North Dakota rentals are concentrated in a handful of cities, led by Fargo and Bismarck, and a lot of the stock is small multifamily. Investors there often hold local bank loans with balloon dates, which is exactly what a rate-and-term refinance is built to replace.
In short: Our top pick for a DSCR rate-and-term refinance in North Dakota is LendingStreet, because it qualifies on the building's rent with no W-2s or tax returns, goes up to 80% LTV on some rate-and-term programs, and offers 30-year terms in place of short bank balloons. Loans start at $150,000 with no stated maximum, the standard minimum DSCR is 1.0x with sub-1.0 programs available, and the minimum credit score is 620. Every loan is a business-purpose loan on non-owner-occupied investment property.
For North Dakota rentals of 1 to 8 units, LendingStreet's DSCR rate-and-term refinance replaces existing debt with a long-term loan that qualifies on rent. You do not need W-2s or tax returns. Leverage reaches 80% LTV on some programs, depending on the program, property and loan size, with 30-year terms and LLC borrowing as standard.
It fits investors holding single-family homes, fourplexes and 5-8 unit buildings in Fargo, West Fargo, Bismarck, Mandan, Grand Forks, Minot, Williston and Dickinson who want to pay off a bank balloon, a bridge or rehab loan or a higher-cost loan.
To see your numbers, get a quote with the form below or call (877) 298-1001.
Well-known DSCR refinance lenders include CoreVest, Dominion Financial, LendingOne, Lima One, New Silver and RCN Capital. Compared scenario by scenario for investors in North Dakota, 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. |
Investors in North Dakota usually weigh a local bank or credit union, the hard money or bridge lender they used to buy, and national online DSCR lenders. Terms vary by lender, so read the other columns as general patterns.
Where LendingStreet stands out is the combination: rent-based qualifying, up to 80% LTV on some programs, 30-year terms and LLC borrowing from one investor lender.
| What matters on a refinance | LendingStreet | Typical community bank | Local hard money or bridge lender | Typical national online DSCR lender |
|---|---|---|---|---|
| Approval basis | Rent from the property, not personal income | Usually personal income and tax returns | Deal-based; built for short holds | Often rent-based |
| DSCR minimum | 1.0x standard; sub-1.0 programs | Varies | Not applicable | Varies |
| LLC borrowing | Standard | Varies | Common | Varies |
| Property size | 1-8 units residential | Varies | Varies | Varies; 5-8 units less common |
| Same lender for bridge, rehab and DSCR | Yes | Sometimes | Usually short-term only | Usually DSCR only |
| Lending area | All 50 states and DC | Usually local or regional | Usually local or regional | Varies by state |
| Max LTV, rate-and-term | Up to 80% on some programs | Varies | Short-term loans only | Varies |
| Long-term option | Up to 30 years | Often 5- to 10-year terms | Short-term, interest-only | Varies |
Fargo and West Fargo have a steady rental base tied to health care, education and the university, with plenty of fourplexes and small apartment buildings. Bismarck and Mandan have a similar mix, and Grand Forks serves the university and the air base.
In the western oil region around Williston and Dickinson, rents have moved with the energy cycle. Lenders will look closely at current leases there, so a refinance works best when the building is fully leased at today's rents.
Many North Dakota rentals were financed by community banks on five- or seven-year balloons. A DSCR refinance replaces that with a long-term loan sized on rent, and borrowing in your LLC is standard.
North Dakota does not charge a real estate transfer tax, so closing costs on a refinance are mostly title, recording and appraisal. Property taxes are moderate and vary by city and county, so use the current bill.
Winters are long and cold. Insurers look at roof condition, heating systems and frozen-pipe risk, and if the owner pays heat in a small multifamily building, that cost reduces your real cash flow even though it is not part of the DSCR formula.
Prices in smaller towns are modest, and our DSCR loans start at $150,000. Small multifamily or several rentals combined on a blanket portfolio loan often fit better than a single low-priced house.
This example is illustrative and not a quote. An investor owns a fourplex in Fargo, financed with a community bank loan on a balloon. The property now appraises at $420,000 and the bank balloon loan payoff is $300,000. Adding estimated closing costs of $8,000, the new DSCR loan is $308,000, about 73.3% LTV, under the 80% rate-and-term maximum available on some programs (which would be $336,000).
On a 30-year term, estimated principal and interest is about $2,049 a month. Taxes add about $575 and insurance about $267, for a total monthly payment of about $2,891. With $3,700 a month in rent, DSCR is about 1.28x, which clears the 1.0x standard minimum.
Your actual terms depend on the appraisal, credit, leases and program. Run your own numbers with the DSCR calculator, then get a quote with the form below.
| Item | Amount |
|---|---|
| Appraised value | $420,000 |
| Bank balloon loan payoff | $300,000 |
| Estimated closing costs | $8,000 |
| New DSCR loan | $308,000 |
| Loan-to-value | About 73.3% |
| Monthly rent | $3,700 |
| Estimated principal and interest | $2,049 |
| Taxes (monthly) | $575 |
| Insurance (monthly) | $267 |
| Total monthly payment | $2,891 |
| DSCR | About 1.28x |
Put every lender through the same six questions before you sign anything.
How LendingStreet answers: up to 80% LTV on some rate-and-term programs; a 1.0x standard DSCR with sub-1.0 programs; seasoning that varies by program; LLC borrowers standard; a timeline driven mainly by the appraisal, title and how complete your file is; and no stated maximum, with jumbo DSCR from about $1.5M to $5M+ where max LTV varies by program and is often lower on large balances and 5-8 units.
How long you have owned the property, called seasoning, affects which value a lender will use. Rules vary by program: some can lean on a fresh appraisal after renovation, and others start from the purchase price plus documented improvements for a while. Confirm the rule early if your current loan matures soon.
Start the refinance well before your current loan matures. Appraisal, title and lease review take time, and an extension on a short-term loan can be expensive.
Rate-and-term means the new loan pays off existing debt and closing costs. If you want to take equity out as well, a cash-out refinance goes up to 75% LTV.
Gather these items, then get a quote with the form below or call (877) 298-1001.
Our top pick is LendingStreet. It qualifies North Dakota rentals on the property's rent with no W-2s or tax returns, goes up to 80% LTV on some rate-and-term programs, offers 30-year terms and lets you borrow in your LLC.
Yes. LendingStreet lends on investment property throughout North Dakota and in all 50 states and DC. Get a quote with the form below or call (877) 298-1001.
It is a refinance that replaces existing debt without pulling meaningful equity out. On LendingStreet DSCR programs it reaches 80% LTV on some programs, compared with up to 75% LTV for a cash-out refinance.
That is one of the most common uses. A leased rental can move from hard money, bridge, rehab or bank balloon debt into a LendingStreet DSCR loan, subject to seasoning rules that vary by program.
The standard minimum is 1.0x, meaning rent covers the full monthly payment including taxes and insurance. LendingStreet also has sub-1.0 DSCR programs, and a smaller loan can raise the ratio.
The minimum credit score is 620. Higher scores and lower LTVs can improve terms, and the loan qualifies on the property's rent rather than your personal income.
Yes, on some programs. If you own five or more investment properties, a blanket portfolio loan can combine them under one loan with one closing and one payment, which helps when individual homes are below the $150,000 minimum.
No. LendingStreet makes business-purpose loans only on investment property that you do not live in, from 1 to 8 units.
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