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10+ Unit Larger Multifamily DSCR

10+ Unit DSCR
Refinance.

DSCR financing for stabilized 10+ unit multifamily, mainly refinances and cash outs. Select stabilized purchases are also available.

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Program Snapshot
$500K
Min loan
$50M
Max loan
75%
Max LTV
None
Min DSCR under $1M
0.9x
Min DSCR $1M+
Built mainly for refinances. Stabilized purchases also considered
11 to 200 unit stabilized multifamily assets
Full recourse with personal guaranty
As low as 1 day seasoning, no reserves seasoning on purchases
Program Overview

Larger DSCR.
Smarter Structures.

Worth Knowing
Combined LTV Up to 90%, With Skin in the Game
Our first mortgage typically lands around 75% LTV. When the full stack works, total financing can reach 90% combined if the gap is covered by subordinate debt, such as a second mortgage or seller carryback. You still need at least 10% equity in the deal. We underwrite the whole capital stack, not just our piece. If you want to use this structure, let us know upfront when you reach out.

At 11+ units the program shifts to a larger loan size and a deeper diligence package. Loans run $500K to $50M with step down prepay structures, full recourse, and 25 to 30 year pricing as the default.

This program is built mainly for refinances. Most deals are stabilized 10+ unit properties moving out of bridge, agency, or private debt into long term DSCR structures. Stabilized purchases are also considered when the asset, sponsor, and timing fit.

Our 10+ unit DSCR competes directly with Fannie Mae and Freddie Mac small balance loans on speed and simplicity. Often the smaller diligence package and faster timeline make this the right call even when agency is theoretically available.

Worth Knowing
No Reserves Seasoning on Purchases
On purchases, reserve funds often do not need to be seasoned, which helps when capital was just moved between accounts before close.
Loan Matrix

Typical Program Terms

Program parameters for DSCR rental financing. Final pricing and structure determined by credit, property, and market underwriting.

Primary Use
RefinanceRate-and-term, cash out, and bridge refinance. Stabilized purchases on select deals
Loan Amount
$500,000 to $50,000,000
Max LTV
75%Including cash out refinances
Max Combined LTV
90%First lien typically up to 75%; balance from subordinate debt. 10% borrower equity required. Tell us upfront if you plan to use it
Min DSCR under $1M
None
Min DSCR $1M+
0.9x
Loan Term
25 to 30 year5, 7, 10 year hybrid options available
Amortization
30 year amortizing10 year interest only option available
Property Seasoning
As low as 1 dayOften avoids the typical 6 month cash out wait
Property Type
11 to 200 unitsGarden, mid rise, single asset or scattered site
Minimum Occupancy
70%Physical occupancy at close
Sponsor Experience
Not requiredPrior multifamily experience can help. First time sponsors often considered
Reserves Seasoning (Purchases)
Often noneReserve funds may not need to be seasoned
Recourse
Full recoursePersonal guaranty required on all loans
Prepay Structure
Step down5/4/3/2/1 standard structure
Note: Matrix represents typical program parameters. Actual terms vary by state, property type, occupancy, and credit profile. Cash out limits, seasoning requirements, and reserves vary by transaction.
Refinancing or buying 10+ units?
Share the property details for DSCR pricing and leverage.
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Eligible Property

Multifamily That Fits

11 to 25 Unit Garden

Mid sized garden apartments, where DSCR competes directly with Fannie and Freddie small balance.

25 to 75 Unit

Standard institutional multifamily with full diligence package and 25 to 30 year permanent debt.

75 to 200 Unit

Mid rise and larger garden style assets. Largest loan sizes we close on this program.

Scattered Site Portfolio

10+ smaller buildings aggregated under one loan with cross collateralization.

Bridge Refinance

Refinance out of value add or acquisition bridge debt into permanent DSCR.

Capituro Cash Out

Refinance a stabilized asset and pull equity. 1 day property seasoning on 1 to 200 units.

Not eligible: Commercial ground up construction (we do not offer multifamily new construction).
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Who Uses It

Built for Multifamily Sponsors

From your first 12 unit acquisition to a $40M garden style refinance, the program structures across the lifecycle.

1

Value add syndicators

Bridge to acquire and stabilize, then refinance into agency permanent. Both legs quoted together up front.

2

Stabilized operators

Long term hold financing with 5, 7, 10, or 25 to 30 year structures. Full recourse with personal guaranty.

3

First time sponsors

Strong key principal with property management experience accepted with reduced leverage.

4

1031 buyers

Bridge financing to meet identification and close deadlines, then permanent at stabilization.

How It Closes

Typical Timeline: 20 to 70 Days

01
Week 1

Quote and LOI

Tell us about the property and what you are trying to do. We put together terms and work toward LOI from there.

02
Week 2 to 3

Diligence

Property condition, environmental, appraisal, title, insurance, and seismic where applicable.

03
Week 2 to 5

Underwriting

Sponsor review, asset underwriting, market analysis, credit committee.

04
Week 3 to 8

Close + Fund

Loan documents negotiated and signed. Wire on close date.

Have a refi or purchase coming up?
Request a quote and we will confirm pricing, leverage, and timeline.
Quote My Deal
10+ Unit DSCR Questions

Frequently Asked

What is the minimum unit count?+
5 units. Below that, the asset falls under our DSCR program (1 to 4 unit) which is materially faster and simpler.
Can I finance a value add deal that is currently under 80% occupied?+
Yes, through our bridge program. We underwrite the deal on the value add thesis: pro forma rents, capital plan, and stabilization timeline. Bridge holds you until physical and economic occupancy support permanent debt.
Is this loan recourse or non recourse?+
Full recourse with a personal guaranty on all loans. We do not offer limited or non recourse on this program. For non recourse options at this loan size, agency programs (Fannie Mae or Freddie Mac small balance) are typically the better fit.
What about interest only periods?+
Common on bridge and agency loans. Stabilized agency offers up to 5 years of interest only on lower leverage deals. Bridge is interest only throughout the term.
How do you handle student housing or affordable housing?+
Both eligible. Student housing requires university proximity and pre lease velocity data. Affordable requires compliance documentation for LIHTC, HUD, or Section 8 components.
Can I close in a Delaware Statutory Trust?+
Yes, common on 1031 deals. DST structuring is supported on agency and portfolio loans.
What does 90% combined LTV mean?+
Combined LTV is the total of all debt on the property, not our first mortgage alone. We typically lend up to 75% as the first lien. The remainder to reach 90% combined can come from subordinate financing, such as a second mortgage or seller carryback, but the borrower must still put at least 10% equity into the deal. We underwrite the full stack to confirm the structure works. If you want to use this, let us know upfront when you request a quote.
Related Programs

Other Programs

View all programs
Speed

Bridge

Fast close transition capital

Commercial

Commercial

Mixed use, retail, office

Long Term

DSCR Rental

1 to 4 unit long term rental

Get Started

Have a 10+ Unit Deal?
Let us Quote It.

Refinance, cash out, or stabilized purchase. Tell us about the property and vet a term sheet fast.