Boston's triple-deckers and two-families are some of the best cash-out candidates in the country: high values, three rent rolls and long ownership. The details that matter are the investor tax bill, lead paint compliance and the size of the loan.
In short: Our top pick for a Boston DSCR cash-out refinance is LendingStreet. We qualify on the combined rent of every unit with no W-2s or tax returns, cash out up to 75% of appraised value, lend to LLCs as standard and offer 30-year terms. Loans start at $150,000 with no stated maximum, which fits a metro where many multi-family rentals appraise near or above $1M, and larger balances get a careful, case-by-case review.
Our DSCR cash-out program fits Greater Boston investors who own two-families, triple-deckers and condos in Dorchester, Somerville, Quincy and the Gateway Cities and want long-term money without a debt-to-income review.
The program in plain terms: cash-out up to 75% LTV, loans from $150,000 with no stated maximum, a 620 minimum credit score, and qualification on the rent the property earns instead of your personal income. Borrowing in an LLC is normal for us, the standard DSCR floor is 1.0x with sub-1.0 options on some programs, and a 30-year term lets you hold the property after the cash comes out.
To see your numbers, fill out the form below or call (877) 298-1001. Bring the address, the payoff balance and the lease, and we will size the loan with you.
Well-known DSCR cash-out refinance lenders include CoreVest, Dominion Financial, LendingOne, Lima One, New Silver and RCN Capital. Compared scenario by scenario for investors in Boston, MA, LendingStreet comes out as the stronger choice, and one application covers it.
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 |
|---|---|---|
| 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. |
| 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. |
| 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. |
The classic Boston rental is the triple-decker: three stacked units, each with its own lease, common in Dorchester, Roxbury, Jamaica Plain, East Boston and parts of Brighton and Allston. Two-family homes and converted condos fill out much of the rest of the city's small rental stock.
Beyond the city, investors hold multi-family rentals in Somerville, Malden, Quincy, Lynn and Brockton, and further out in Worcester and Lowell, where values are lower and the rent test is easier to pass at 75%.
Owners who have held a two-family or triple-decker for ten years or more often pull equity to buy in Worcester or Lowell, fund a gut renovation between tenants, or pay off a bank loan that is approaching a balloon date.
Most investors we talk to have already called a bank and maybe a private lender. Those options can work, but they are built for different jobs. Here is a fair, general comparison on the issues that decide a rental cash-out.
The short version: banks lean on your personal income, short-term lenders are built for quick exits, and LendingStreet gives you long-term rental financing on the property's own numbers.
| What matters on a cash-out | LendingStreet | Local bank | Private or hard money lender |
|---|---|---|---|
| Income documents | None; rent qualifies the loan | Tax returns and pay history are common | Varies |
| Maximum cash-out | Up to 75% of appraised value | Varies by bank | Varies; fees and terms vary |
| Built to hold long term | Yes, 30-year terms available | Sometimes, often with a shorter balloon | No, short-term loans |
| Borrowing in an LLC | Standard | Case by case | Common |
| Minimum credit score | 620 | Varies, often higher | Varies |
| One lender for flip, bridge and rental | Yes | Rarely | Usually short-term loans only |
Boston's residential exemption reduces the tax bill only for owner-occupants, so an investor-held property pays on the full assessed value. Budget on the investor bill, not the seller's. Massachusetts deed excise applies to sales, so a refinance mostly carries title, recording and appraisal costs.
Massachusetts lead law requires deleading or interim controls in pre-1978 homes where a child under six lives, and much of Boston's triple-decker stock predates 1978. Have your compliance letters in the file. Boston also requires rental units to be registered with the city and inspected periodically.
Boston bans investor-owned short-term rentals; only owner-occupied home-share units are allowed. Investor cash-outs in the city are underwritten on long-term leases. For STR income, look at Massachusetts resort towns where non-owner STRs are permitted, and confirm the local rules.
This example is illustrative and not a quote. An investor owns a Dorchester triple-decker appraised at $1,200,000, with a payoff of $450,000. The three units rent for $9,300 a month combined. Taxes, with no residential exemption, are budgeted at $1,160 a month and insurance at $350.
At 75% LTV the loan is $900,000, estimated principal and interest is $6,140, and DSCR is about 1.22x, leaving about $450,000 of cash before closing costs. Because this is a larger balance, max LTV can be lower by program, so the table also shows 70%, where DSCR is about 1.28x and the cash is about $390,000.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Appraised value | $1,200,000 | $1,200,000 |
| Loan amount | $900,000 | $840,000 |
| Existing payoff | $450,000 | $450,000 |
| Cash out before closing costs | $450,000 | $390,000 |
| Estimated principal and interest | $6,140 | $5,730 |
| Taxes, insurance and HOA | $1,510 | $1,510 |
| Total monthly payment | $7,650 | $7,240 |
| Monthly rent | $9,300 | $9,300 |
| DSCR | About 1.22x | About 1.28x |
Start with value. Cash-out goes up to 75% LTV on the appraised value, not on what you paid. Then check the rent: the monthly rent divided by the new payment (principal, interest, taxes, insurance and HOA) has to meet the DSCR minimum, 1.0x on standard programs. Whichever limit is lower sets the loan, and the payoff of your current loan and closing costs come off the top.
How long you need to have owned the property before cashing out depends on the program; our seasoning guide covers the details. Larger balances and 5-8 unit properties can carry a lower maximum LTV, which varies by program.
Before you pick a lender, put these questions to each one and write the answers down. We have filled in LendingStreet's answers so you have a benchmark.
Pull these together, then get a quote with the form below or call (877) 298-1001.
LendingStreet is our top pick for Boston investors: rent-based qualification instead of tax returns, up to 75% LTV on a cash-out, LLC borrowing as standard, a 620 minimum credit score and 30-year terms available.
Yes. LendingStreet makes business-purpose DSCR loans on investment property in Boston, the rest of Massachusetts and every other state plus DC. Call (877) 298-1001 to start.
Yes. We add the rent from all three units and compare it with the full new payment.
Missing compliance can raise questions with the appraisal and the insurer, and it is a legal issue for occupied units. Have your letters ready.
Not an investor-owned unit in Boston, where non-owner STRs are banned. We would underwrite on a long-term lease.
There is no stated maximum. Larger balances get more review, and max LTV can be lower than 75%, varying by program.
Yes. Those markets often pass the rent test more easily, because values are lower relative to rents.
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