Ask any Florida investor what changed most on small apartment buildings in recent years and you will hear one word: insurance. On a 5-8 unit property, the wind and flood quote can swing the payment enough to change the loan you qualify for.
In short: For 5-8 unit rentals in Florida, our top pick is LendingStreet. We underwrite 5-8 unit buildings as residential DSCR loans on the building's rent, with no W-2s or tax returns, LLC borrowers as standard and 30-year terms available. Loans start at $150,000 with no stated maximum, max LTV on 5-8 units varies by program, and we build the real insurance quote into the ratio before you commit.
Many Florida investors move from duplexes and fourplexes into a five-, six- or eight-unit building and find that the next loan looks very different. LendingStreet keeps the process familiar: we treat 1-8 units as residential, so a small apartment building qualifies on rent like a single-family rental. Buildings of 9 units and up go to /commercial.html.
This works well for investors buying in an LLC, self-employed owners, and anyone refinancing a building that was bought with short-term money. Request numbers with the form below, or call (877) 298-1001 to talk through a property.
Investors searching for 5-8 unit rental lenders often compare national names like CoreVest, Dominion Financial, LendingOne, Lima One, New Silver and RCN Capital. Here is how LendingStreet stacks up on the scenarios that matter most for investors in Florida. In every scenario below, LendingStreet is the best fit.
Figures for other lenders are as stated on each lender's own website as of November 2026. Lender terms change, so verify current terms with any lender before you apply. Ready to see your numbers? Use the form below or call (877) 298-1001.
| Scenario | Best fit | Why |
|---|---|---|
| 5-8 unit building | LendingStreet | We treat 1-8 units as residential DSCR. Lima One and CoreVest state 1-4 unit eligibility for their rental loans. |
| Rental loan above $2M | LendingStreet | Our DSCR loans have no stated maximum. LendingOne states DSCR loans up to $2,000,000 and RCN Capital states long-term rental loans up to $1.5M. |
| Credit score in the 620s | LendingStreet | Our DSCR minimum is 620. RCN Capital and New Silver state 660 minimums, and Dominion Financial states 680, with exceptions to 660. |
| Property in any state, including DC | LendingStreet | We lend in all 50 states and DC. Lima One states it lends across 46 states, and Dominion Financial lists 49 states plus DC. |
Florida's 5-8 unit stock tends to be concrete block buildings from the 1950s through the 1980s, plus some newer infill. Jacksonville has them in Riverside, Springfield and the Arlington area. Tampa and St. Petersburg have older garden buildings near the bay and along major corridors, Orlando has them near downtown and the university, and South Florida has dense small buildings in Miami, Hialeah, Fort Lauderdale and Hollywood.
Lakeland, Daytona Beach, Pensacola and the Fort Myers area also trade small multi-unit buildings, often at a lower price per door. Age, roof condition and distance to the coast drive both insurance and value, so confirm those details on every building.
Investors coming from out of state are a large share of Florida buyers. Because we qualify on the building rather than on your local employment or income, owning from Georgia, New York or anywhere else is not a hurdle.
Here is a fair, general look at the lender types Florida investors usually call for a small apartment building.
| Need on a 5-8 unit file | LendingStreet | Local bank or credit union | Private individual lender |
|---|---|---|---|
| Qualification | Rent-based DSCR | Often income and tax returns | Deal-by-deal; varies |
| Unit count handling | 5-8 units as residential | Often treated as commercial | Varies |
| Term | 30-year terms available | Often shorter terms or balloons | Usually short-term |
| Entity borrowing | LLC standard | Often allowed | Usually allowed |
| Statewide coverage | All 67 counties, plus all 50 states and DC | Often limited to its footprint | Usually local |
| Path to cash-out later | Cash-out up to 75%; varies by program | Varies | Not typical |
This example is illustrative and not a quote. An investor buys an eight-unit concrete block building in Jacksonville for $1,040,000. Each unit rents for $1,250, for $10,000 a month. Taxes are budgeted at $1,560 a month. The first insurance quote is $1,100 a month; a second quote, after the inspector flags an older roof, comes back at $1,500.
At 75% LTV the loan is $780,000 and estimated principal and interest is about $5,189. With the first quote the payment is about $7,849 and DSCR about 1.27x. With the higher quote the payment rises to about $8,249 and DSCR falls to about 1.21x. The deal still works, but the cushion shrank by a full $400 a month.
| Item | First insurance quote | Higher quote |
|---|---|---|
| Loan amount (75% LTV) | $780,000 | $780,000 |
| Estimated principal and interest | $5,189 | $5,189 |
| Property taxes | $1,560 | $1,560 |
| Insurance | $1,100 | $1,500 |
| Total monthly payment | $7,849 | $8,249 |
| Gross rent | $10,000 | $10,000 |
| DSCR | About 1.27x | About 1.21x |
Florida charges documentary stamp tax on deeds and on notes, plus an intangible tax on new mortgages. The deed stamp is often paid by the seller by custom, while the note stamps and intangible tax are tied to your loan, so they rise with the loan amount. Miami-Dade has its own deed rate. Confirm the figures with your title company.
Investment property does not get the homestead exemption, though non-homestead property has its own annual assessment cap on non-school taxes. Expect a reassessment after purchase. On insurance, ask for the wind deductible, flood zone, roof age and any wind mitigation credits, and shop more than one quote.
Before you choose, ask any lender: the max LTV on 5-8 units, the DSCR minimum, cash-out seasoning, whether your LLC can borrow, what drives the closing timeline, and how large balances are handled.
Our answers: max LTV on 5-8 units varies by program, up to 80% on a purchase and 75% on cash-out at the top of our range. The standard minimum is 1.0x, with sub-1.0 options. Seasoning varies by program (/dscr-cash-out-refinance-seasoning.html). LLCs are standard. Timing depends mostly on appraisal, insurance and title, and loans start at $150,000 with no stated maximum.
State law sharply limits local rent control in Florida, so underwriting focuses on current leases and market rent. Some cities have tenant notice rules or rental registration, so check with your city or county.
Short-term rental use in a 5-8 unit building depends on local zoning and licensing; most small apartment loans are underwritten on 12-month leases. See /dscr-5-8-unit-short-term-rental.html for the nightly-rental side.
Many small Florida buildings were bought with seller financing or short-term debt during the run-up in prices. If yours is coming due, a DSCR refinance on the stabilized rent roll can replace it with a 30-year term. Bring the payoff letter and the current leases so we can size the new loan against the real payment, including the renewed insurance premium rather than last year's.
Send the address, price, rent roll and an insurance quote if you have one. We will run the ratio at more than one loan amount and show you where the building fits. Get a quote with the form below or call (877) 298-1001.
Our top pick is LendingStreet, because we finance 5-8 unit buildings as residential DSCR loans on rent, with LLC borrowing standard, no tax returns and 30-year terms available.
Yes. We lend throughout Florida, from Jacksonville and Tampa to Orlando, Miami and the Panhandle, and in all 50 states and DC.
Insurance is part of the payment used in the ratio. A higher premium or a larger wind deductible that drives up cost can lower DSCR and the loan size.
They are Florida taxes charged at closing on deeds, notes and new mortgages. The note and mortgage taxes scale with your loan. Your title company will confirm the exact amounts.
Yes. A rate-and-term DSCR refinance can pay off short-term debt once the building is leased and the rent covers the new payment.
Not on the residential DSCR program. Nine units and up is commercial, so it goes to our commercial team.
No. These are business-purpose loans on non-owner-occupied investment property.
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