STR
Newport Coast STR
$1.8M · 30% down
DSCR
DSCR loans — the property qualifies, not your W-2.
Investor financing where the rent covers the payment. No tax returns, no employment verification, close in your LLC.
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See sample rates
At a glance
DSCR, by the numbers.
Rate (30y)
From 7.25%*
*Devon to confirm weekly
Loan amount
$150K – $3.5M
Single asset; portfolio higher
Min credit
660 (700+ preferred)
Pricing breaks at 720, 740
Min down
20% purchase / 25% cash-out refi
Lower down with higher reserves
DSCR ratio
≥ 1.00 (no-ratio available)
Below 1.0 with pricing hit
Income docs
None — entity & asset only
LLC strongly preferred
Property types
SFR, 2-4 unit, condo, STR
STR uses 12-month Airbnb data
Prepay penalty
3yr or 5yr step-down
Buyout available, prices in
How it’s calculated
The math is a single fraction.
If the rent covers the mortgage payment plus taxes, insurance, and HOA, the property qualifies. Personal income doesn’t enter the equation.
Monthly rent P + I + T + Ins + HOA
$4,800 $4,200 = 1.14 DSCR
1.14 prices like a strong file. 0.95 prices like a stretched file. Devon makes the call on which lender is cheapest at each ratio — that’s the broker advantage on DSCR.
Live deals
What we’re actually closing on DSCR.
Three representative DSCR scenarios from recent files. Numbers reflect actual deals; specifics may vary.
BRRRR
Costa Mesa duplex
$1.35M cash-out refi
PORTFOLIO
Portfolio loan
6 doors · one close
NO-RATIO
No-ratio
$920K · Long Beach
2-4 UNIT
2-4 unit purchase
$2.1M · Anaheim 4-plex
What we need
Required docs — it’s short.
No tax returns. No paystubs. Not even a P&L. We don’t ask.
- Driver’s license (or passport)
- LLC docs — operating agreement + EIN letter
- Two months of bank statements for reserves
- Lease (refi) or 1007 rent schedule (purchase)
- Homeowners insurance binder before close
- If STR: 12 months of Airbnb data or AirDNA report
FAQ
DSCR, answered.
Yes — and most DSCR lenders require it. The loan is to your entity, secured by the property. Personal guarantee yes, personal income no. If you don’t have an LLC yet, Devon can refer you to a same-week formation service.
Yes. With 12 months of Airbnb/VRBO history we use trailing actuals; for a purchase with no operating history we use an AirDNA forecast at the 75th percentile. Coastal CA STRs typically qualify if your DSCR pencils on the conservative number.
No. The lender doesn’t look at it, doesn’t ask for tax returns, doesn’t care what your day job pays. The property qualifies on rent. The only thing we look at on you is credit and the entity.
Standard is a 3- or 5-year step-down (5/4/3/2/1% of balance if paid off in years 1–5). You can buy out of the prepay for typically 50–100bps of rate. If you’re planning to refi or sell within 36 months, paying the buyout up front usually pencils.
Yes — up to 75% LTV on a cash-out DSCR refi for SFR, slightly less on 2-4 unit. If the property is rented and the rent covers the new payment at 1.0+ DSCR, this is one of the cleanest scenarios DSCR underwrites.
Bring the property. We’ll bring the loan.
Send your scenario over — address, purchase price, expected rent. Devon will price it across 6+ DSCR desks the same day.
Run my DSCR scenario