Virginia investors hold rentals from Northern Virginia to Hampton Roads, and from Richmond out to Roanoke and the college towns. A DSCR cash-out refinance turns that equity into the next purchase, and Virginia's recordation tax is one of the costs worth planning for.
In short: Our top pick for a DSCR cash-out refinance in Virginia is LendingStreet. We qualify on the property's rent with no W-2s or tax returns, allow cash-out up to 75% LTV, lend to LLCs and offer 30-year terms across the Commonwealth. We also test the ratio at more than one loan amount, which matters in Virginia cities where taxes push a 75% cash-out close to the line.
For Virginia investors who want cash out of a rental without proving personal income, our top pick is LendingStreet. The loan is a business-purpose DSCR refinance that looks at what the property earns, so there are no W-2s or tax returns, your LLC can be the borrower and a 30-year term is available.
You can borrow up to 75% of appraised value on a cash-out, starting at $150,000 with no stated maximum. The standard DSCR minimum is 1.0x, sub-1.0 programs are available for some files, and the minimum credit score is 620. It fits investors in Northern Virginia, Richmond, Hampton Roads, Roanoke, Charlottesville, Harrisonburg and Blacksburg.
To see your numbers, get a quote with the form below or call (877) 298-1001.
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 Virginia, 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. |
When Virginia investors shop a cash-out, the alternatives are usually a bank or credit union, a hard money lender or a private lender they know. Here is how those types generally line up against LendingStreet on what matters for a long-term rental.
| What investors need | LendingStreet | Typical local bank | Typical private lender |
|---|---|---|---|
| How you qualify | On the property's rent; no W-2s or tax returns | Often requires tax returns and W-2s | Varies by individual |
| Borrowing in an LLC | Standard | Varies; some prefer personal names | Varies |
| Cash-out leverage | Up to 75% LTV | Varies by bank policy | Varies |
| Loan term | 30-year terms available | Often shorter terms or balloons | Often short-term |
| Growing past a few rentals | Not tied to personal debt-to-income | Often limited by debt-to-income | Limited by one person's capital |
| Where they lend | All 50 states and DC | Usually a local footprint | Usually local |
Northern Virginia, including Fairfax, Arlington, Loudoun and Prince William, has the state's highest values. Cash-out loans there are often large, and on bigger balances maximum LTV can be lower (varies by program).
Richmond offers rowhouses and older homes in the Fan, Church Hill and Northside, plus suburban rentals in Henrico and Chesterfield. Hampton Roads, including Virginia Beach, Norfolk, Chesapeake, Newport News and Hampton, rents heavily to military households.
Roanoke has lower prices and steady demand, while Charlottesville, Harrisonburg and Blacksburg are driven by their universities.
Virginia's recordation tax applies to deeds of trust as well as deeds, so a refinance generally pays it on the new loan. The state portion is 25 cents per $100, and cities and counties can add their own share. The portion that simply refinances existing recorded debt may qualify for a partial exemption, so ask your settlement agent how it applies to your file.
Real estate taxes are set by each city and county. Independent cities and their neighboring counties can have quite different rates, so use your own bill rather than an area average.
This example is illustrative and not a quote. An investor owns a Richmond rental that appraises at $400,000 and leases for $2,550 a month. The existing balance is $190,000, taxes are about $400 a month and insurance is $140.
At 75% LTV the new loan is $300,000, with about $110,000 out before closing costs. Estimated principal and interest is about $2,047, the total payment is about $2,587 and DSCR is about 0.99x, just below the 1.0x standard minimum. At 70% LTV the loan is $280,000, cash out is about $90,000, the payment is about $2,450 and DSCR rises to about 1.04x.
The state recordation tax on a $280,000 loan would be about $700 before any local share or refinance exemption ($280,000 x $0.25 / $100). The investor can take the 70% option or ask about a sub-1.0 DSCR program for the larger amount.
| Item | At 75% LTV | At 70% LTV |
|---|---|---|
| Appraised value | $400,000 | $400,000 |
| New loan amount | $300,000 | $280,000 |
| Existing loan paid off | $190,000 | $190,000 |
| Cash out before closing costs | $110,000 | $90,000 |
| Estimated principal and interest | $2,047 | $1,910 |
| Property taxes | $400 | $400 |
| Insurance | $140 | $140 |
| Total monthly payment | $2,587 | $2,450 |
| DSCR at $2,550 rent | About 0.99x | About 1.04x |
Some programs can qualify a cash-out on projected short-term rental revenue, but local rules decide whether a property can operate that way. Several Northern Virginia localities limit short-term rentals to an operator's primary residence, and Virginia Beach confines most new short-term rentals to designated overlay areas.
Mountain and lake areas, such as Smith Mountain Lake and parts of the Shenandoah Valley, can be more flexible, subject to county rules. Check with the city or county before relying on nightly income.
How soon you can pull cash out depends on the program. Some cap the loan at your original purchase price plus documented improvements until a seasoning period passes; others can rely on today's appraised value earlier. Seasoning varies by program, so send the purchase date and any rehab receipts and we will match you to the right option.
Virginia investors who buy and renovate older Richmond or Norfolk homes should keep the settlement statement and rehab receipts, since they help support the new value at refinance.
Before you pick a lender, put the same short list of questions to each one:
And here is how we answer them.
| Question | LendingStreet's answer |
|---|---|
| Maximum cash-out LTV | Up to 75%; can be lower on 5-8 units and larger balances (varies by program) |
| DSCR minimum | 1.0x standard; sub-1.0 programs exist |
| Seasoning | Varies by program; we confirm it up front |
| LLC borrowers | Standard |
| Closing timeline | Set by the appraisal, title and your documents; we give you a realistic date early |
| Large balances | From $150,000 with no stated maximum; larger loans get more review |
Pull these together and you can move quickly. When you are ready, use the form below or call (877) 298-1001 and we will price the refinance.
We think it is LendingStreet. The refinance qualifies on rent rather than personal income, reaches 75% LTV on cash-out, works with LLC borrowers and is available statewide in Virginia with 30-year terms.
Yes. Virginia taxes recorded deeds of trust at 25 cents per $100 at the state level, plus any local share. A partial exemption may apply to the part that refinances existing debt.
Yes. Our DSCR loans have no stated maximum, and larger balances get more review. Maximum LTV can be lower on bigger loans.
Possibly, if it is in an area where short-term rentals are allowed and properly registered. Some programs qualify on projected short-term revenue.
Yes. We lend throughout Virginia and in all 50 states and DC, as long as the property is a non-owner-occupied 1-8 unit rental and the loan is at least $150,000.
Yes. A signed lease is a lease, whether the tenant is active duty or civilian. The rent counts toward the ratio.
Take a slightly smaller cash-out, or ask about our sub-1.0 DSCR programs.
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