Rental Property Refinance Options for Investors

Refinancing a rental property can solve very different problems depending on where an investor is in the deal. One owner may want to replace short-term financing, while another is trying to lower the monthly payment or release equity for a new purchase. DSCR loans give investors a way to qualify primarily through the property’s rental income rather than conventional employment income. That does not make every refinance interchangeable, because leverage limits, credit rules, prepayment terms, and property standards still vary by lender. A useful comparison therefore starts with the purpose of the refinance rather than with a single advertised rate.

The five lenders below all work with investment properties, yet they serve noticeably different refinance scenarios. Newfi Lending combines DSCR refinancing with property-analysis tools and options for accessing equity. Griffin Funding offers several ways to tap rental-property value, including cash-out and second-lien products. LendingOne leans toward landlords who want multiple term structures, while Angel Oak Mortgage Solutions supports a wider set of qualifying property and borrower profiles. RCN Capital rounds out the list with long-term rental financing that publishes clear leverage bands for refinance and cash-out transactions.

Five Lenders Worth Putting on the Same Quote Sheet

A refinance shortlist is more useful when the companies on it are not identical. One lender may be easier to evaluate before an application, another may give an investor more ways to reach equity, and a third may accommodate a property that falls outside a simpler rental program. We selected five companies with materially different approaches to investment-property refinancing. Their main distinctions look like this:

Newfi Lending: DSCR refinancing supported by a calculator, rate resources, and options for eligible cash-out transactions;
Griffin Funding: Cash-out refinancing alongside DSCR HELOAN and HELOC alternatives for accessing equity;
LendingOne: Landlord-focused refinancing with fixed, ARM, interest-only, and portfolio structures;
Angel Oak Mortgage Solutions: Investor cash-flow financing that covers a relatively broad range of rental and property scenarios;
RCN Capital: Long-term rental loans with published DSCR, credit, and leverage parameters.

Those differences provide a better starting point than ranking lenders by one headline rate. The actual order can change once a property’s value, rent, existing debt, and intended use of the proceeds are added to the comparison.

1. Newfi Lending

Newfi Lending gives rental-property investors both rate-and-term and cash-out DSCR refinance routes, with qualification centered primarily on the property’s rental income. Its current program information lists loan amounts from $150,000 to $3 million and up to 80% LTV for eligible refinance scenarios, although final terms depend on the complete borrower and property profile. The company also allows qualifying long-term and short-term rentals, along with eligible individual and LLC ownership structures. A useful distinction is the set of investor tools around the loan, including a DSCR Calculator and current rate information for testing payment and cash-flow assumptions before applying. Newfi also notes that some vacant but rent-ready properties may be evaluated using appraisal-supported market rent rather than an active lease.

Newfi makes particular sense for investors who want to run several versions of a deal before deciding whether refinancing is worthwhile. A self-employed borrower or portfolio investor may also value a process that focuses primarily on property income rather than conventional employment documentation.

The useful part of Newfi’s setup is that the analysis can begin before the borrower commits to one refinance structure. An investor can change assumptions around payments, rent, or available equity and see how the property responds. Anyone comparing a DSCR lender for an existing rental should pay attention to these areas:

Minimum DSCR: As low as 0.75 for qualified borrowers;
Cash-out access: Eligible borrowers may refinance and release qualifying equity from an existing rental;
Scenario tools: The DSCR Calculator can be used to test payment, coverage, and property cash-flow assumptions;
Rental flexibility: Qualifying long-term, short-term, and certain vacant rent-ready properties may be considered;
Ownership choices: Individual and eligible LLC ownership structures are available under applicable program rules.

Minimum credit score and loan amount requirements still apply, and Newfi does not lend in every state. Those limits should be checked before treating a calculator result as an indication that a specific loan will qualify.

2. Griffin Funding

Griffin Funding gives investors several ways to reach rental-property equity rather than limiting the conversation to a standard first-mortgage refinance. Its DSCR cash-out program advertises leverage of up to 80% LTV for qualifying scenarios, with no-seasoning options available on some programs. The lender also offers DSCR HELOAN and HELOC products that can leave an existing first mortgage in place instead of replacing it. For investors coming out of bridge or other short-term financing, Griffin lists rate-and-term DSCR options with 30-year and 40-year structures as well as interest-only choices. Qualification still depends on rental income, credit, property characteristics, leverage, and the specific program used.

Griffin provides both refinance and second-lien structures, allowing investors to compare replacing an existing first mortgage with accessing equity while leaving that mortgage in place.

Its product range makes the equity question less binary than simply refinancing or doing nothing. A full cash-out refinance, fixed second mortgage, and revolving line of credit affect the existing debt differently. The relevant choices include:

DSCR cash-out refinance: Replace the existing mortgage while releasing qualifying property equity;
DSCR HELOAN: Take a fixed-rate lump sum through a second lien while leaving the first mortgage in place;
DSCR HELOC: Use a revolving line rather than receiving all available funds at once;
Rate-and-term refinance: Replace existing financing with longer-term DSCR structures, including eligible interest-only options.

That range is useful only if the borrower compares the cost of each layer of debt rather than focusing on cash received at closing. Keeping an existing first mortgage can be attractive, but a second lien introduces its own rate, payment, and qualification considerations.

3. LendingOne

LendingOne focuses its refinance offering on landlords and other real estate investors rather than owner-occupied borrowers. Its current rental program lists up to 75% LTV for qualifying cash-out refinances and up to 80% LTV for rate-and-term transactions. Borrowers can compare 30-year fixed loans, adjustable-rate products, and interest-only structures instead of working from one repayment format. Eligible collateral includes single-family rentals, townhomes, condos, and two-to-four-unit properties, while portfolio loans are available for investors managing several assets. DSCR approval is based on property rental income, but final pricing and leverage remain tied to the full loan scenario.

LendingOne provides several long-term rental loan structures, including fixed-rate, adjustable-rate, interest-only, and portfolio financing options.

The main variables here concern how the debt is organized after refinancing. A borrower may care about monthly payment stability, near-term cash flow, or simplifying financing across several rentals. LendingOne gives investors several points to compare:

Rate-and-term leverage: Up to 80% LTV is listed for qualifying transactions;
Cash-out leverage: Eligible cash-out refinances are offered up to 75% LTV;
Repayment structures: Fixed-rate, ARM, and interest-only products are available;
Portfolio financing: Investors with several rental properties can explore a consolidated portfolio structure.

LendingOne is less about an unusual niche product and more about having several familiar rental-financing configurations under one lender. The differences between these structures become more relevant when the investor’s expected holding period is considered.

4. Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions offers its Investor Cash Flow Loan as a DSCR product for rental-property investors who want to purchase or refinance without qualifying through personal employment income. The program supports cash-out and rate-and-term refinancing as well as delayed financing for eligible transactions. Published options include 30-year fixed, 5/6 ARM, 7/6 ARM, and interest-only structures, with loan amounts reaching $3 million. Angel Oak also lists short-term and long-term rentals, LLC ownership, non-warrantable condos, and condotels among the situations it can consider. Its current program page notes that DSCR below 1.0 and no-DSCR options may be available, subject to the lender’s guidelines.

Angel Oak’s program covers several scenarios outside a standard long-term rental loan, including short-term rental income, certain condo classifications, and lower-DSCR situations subject to program guidelines.

Its published guidelines contain several features that can materially change whether a refinance works. They should not be read as automatic approval criteria, since leverage and eligibility vary with the complete file. Areas worth examining include:

Broader property coverage: Short-term rentals, long-term rentals, non-warrantable condos, and condotels may qualify under applicable rules;
Multiple rate structures: Fixed-rate, ARM, and interest-only choices are listed;
Alternative DSCR scenarios: Programs may accommodate DSCR below 1.0 or certain no-DSCR cases;
Delayed financing: Eligible investors can explore refinancing shortly after an acquisition under separate program conditions.

That flexibility comes with more variables to review during underwriting. Investors should confirm which program actually applies to the property before comparing its leverage or pricing with a more conventional DSCR quote.

5. RCN Capital

RCN Capital’s Long-Term Rental program is built around non-owner-occupied properties and publishes separate leverage limits for purchase, standard refinance, and cash-out transactions. Current program terms list up to 80% LTV for qualifying refinances and up to 75% for cash-out, with lower maximums applying to some credit bands. The program uses a 30-year term and includes fixed, hybrid ARM, and interest-only amortization choices. Eligible collateral includes one-to-four-family residential properties, condos, townhomes, and planned unit developments, while RCN also maintains separate multifamily financing. Its stated minimum DSCR for the long-term rental program is 1.00, alongside a minimum FICO of 660.

RCN publishes credit and leverage parameters that investors can compare with the property’s value, borrower credit range, and target loan amount before applying.

Credit has a visible effect on the maximum leverage available through this program. That makes it particularly important to compare the desired proceeds with the borrower’s actual FICO range rather than quoting only the highest published LTV. The current framework includes:

Standard refinance: Up to 80% LTV for qualifying borrowers in the higher published credit bands;
Cash-out refinance: Up to 75% LTV at the top end of the current program grid;
DSCR threshold: A stated minimum ratio of 1.00 for the Long-Term Rental program;
Term choices: 30-year fixed, hybrid ARM, and eligible interest-only structures are available.

RCN also publishes minimum property value and loan amount requirements, so smaller rental assets may fall outside the program. Investors can use the published leverage table to compare the requested loan amount with the program’s stated limits.

Final Thoughts

A rental-property refinance can be compared based on the reason the existing debt is being replaced. Newfi provides tools for modeling DSCR and equity scenarios, Griffin Funding includes second-lien options, and LendingOne offers several landlord-oriented term structures. Angel Oak covers additional property scenarios, while RCN Capital publishes credit-based leverage parameters for its long-term rental program.

None of those differences eliminates the need to compare actual quotes. Rate, points, closing costs, prepayment provisions, available cash, monthly payment, and the amount of equity left in the property can change the value of a refinance substantially. Investors should also consider what they expect to do with the property after closing rather than judging the new loan only on its first payment. Investors can evaluate whether the refinance structure aligns with the next stage of the investment plan without assuming guaranteed savings or future returns.