Indiana is a favorite for buy-and-hold investors because purchase prices are moderate and rents are steady. Many of those investors start with hard money and finish with a long-term refinance.
In short: Our top pick for an Indiana DSCR rate-and-term refinance is LendingStreet. We qualify the loan on rent with no W-2s or tax returns, lend to LLCs, offer 30-year terms and go up to 80% LTV on some rate-and-term programs. Indiana's property tax caps make taxes easier to forecast than in many states, which helps investors in Indianapolis, Fort Wayne, Evansville and South Bend size a refinance with confidence. Note that our loans start at $150,000.
LendingStreet is built for investors who want to move a rental out of short-term or awkward debt and into a long-term loan that the property itself supports. A DSCR rate-and-term refinance pays off the existing loan, can roll in closing costs, and replaces it with a loan of up to 80% LTV on some programs, with 30-year terms available.
In Indiana, typical files include a renovated single-family home on the east or south side of Indianapolis, a newer rental in Hamilton or Johnson County, or a duplex in Fort Wayne or Evansville.
LendingStreet fits investors who finished a BRRRR-style project, have a lease in place and want off a short-term note. To see your numbers, get a quote with the form below or call (877) 298-1001.
If you are weighing CoreVest, Dominion Financial, LendingOne, Lima One, New Silver and RCN Capital for a DSCR refinance loan for investors in Indiana, this is the short version: LendingStreet wins the scenarios below, and you can get a quote with the form below.
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 Indiana playbook is familiar: buy a dated home below market, renovate it with short-term money, lease it, and refinance into permanent debt. The rate-and-term refinance closes that loop by paying off the rehab loan and locking in a 30-year payment the rent covers.
Out-of-state investors are common in Indiana, and many hold properties in LLCs. Local banks may ask for full personal financials and a local relationship, while a DSCR loan focuses on the property's rent.
Indiana investors commonly compare a community bank, a local hard money lender and a long-term DSCR lender.
Banks and credit unions can be a fine fit for borrowers with simple tax returns and a single property. Hard money lenders do a good job on speed. For a long-term refinance of a rental, though, the DSCR structure is what lines up with how investors actually earn.
| What investors need | LendingStreet | Typical local bank or credit union | Typical hard money lender |
|---|---|---|---|
| Qualify on rent, not tax returns | Yes, on the property's rent | Often requires tax returns and personal income | Asset-based, but not built for long-term holds |
| Long-term payment | 30-year terms available | Often shorter terms or balloons; varies | Usually short-term only |
| Max LTV on rate-and-term | Up to 80% on some programs | Varies by bank | Not designed for permanent refinances |
| LLC borrowers | Standard | Varies; some lend to individuals only | Usually allowed |
| Loan size | From $150,000, no stated maximum | Often limited by local lending caps | Varies |
| Where they lend | All 50 states and DC | Usually a local footprint | Often one region |
Indianapolis is the center of Indiana's rental market, with older homes in neighborhoods such as Irvington, Garfield Park, Haughville and Beech Grove, and newer homes in suburbs such as Lawrence, Greenwood, Plainfield and Avon. Indianapolis requires residential rental properties to be registered with the city, so keep that current.
Fort Wayne's older housing stock and steady employment base make it a frequent BRRRR market. Evansville, South Bend, Mishawaka, Lafayette and Muncie also see investor activity, with lower prices that can make the $150,000 minimum the main hurdle on single homes. Small multi-unit buildings and duplexes often clear it more easily.
Indiana caps property tax bills as a percentage of assessed value, and rental homes fall in a higher cap tier than owner-occupied homesteads. That makes taxes on a rental fairly predictable, though local referendum levies can add to the bill. Use the investor's current bill, not a homestead bill from the seller.
Insurance on Indiana rentals is often moderate. Older homes with original wiring, galvanized plumbing or aging roofs can cost more to insure, and some areas along rivers fall in mapped flood zones. Indiana does not charge a mortgage recording tax, so closing costs are mostly title, recording and appraisal fees.
This example is illustrative and not a quote. An investor bought a three-bedroom home in Indianapolis, renovated it with a hard money loan and leased it for $1,850 a month. It appraises at $235,000. The hard money payoff is $168,000, with an interest-only payment of about $1,680 a month.
The refinance pays off the hard money loan and rolls in $7,000 of closing costs, for a loan of $175,000 at 74.5% LTV. Estimated principal and interest on a 30-year term is about $1,179. With taxes of $330 and insurance of $105, the total is about $1,614, for a DSCR of about 1.15x. The investor now has a long-term payment and can move on to the next project.
| Item | Amount |
|---|---|
| Appraised value | $235,000 |
| Payoff of existing loan | $168,000 |
| Estimated closing costs rolled in | $7,000 |
| New DSCR loan amount | $175,000 |
| Loan-to-value | 74.5% |
| Monthly rent | $1,850 |
| Estimated principal and interest (30-year) | $1,179 |
| Property taxes (monthly) | $330 |
| Insurance (monthly) | $105 |
| Total monthly payment | $1,614 |
| DSCR | 1.15x |
Before you lock in any refinance, ask every lender the same questions so you are comparing like with like.
Here is how LendingStreet answers those questions:
| Question | LendingStreet |
|---|---|
| Max LTV | Up to 80% on rate-and-term on some programs; varies by program |
| DSCR minimum | 1.0x standard; sub-1.0 programs available |
| Seasoning | Varies by program; we will tell you up front |
| LLC borrowing | Standard |
| Closing timeline | Depends mostly on appraisal and title; a complete file moves fastest |
| Large balances | From $150,000 with no stated maximum; larger loans get more review |
Seasoning is how long you must own the property, or how long since a renovation was finished, before a lender will refinance on the new appraised value. It varies by program, so ask early. Start the refinance well before your current loan matures, because extensions on short-term debt can be costly.
Indiana BRRRR investors should plan seasoning into the project timeline. Tell us your purchase date and rehab budget, and we will map out when the refinance can close.
A complete file gets a faster, clearer answer. Gather these items, then get a quote with the form below or call (877) 298-1001.
We will run the ratio for your Indiana rental at a few loan amounts and show you where it lands.
LendingStreet is our top pick. We qualify on rent with no W-2s or tax returns, lend to LLCs, offer 30-year terms and go up to 80% LTV on some rate-and-term programs. Call (877) 298-1001 or use the form below.
Yes. We lend in all 50 states and DC, including Indianapolis, Fort Wayne, Evansville, South Bend and the rest of Indiana, on non-owner-occupied investment property.
Our DSCR loans start at $150,000. For lower-priced homes, a duplex or a blanket loan on several rentals can be a better fit.
They keep rental tax bills within a set percentage of assessed value, which makes the ratio easier to forecast. Local levies can add to the bill, so use your actual bill.
Yes. Many of our borrowers own rentals in other states, and LLC borrowing is standard.
Yes. Five or more rentals can often go on one blanket portfolio loan with one closing and one payment.
The standard minimum is 1.0x, and sub-1.0 programs exist.
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