Salt Lake City owners tend to have plenty of equity and modest rent relative to value. That makes the loan size, not the approval, the real question on a cash-out, and the right lender shows you exactly where the line is.
In short: Our top pick for a DSCR cash-out refinance in Salt Lake City is LendingStreet. We qualify Salt Lake County rentals on the property's rent with no W-2s or tax returns, lend up to 75% LTV on a cash-out on 30-year terms, and make LLC borrowing standard. Utah's low taxes help, but high values relative to rent mean many owners land on a lower LTV, and we show the trade-off at several loan sizes, including sub-1.0 DSCR options.
Investors in Salt Lake City choose LendingStreet because the loan is underwritten the way a rental business actually runs: on rent, on a 30-year schedule, in the name of the LLC that owns the property. There is no requirement to show personal income, and the loan is a business-purpose loan on non-owner-occupied property.
The fit is strongest for owners of duplexes and older homes in Sugar House, Liberty Wells, Central City and Rose Park, and single-family rentals in West Valley City, Murray, Taylorsville and South Salt Lake. Large balances on higher-value homes are reviewed case by case.
To see what your property supports, fill out the quote form below or call (877) 298-1001.
Investors searching for DSCR cash-out refinance 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 Salt Lake City, UT. 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 |
|---|---|---|
| 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. |
Banks, credit unions and short-term lenders all lend in Salt Lake City, and each can be the right tool for some deals. For a cash-out on a rental you plan to hold, the differences below are the ones that usually decide the file.
The pattern is consistent: short-term lenders are built for speed on the way in, banks are built around personal income, and LendingStreet is built around the rental itself. That is why so many Salt Lake City owners use us to refinance out.
| What investors need | LendingStreet | Typical local bank or credit union | Typical local hard money lender |
|---|---|---|---|
| How you qualify | On the property's rent; no W-2s or tax returns | Usually personal income, tax returns and debt-to-income | Mostly the deal; personal income less central |
| Cash-out leverage | Up to 75% LTV | Varies; often conservative on rentals | Varies; fees and terms vary |
| Loan term | 30-year terms available | Often shorter terms or balloons on portfolio loans | Usually short-term only |
| Borrowing in an LLC | Standard | Varies; may require personal borrowing | Usually allowed |
| Rent coverage test | 1.0x standard; sub-1.0 programs | Income-based instead | Not usually used |
| Growing past a few rentals | Each rental qualifies on its own rent; blanket loans for 5+ | Can tighten as personal debt grows | Not designed for long-term holds |
| Where they lend | All 50 states and DC | Usually its local footprint | Usually local |
In the city, the Avenues, Sugar House, 9th and 9th and Liberty Wells have older brick bungalows and small multi-family buildings near downtown and the University of Utah. Rose Park, Glendale and Poplar Grove on the west side offer lower prices and strong rental demand.
Across the valley, West Valley City, Taylorsville, Murray, Millcreek, South Salt Lake and West Jordan have mid-century and newer single-family homes. Many older Salt Lake homes are brick, which matters for earthquake considerations along the Wasatch Fault; earthquake coverage is usually optional, so decide whether to carry it.
Utah taxes are relatively low, and the state's primary residential exemption can apply to a long-term rental that is a tenant's primary residence, not only to an owner's home. Short-term rentals and second homes generally pay on full value. Counties may ask for a signed declaration, so confirm your property's status with the Salt Lake County Assessor.
Utah does not charge a real estate transfer tax, and closings run through title companies under a trust deed. On a refinance, the main costs are title, appraisal and lender costs. Confirm current figures locally.
Salt Lake City restricts rentals under 30 days in most residential zones, and surrounding cities and HOAs have their own rules. Check zoning and current rules with the city or county before counting on nightly income.
Investors who want short-term rentals in Utah usually look to resort and tourism markets where licensed STRs are allowed. For a city cash-out, plan on 12-month leases.
This example is illustrative and not a quote. An investor owns a brick duplex in Sugar House that appraises at $640,000. Each unit leases for $1,700, so rent is $3,400 a month. The payoff is $300,000. With the residential exemption applied, taxes are about $310 a month and insurance is $160.
At 75% LTV the loan is $480,000; estimated principal and interest is about $3,356, the payment is about $3,826 and DSCR is about 0.89x, well under 1.0x. At 65% LTV the loan is $416,000, the payment is about $3,379 and DSCR is about 1.01x. The owner still takes out about $116,000 before closing costs.
| Item | 75% LTV | 65% LTV |
|---|---|---|
| Appraised value | $640,000 | $640,000 |
| Cash-out LTV | 75% | 65% |
| New loan amount | $480,000 | $416,000 |
| Existing payoff | $300,000 | $300,000 |
| Cash out before closing costs | $180,000 | $116,000 |
| Estimated principal and interest | $3,356 | $2,909 |
| Property taxes (monthly) | $310 | $310 |
| Insurance (monthly) | $160 | $160 |
| Total monthly payment | $3,826 | $3,379 |
| Monthly rent | $3,400 | $3,400 |
| DSCR | About 0.89x | About 1.01x |
Because values are high relative to rent, the most useful thing a lender can do here is size the loan at more than one LTV. A slightly smaller cash-out often clears the ratio comfortably, while sub-1.0 DSCR programs can work for owners who want more cash and have reserves.
Seasoning varies by program. Owners refinancing out of a short-term rehab loan should ask early whether the post-renovation value can be used.
Lenders describe cash-out programs in different ways. Put these questions to each one so you can compare like with like.
LendingStreet's answers, in order: up to 75% LTV on a cash-out (varies by program, and can be lower on 5-8 units or large loans); 1.0x standard minimum DSCR, with sub-1.0 options; seasoning by program; LLC borrowing standard; timing set mainly by the appraisal and title work; and loans from $150,000 with no stated maximum.
A complete file gets a faster, clearer answer. Include the county tax notice showing whether the residential exemption applies. Then fill out the form below or call (877) 298-1001, and the team will size the cash-out at more than one LTV so you can choose.
Our top pick is LendingStreet. We qualify Salt Lake rentals on rent, lend up to 75% LTV on a cash-out with 30-year terms, and size the loan at several amounts so you can see what clears the ratio.
Yes. LendingStreet lends in Salt Lake City, across Salt Lake County and throughout Utah, as well as in all 50 states and DC.
It can apply to a long-term rental used as a tenant's primary residence. Short-term rentals and second homes generally do not qualify. Confirm with the county assessor.
High values relative to rent mean the payment at 75% can exceed the rent. A lower LTV or a sub-1.0 program usually solves it.
Only where nightly rentals are legal. The city restricts rentals under 30 days in most residential zones, so check zoning first.
No. Utah does not charge a real estate transfer tax. Title, appraisal and lender costs are the main refinance costs.
Our DSCR loans have no stated maximum. Larger balances are reviewed case by case, and maximum LTV can be lower.
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