfolio investor

3+ rentals on cross-collateralized facility.

One loan, one closing, one origination fee, one DSCR calculation against aggregate cash flow. Portfolio size starts at $1M aggregate and scales to $25M. Rates run 25 to 50 basis points inside our single-asset DSCR pricing because diversification reduces concentration risk. Release prices apply for selling individual properties out of the portfolio.

$1M–$25M · 25–50 bp inside single-asset

Who qualifies

Built for landlords. Open to first-time investors with cash flow.

  • No personal income docs. We qualify the deal on the property’s rent, not your W-2 or self-employment record. No tax returns, no 4506-T, no DTI calculation. The acronym “DSCR” is doing the work here.
  • Vacation rentals welcome. Twelve months of Airbnb / VRBO income at 75 percent of gross qualifies. AirDNA reports accepted in lieu on submarkets we underwrite directly.
  • First-time investors qualify. Tighter LTV (75 percent on fixed, 80 percent on ARM) and a 25 basis point rate adjustment for the first stabilized 12 months on our books. Otherwise the same product.
  • No seasoning on PML-to-PML BRRRR exit. Refinance into DSCR at 75 percent LTV with no minimum hold period after a PML fix-and-flip — same underwriter, expedited title, often no second appraisal.
  • Property types. SFR, 2–4 unit residential, warrantable condos, condotels case-by-case, small multifamily up to 8 units, vacation rentals, mixed-use with residential majority.
  • Entity. LLC, LP, or corporation preferred; some loans available in individual name. We assist with entity formation at our closing on cash-out files.
  • FICO. 680+ on a tri-merge for tier-1 pricing; 640 is the absolute floor with a rate adjustment. Soft pull only until indicative terms are accepted.
  • Reserves. Six months of PITIA per loan in verified liquid reserves at close.
  • States. All 50 states. Foreign-national borrowers eligible under a specific program at 70 percent LTV and 50–100 basis points of rate adjustment.

DSCR rental FAQ

Ten operational questions, asked and answered.

For broader hard money questions — FICO floors, BRRRR strategy, application flow — see the full FAQ.

What is a DSCR loan and how is it different from a conventional mortgage?
A DSCR (debt service coverage ratio) loan qualifies the property based on the rent it generates against the proposed PITIA (principal, interest, taxes, insurance, and association dues), rather than your personal income. There is no W-2, tax return, or DTI calculation. The trade-off is a slightly higher rate (typically 75 to 125 basis points over agency) and the loan is intended for investment properties, not owner-occupied homes. PML qualifies most files in 48 hours; conventional agency rentals typically take 30 to 45 days because of the full income-doc package.
Will my Airbnb income qualify on a DSCR loan?
Yes. PML accepts twelve months of platform-verified short-term rental income at 75 percent of gross. We pull AirDNA submarket reports as a sanity check; if your trailing twelve months substantially exceed the submarket median we may underwrite at a tighter ratio. For new STR acquisitions without operating history, we accept an AirDNA submarket projection on the subject address at the same 75-percent factor.
Can I refinance a fix-and-flip into a DSCR loan with no seasoning?
Yes. PML borrowers refinancing from one of our fix-and-flip loans face no seasoning requirement. We will cash you out at up to 75 percent of the new appraised value, often without a second appraisal because the same underwriter handles both files. This is the canonical BRRRR exit path through our book: close the acquisition and rehab on the fix and flip product, refinance into a DSCR rental on the same underwriter team, capital recycled in under 9 months.
What happens if my DSCR is below 1.0?
DSCR between 0.75 and 1.0 is allowed with a rate adjustment of 25 to 75 basis points and a tighter LTV cap, typically 70 percent on a sub-1.0 file. Below 0.75 the deal does not qualify on the rental product; we route it through bridge financing instead, with a stabilization narrative that demonstrates how the property will reach 1.0+ DSCR within 12 to 18 months. We do not chase deals where the math does not work; underwriting transparency saves everyone time.
Do you fund 30-year fixed DSCR loans?
Yes. The 30-year fixed program is the most-requested permanent product through our book. It is fully amortizing or interest-only for the first 10 years, with no rate adjustment over the 30-year term. LTV caps at 75 percent on the fixed program (vs 80 percent on the ARM products), reflecting the lender risk of holding a fixed-rate loan through a full rate cycle. Closing typically runs five to seven business days from term sheet.
What is the prepayment penalty structure?
Standard step-down on DSCR rental loans is 5/4/3/2/1: 5 percent penalty in year one, 4 percent in year two, 3 in year three, 2 in year four, 1 in year five, zero thereafter. You can buy out of the prepay structure entirely with a rate add of 50 to 75 basis points at origination. Shorter step-downs (3/2/1, or zero with a higher rate) are available for borrowers who plan to refinance or sell within the prepay window. Choose at term-sheet stage; we do not modify mid-loan.
Will you lend to a foreign national or non-US citizen?
Yes, under a specific foreign national program. The borrower needs a valid passport, a US-based LLC or corporation as the borrowing entity, an ITIN or SSN where available, and proof of US-based reserves equal to six months of debt service. LTV caps at 70 percent (vs 80 percent on US-resident files) and the rate adjustment is 50 to 100 basis points over standard tier-1 pricing. Coverage is all 50 states; some additional documentation applies in CA and NY.
Can I cross-collateralize multiple rental properties on one loan?
Yes. PML offers cross-collateralized portfolio loans for landlords with three or more rental properties. One closing, one origination fee, one DSCR calculation against the aggregate cash flow. Portfolio size starts at $1M aggregate and scales to $25M. Rates run 25 to 50 basis points inside our single-asset DSCR pricing because diversification reduces concentration risk. Release prices apply if you sell an individual property out of the portfolio.
What property types qualify for the DSCR product?
Single-family residential (SFR), 2-to-4 unit residential, warrantable condos, condotels reviewed case-by-case, and small multifamily up to 8 units. Vacation rentals (Airbnb, VRBO) qualify under the same product. Mixed-use with residential majority is allowed in primary and secondary markets at reduced LTV. Manufactured homes and modular construction underwrite case-by-case. Rural properties (USDA-eligible zones) require additional documentation but are not excluded.
How is my interest-only payment calculated?
Interest-only payment is simply the loan amount multiplied by the rate, divided by 12. On a $400,000 loan at 6.5 percent, the IO payment is $2,167 per month. After the IO period ends (5 years on the 5/1 ARM, 10 years on the 7/1 ARM or 30-year fixed), the loan amortizes over the remaining term. The amortizing payment is higher because principal repayment kicks in. We disclose both payment levels in the loan docs.

Lock the rate before the next acquisition closes.

Submit a property and we will quote DSCR within four business hours. No application fee, no personal income docs.

Quote a rental →

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