Maine investors tend to own older buildings: wood-frame triple-deckers in Lewiston, multi-unit Victorians in Portland, capes and farmhouses converted to apartments in Biddeford, Bangor and Augusta. Many were financed by a community bank on a short balloon. When that note comes due, the right refinance lender turns a deadline into a long-term plan.
In short: Our top pick for Maine DSCR rate-and-term refinances is LendingStreet. You qualify on the building's rent rather than personal income, refinance up to 80% LTV on some programs and lock in a 30-year term instead of rolling another balloon. LLC borrowers are standard, the minimum credit score is 620, and we finance 1 to 8 units, which covers most of Maine's small multi-family stock.
LendingStreet offers business-purpose DSCR loans for non-owner-occupied rentals, with loans from $150,000 and no stated maximum. A rate-and-term refinance pays off your existing mortgage and normal closing costs and replaces it with debt sized on rent. It is the tool for investors who want certainty, not cash.
It suits Maine owners whose bank wants to re-underwrite their whole personal balance sheet at renewal, investors coming off a rehab loan on a Lewiston or Biddeford three-family, and anyone who wants rentals held in an LLC on long-term financing. Standard minimum DSCR is 1.0x, with sub-1.0 programs for buildings that are close. Get a quote with the form below, or call (877) 298-1001 to talk through the building.
Well-known DSCR refinance lenders include CoreVest, Dominion Financial, LendingOne, Lima One, New Silver and RCN Capital. Compared scenario by scenario for investors in Maine, 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. |
Community banks and credit unions do a lot of investor lending in Maine, and private individual lenders fill gaps on rehabs. Each has a place. For a long-term refinance on a rental, the comparison usually looks like this.
| What matters on a Maine refinance | LendingStreet | Typical community bank | Typical private individual lender |
|---|---|---|---|
| Qualifying basis | The rent; no W-2s or tax returns | Global cash flow and personal tax returns are common | Varies by person |
| Loan term | 30-year terms available | Commonly 5 to 10 year terms with balloons; varies | Usually 6 to 24 months |
| Rate-and-term LTV | Up to 80% on some programs | Varies | Varies |
| Entity borrowing | LLC borrowers are standard | Often allowed with extra paperwork | Varies |
| Owners outside Maine | Welcome; we lend in all 50 states and DC | Often prefer in-market borrowers | Varies |
Portland and South Portland carry the highest values, with multi-unit houses on Munjoy Hill, in the West End and off Forest Avenue. Lewiston and Auburn are known for three- and four-story wood-frame multi-families near the downtown mills, at lower prices. Biddeford and Saco have a similar mix, and Bangor, Brewer, Augusta and Waterville add college, hospital and state-government renters.
Much of this housing predates 1978, so lead paint disclosure, older wiring and heating systems are part of every refinance conversation. An appraiser will note deferred maintenance, so finish repairs before the inspection if you can.
Property taxes are set town by town through local mill rates, and a recent revaluation can change a bill sharply. Use the current tax card for the property, not an older figure. Maine's real estate transfer tax is tied to a sale and is usually split between buyer and seller, so it is a purchase cost more than a refinance cost, but confirm the details with your title company.
Heating is the other Maine-specific line. If the owner pays heat, oil or propane costs come out of cash flow even though lenders focus on taxes, insurance and any association dues. Keep it in your own budget.
This example is illustrative and not a quote. An investor owns a three-unit building near downtown Lewiston. The bank note balloons next spring with a payoff of $265,000. The building appraises at $390,000, and $7,000 of closing costs are added to the new loan. The three units rent for $1,300, $1,250 and $1,200, a total of $3,750 a month, and tenants pay their own heat.
The new loan is $272,000, about 69.7% of value. Estimated principal and interest is $1,833, taxes are $560 and insurance is $210, for a total of $2,603. The DSCR is about 1.44x, and the balloon is replaced with a 30-year schedule.
| Item | Lewiston three-family refinance |
|---|---|
| Appraised value | $390,000 |
| Payoff of the current loan | $265,000 |
| Closing costs rolled in | $7,000 |
| New DSCR loan amount | $272,000 |
| Loan-to-value | About 69.7% |
| Monthly rent used | $3,750 |
| Estimated principal and interest | $1,833 |
| Property taxes | $560 |
| Insurance | $210 |
| Total monthly payment | $2,603 |
| DSCR | About 1.44x |
Most Maine rate-and-term refinances come from one of a few situations. In each, the goal is the same: replace debt that has a deadline or a heavy payment with a loan built to be held for years, sized on the rent the building already produces.
Portland has a rent stabilization ordinance that limits annual increases on many units, along with registration requirements, so a lender and appraiser will look at current leases rather than hoped-for rents. Portland also regulates short-term rentals, including limits on non-owner-occupied units, so plan on long-term leases there. Other towns are adopting their own rules, so check with the city or town clerk before you refinance.
Lead paint is the other rule to keep in view. Federal disclosure rules apply to pre-1978 housing, and Maine has its own lead requirements for rental units. None of that stops a refinance, but an appraiser or insurer may ask about peeling paint, so address it before the inspection and keep records of any abatement work.
When you call around, ask every lender the same six questions. The ones who answer plainly are usually the ones who close cleanly. LendingStreet's answers are in the table.
| Ask this | How LendingStreet answers |
|---|---|
| Maximum LTV on a rate-and-term refinance | Up to 80% on some programs; varies by program |
| Minimum DSCR | 1.0x standard; sub-1.0 programs exist |
| Seasoning before the refinance | Varies by program |
| Can an LLC borrow | Yes; LLC borrowers are standard |
| Closing timeline | Driven mostly by the appraisal, title and a complete file |
| Large-balance limits | From $150,000 with no stated maximum; larger balances get more review |
Seasoning requirements vary by program, so the best time to start is two or three months before a balloon or rehab loan comes due. Gather the payoff statement, current leases, the tax bill, an insurance quote and your LLC documents. If you also want to pull equity out, compare our Maine cash-out options. When you are ready, call (877) 298-1001 or use the form below.
LendingStreet is our top pick: rent-based qualifying, up to 80% LTV on some rate-and-term programs, LLC borrowing and 30-year terms for 1 to 8 unit rentals.
Yes. We lend statewide, including Portland, Lewiston-Auburn, Biddeford-Saco, Bangor and Augusta, and in every other state and DC.
Yes. A three-unit building qualifies on the combined rent of all three units, with no W-2s or tax returns.
It can. Underwriting uses current, supportable rents, so a cap on increases limits how much future rent growth you can count on.
It is generally tied to a sale, not a refinance. Confirm with your title company for your specific transaction.
Sub-1.0 DSCR programs exist. Leverage is usually lower, so call us with the numbers.
Seasoning varies by program. Tell us your purchase date and any rehab, and we will match you to the right program.
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