A $2,000,000 rental loan can finance one high-value property, a few rentals, or part of a larger portfolio. The right structure depends on what the rent can carry and how many doors are involved.
In short: LendingStreet finances $2,000,000 investment property loans through DSCR programs, which have no stated maximum and review larger balances case by case. At 75% LTV, $2,000,000 finances about a $2.67M purchase, and at a sample 7.0% rate principal and interest is about $13,306 a month, so the property usually needs $16,000 or more in monthly rent. Maximum LTV is often lower and reserves higher at this size, and pricing is set case by case. If the $2M spans five or more rentals, a blanket portfolio loan may fit better; a 5+ unit apartment building is usually a multifamily loan underwritten on NOI.
The table shows the purchase price a $2,000,000 loan supports, the down payment, and the rent needed for about a 1.0x DSCR. The sample rate is 7.0% on a 30-year fixed, and taxes plus insurance are an illustrative 1.5% of price per year. At this size, actual taxes and insurance vary widely by state and property, so get real figures early.
The 80% row is shown for reference. On larger balances, maximum LTV is often lower than the 80% purchase limit, and the exact cap varies by program. Many $2M files land between 65% and 75%.
| LTV | Purchase price | Down payment | P&I at sample 7.0% | Illustrative taxes + insurance | Rent needed for about 1.0x |
|---|---|---|---|---|---|
| 65% | $3,076,923 | $1,076,923 | $13,306 | $3,846 | $17,152 |
| 70% | $2,857,143 | $857,143 | $13,306 | $3,571 | $16,877 |
| 75% | $2,666,667 | $666,667 | $13,306 | $3,333 | $16,639 |
| 80% | $2,500,000 | $500,000 | $13,306 | $3,125 | $16,431 |
Investors reach a $2M loan in two very different ways. One is a single high-value property: a luxury single-family rental, a high-end short-term rental, or a 2-4 unit building in an expensive metro. The other is a handful of rentals bought or refinanced at the same time.
A single asset is simpler to close but concentrates risk. One vacancy means zero rent. Several properties spread the risk, but each needs its own appraisal, title work and insurance, and the structure choice matters more.
Think about the exit as well. A single $2.7M property has a smaller buyer pool than three $900,000 properties. If you might sell part of the investment within a few years, separate loans or a blanket with workable release terms keep that option open.
| Structure | Best fit | Trade-off |
|---|---|---|
| One DSCR loan on one property | A single high-value 1-4 unit rental | Ratio often limits leverage; one vacancy hits all the rent |
| Separate DSCR loans on 2-4 properties | A few rentals you may sell or refinance one at a time | More closings and paperwork |
| Blanket portfolio loan | 5+ properties, one closing, portfolio pricing | Properties are tied together; release terms matter |
| Multifamily loan | One building with 5+ units | Underwritten on NOI from operating statements |
High-value homes rarely rent in proportion to their price. A $2.7M single-family home might rent for well under the $16,000 to $17,000 a month a $2M loan needs. That is why many large single-asset loans end up at 65% or 70% LTV: the rent caps the loan before the leverage limit does.
2-4 unit buildings and established short-term rentals often support larger loans because the income is higher relative to value. Short-term rental DSCR loans qualify on projected revenue and start from 6.49%, though projections at this level are reviewed closely.
Before you write an offer, divide the realistic monthly rent by the full payment at two or three loan amounts. The highest loan that still clears 1.0x with a little room is a better planning number than the maximum LTV.
This example is illustrative and not a quote. An investor buys a high-end duplex in an expensive metro for $2,700,000. The appraisal supports a combined rent of $17,000 a month. Taxes and insurance are about $3,400 a month.
At 75% LTV the loan is $2,025,000. At a sample rate of 7.25% on a 30-year fixed, principal and interest is about $13,814, the full payment about $17,214, and the DSCR about 0.99x. That is below 1.0x, so this version does not work on a standard program.
At 70% LTV the loan is $1,890,000. Principal and interest drops to about $12,893, the full payment to about $16,293, and the DSCR rises to about 1.04x. The down payment is $810,000. With sample closing costs of $45,000, and if the program in this example asked for 12 months of reserves (about $195,518), the investor would need about $1,050,518 in liquid funds.
This example is illustrative and not a quote. Now say the investor buys three rentals at $900,000 each instead, with a $675,000 DSCR loan on each (75% LTV), for $2,025,000 in total. At a sample 7.25% rate, each loan's principal and interest is about $4,605.
Each property is underwritten on its own rent. One weak property does not drag down the other two, and each can be sold or refinanced separately. The cost is three appraisals, three title files and three closings. With five or more properties, a blanket loan would usually be worth comparing.
On a $2M loan, the monthly payment is often $14,000 to $18,000 including taxes and insurance. Reserve requirements are counted in months of that payment and tend to be higher on larger balances, so the reserve figure can run well into six figures. Requirements vary by program.
Lenders also look at overall liquidity and the rest of your real estate. Expect to provide a schedule of owned properties with balances and rents. Strong reserves can help pricing and sometimes leverage on a borderline file.
If part of your liquidity is in retirement accounts, ask how much of it counts. Some programs count only a portion. Cash-out proceeds from the same transaction may or may not count toward reserves, depending on the program.
Rates start from 6.125% for well-qualified DSCR borrowers, and larger balances are priced case by case. Credit score, LTV, the ratio, property type and reserves all feed into the rate. There is no published price for a $2M loan; the financing team quotes it after reviewing the scenario.
Some programs require a second appraisal or a more detailed review on large balances. Plan for extra time on valuation, especially for unique properties with few comparable sales.
A clean package helps here. A full rent roll, real tax and insurance figures and a complete schedule of owned properties let the financing team quote a firm structure instead of a range.
A $2,000,000 cash-out refinance at the 75% cash-out limit needs a property, or group of properties, worth at least about $2.67M. On larger balances the maximum is often lower, so many investors plan around 65% to 70%. The ratio is tested on the new, larger payment, so cash-out lowers the DSCR, and the result must still clear the program minimum.
Seasoning varies by program. Some allow cash-out with little or no seasoning; others want several months of ownership or cap the loan at the purchase price plus documented improvements. Rate-and-term refinances, such as paying off a bridge or construction loan on a finished rental, are also available and do not reduce the ratio the way cash-out does.
If the $2M covers five or more rentals, a blanket portfolio loan gives one closing, one payment and portfolio pricing, qualified on the combined cash flow. That can be easier than managing five separate loans, though it ties the properties together.
If the $2M is for a single building with five or more units, that is a multifamily loan, underwritten on net operating income from the rent roll and operating statements instead of a simple rent-to-payment ratio. Mixed-use buildings are commercial loans, and the property must be cash flow positive.
Large files close faster when the package is complete. Send the scenario and the financing team will come back with 2–3 options.
Yes. Our DSCR loans have no stated maximum, and $2M balances are reviewed case by case. The rent has to support the payment at the program's minimum ratio.
At 75% LTV, about $666,667 on a $2.67M purchase. On larger balances maximum LTV is often lower, so many investors put down 25–35%.
At a sample 7.0% rate on a 30-year fixed, principal and interest is about $13,306. Taxes, insurance and dues are additional.
Case by case. Rates start from 6.125% for well-qualified DSCR borrowers, and credit, leverage, the ratio, the property and reserves all affect the final rate.
One loan suits a single property. Several DSCR loans suit a few rentals you want to keep separate. With five or more properties, compare a blanket portfolio loan.
Some programs require a second appraisal or a more detailed review on large balances. It depends on the program and the property.
Yes. LLC borrowers are allowed, and most loans at this size close in an entity. You will provide formation documents, the operating agreement and an EIN letter.
Yes, through a multifamily loan if the building has five or more units. Those loans are underwritten on net operating income.
Yes, up to 75% LTV, often lower on large balances. The ratio is tested on the new payment and must still clear the program minimum.
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