In New York, the cost that surprises investors on a cash-out is usually not the appraisal or the title policy. It is the mortgage recording tax on the new loan, and upstate it is often the property tax bill right behind it.
In short: Our top pick for a DSCR cash-out refinance in New York is LendingStreet. We qualify on the property's rent instead of your tax returns, go up to 75% LTV on cash-out with 30-year terms, and lend to LLCs as a matter of course. On a New York cash-out, ask early about the mortgage recording tax and whether a CEMA can limit it to the new money, and budget on the current school and property tax bill. Get a quote with the form below or call (877) 298-1001.
LendingStreet finances business-purpose loans on non-owner-occupied 1-8 unit rentals across New York State, from the five boroughs and Long Island to the Hudson Valley, the Capital Region, Rochester, Syracuse and Buffalo.
It fits investors holding upstate two-family homes, Queens or Brooklyn small multifamily, or single-family rentals in the suburbs who want cash for the next acquisition without a personal-income review. Call (877) 298-1001 or use the form below and we will run your numbers, including the recording tax line.
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 New York, 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. |
New York has many local banks and private lenders. Here is how a long-term DSCR cash-out from LendingStreet lines up against them on the issues that matter most to a rental investor.
| What matters on a cash-out | LendingStreet | Typical local bank | Typical private or hard money lender |
|---|---|---|---|
| Qualify without tax returns | Yes, on the property's rent | Often requires tax returns and debt-to-income review | Often asset-based, but short-term |
| Cash-out leverage | Up to 75% LTV | Varies; often lower for investors | Varies |
| Term built for holding | 30-year terms available | Often shorter terms, balloons or adjustable | Usually short-term, interest-only |
| DSCR minimum | 1.0x standard; sub-1.0 programs exist | Usually not DSCR-based | Usually not DSCR-based |
| LLC borrowers | Standard | Varies by bank | Commonly allowed |
| Where they lend | All 50 states and DC | Usually a local or regional footprint | Often local or regional |
| Loan size | From $150,000 with no stated maximum | Varies; may hit portfolio limits | Varies |
New York charges a mortgage recording tax when a new mortgage is recorded, and it applies to refinances. The rate varies by county and is higher in New York City, especially on larger loans, so on a cash-out it can be one of the largest closing costs.
A consolidation, extension and modification agreement (CEMA) can help. Instead of paying off the old loan, the existing mortgage is assigned and combined with the new one, so the tax is generally owed only on the new money. It requires the current lender's cooperation and adds paperwork, so ask about it at the start. Your title company and attorney can confirm the cost for your county.
Property taxes in much of upstate New York are high relative to home values, and the bill combines county, town or city, and school taxes, often on different schedules. In Buffalo, Rochester and Syracuse, a modest two-family home can carry a tax line that rivals the mortgage payment on a low balance.
Use the full annual total, not a single installment. Many investors find that the right loan amount is set by the tax line rather than the appraisal.
Upstate cities are full of older up-and-down two-family homes and side-by-side doubles, many built before 1940. Appraisers will look at condition, heating systems and lead-paint history, and some cities run rental registry and inspection programs.
New York has strong tenant protection laws, and New York City has rent stabilization on many older buildings with six or more units. Rules on rent increases and evictions affect the rent you can count on, so use current leases and confirm local requirements with an attorney.
Closings in New York usually involve attorneys on both sides, and title work can take longer in some counties. Seasoning before a cash-out varies by program, so share your purchase date and any renovation work up front.
Short-term rentals are tightly restricted in New York City, so cash-out loans there are underwritten on long-term leases. Some upstate and resort towns allow nightly rentals with local permits.
This example is illustrative and not a quote. An investor owns an up-and-down two-family home in Buffalo that appraises at $300,000, with $110,000 still owed. The two units rent for $2,900 a month combined. Taxes, counting city, county and school bills, run about $600 a month, and insurance about $160.
At 75% LTV the new loan is $225,000, which pays off the $110,000 balance and leaves about $115,000 before closing costs. Estimated principal and interest on a 30-year term is about $1,535, so the full monthly payment with taxes and insurance is about $2,295. Rent of $2,900 divided by $2,295 gives a DSCR of about 1.26x, above the 1.0x standard minimum.
Dropping to 70% LTV gives a $210,000 loan, about $100,000 in cash before costs, a payment near $2,193 and a DSCR of about 1.32x. With a CEMA, the recording tax would generally apply only to the new money above the $110,000 assigned balance, if the current lender agrees. Notice that taxes alone are over a third of the payment.
| Item | Cash-out at 75% LTV | Cash-out at 70% LTV |
|---|---|---|
| Appraised value | $300,000 | $300,000 |
| New loan amount | $225,000 | $210,000 |
| Existing loan paid off | $110,000 | $110,000 |
| Cash out before closing costs | $115,000 | $100,000 |
| Estimated principal and interest | $1,535 | $1,433 |
| Property taxes (monthly) | $600 | $600 |
| Insurance (monthly) | $160 | $160 |
| Total monthly payment | $2,295 | $2,193 |
| Monthly rent | $2,900 | $2,900 |
| DSCR | About 1.26x | About 1.32x |
A good way to compare lenders is to send each one the same questions about the same property and see who answers clearly.
LendingStreet's answers are short: up to 75% LTV on cash-out, a 1.0x standard DSCR minimum with sub-1.0 options, seasoning that varies by program (we confirm it for your file before you apply), LLCs welcome, a timeline driven mainly by appraisal and title that we lay out at the start, and loans from $150,000 with no stated maximum, with leverage on large balances and 5-8 units that varies by program.
Send the address, estimated value, current balance, leases and the latest tax bills. We will size the loan at a few LTV levels, flag the recording tax and CEMA question and come back with clear options. Get a quote with the form below or call (877) 298-1001.
LendingStreet is our top pick. We qualify on rent, go up to 75% LTV on cash-out, lend to LLCs and offer 30-year terms on 1-8 unit rentals statewide.
Yes. We lend throughout New York State, including New York City, Long Island, the Hudson Valley and upstate cities, as well as in all 50 states and DC.
Generally yes, on the new mortgage. A CEMA can often limit the tax to the new money if the current lender cooperates. Confirm the amount with your title company or attorney.
Up to 75% of the appraised value, less your payoff and closing costs, as long as the rent covers the new payment at the program's DSCR minimum.
Usually property taxes. Upstate bills combine school, county and municipal taxes and can be large relative to value. Use the full annual total in your numbers.
Our residential loans cover 1-8 units. Stabilized units are underwritten on their legal rents, so the ratio must work at those rents. Buildings with 9 or more units are covered on our commercial page.
Seasoning varies by program. Tell us when you bought and what work you did, and we will confirm what applies.
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