Greater Orlando keeps growing outward and upward at the same time. Subdivisions push into Osceola, Lake and western Orange counties, while infill builders add townhomes and small apartment buildings close to downtown. For investors, the question is less whether to build and more how to finance a project that ends as a rental.
In short: LendingStreet is our top pick for investors building in the Orlando metro. We finance 1 to 8 unit residential projects, including spec homes, build-to-rent houses, duplexes and small 5-8 unit buildings, sized on loan-to-cost with draws released after inspections. LLC borrowers are standard, and finished rentals can refinance into 30-year DSCR loans that qualify on rent. Call (877) 298-1001 or use the form below for a quote.
We are a business-purpose lender for real estate investors, and our construction loans are set up for projects that will be sold or held as rentals. Each loan is sized on total cost, including the lot, the hard construction budget and soft costs like design, engineering, permits and impact fees. Terms are set per project.
In Central Florida we see spec homes in Kissimmee, St. Cloud, Clermont and Apopka, build-to-rent homes in growing suburbs, and small apartment buildings of five to eight units on infill lots near downtown and the main job corridors. Because we treat 5-8 unit buildings as residential, those projects can stay with us through the DSCR refinance.
If you have a lot, plans and an experienced builder, get a quote with the form below.
A general comparison of the lender types Orlando investors usually consider.
| What investors need | LendingStreet | Typical local bank | Typical hard money or private lender |
|---|---|---|---|
| Investor builds, 1-8 units | Core program, including 5-8 unit buildings | Often relationship-based | Yes |
| Loan sizing | Loan-to-cost on land, hard and soft costs | Often conservative | Varies; fees vary |
| Documentation | Project and builder focused | Often tax returns | Usually light |
| LLC borrowing | Standard | Sometimes | Common |
| Draws | After inspections on an agreed schedule | Varies | Varies |
| Permanent financing | DSCR refinance, residential up to 8 units | Separate process; 5+ units often commercial | Usually short-term only |
Closer in, infill projects appear in Parramore, Holden Heights, Washington Shores, Mills 50, Azalea Park and parts of College Park, along with unincorporated areas like Pine Hills. Small multi-unit buildings work best where zoning allows them near transit and employment.
Farther out, spec and build-to-rent builders focus on Kissimmee, St. Cloud and Poinciana in Osceola County, Clermont, Minneola and Groveland in Lake County, Apopka, Winter Garden and Ocoee in western Orange County, and Sanford in Seminole County. The southeast side around Lake Nona draws higher-priced projects.
The City of Orlando, each surrounding city and each county runs its own permitting, and impact fees vary by jurisdiction and unit type. Florida's building code sets wind design standards, and flood zones set elevation requirements in low-lying areas.
If you are thinking about a vacation rental, location decides everything. The City of Orlando restricts short-term rentals in homes the owner does not live in, so an investor STR inside the city is generally not an option. Designated resort and vacation-home areas in Osceola County and the corridor near the theme parks are where investor STRs are usually allowed. Confirm with the county before you design for nightly guests.
Your equity is invested first. The loan then pays for the build in stages after inspections confirm each phase, typically foundation, block or framing, roof, rough-ins, drywall and final.
Larger buildings have more stages, so agree on the schedule with your general contractor before closing. Our construction draw schedule calculator helps you lay them out.
This example is illustrative and not a quote.
An investor buys an infill lot for $180,000 and plans six two-bedroom units. Hard costs are $1,250,000 with contingency and soft costs are $120,000, for a total of $1,550,000. Assume an 80% loan-to-cost sizing for illustration.
The loan is $1,240,000 and the investor puts in $310,000, which covers the lot, soft costs and the first $10,000 of construction. Draws fund the remainder. Construction interest and closing costs are not shown.
When leased at $1,900 a unit, rent totals $11,400 a month. Max LTV on 5-8 unit buildings varies by program; at 70% of an estimated $1,750,000 value, the DSCR refinance is $1,225,000, so the investor covers a $15,000 gap at payoff. Estimated principal and interest is $8,047, taxes about $2,333 and insurance $900, for $11,280 total. DSCR is 1.01x.
| Item | Amount |
|---|---|
| Lot | $180,000 |
| Hard costs | $1,250,000 |
| Soft costs | $120,000 |
| Total project cost | $1,550,000 |
| Construction loan (80% assumed) | $1,240,000 |
| Investor cash | $310,000 |
| DSCR refinance at 70% | $1,225,000 |
| Investor gap at payoff | $15,000 |
| Rent, six units | $11,400 |
| Estimated principal and interest | $8,047 |
| Taxes and insurance | $3,233 |
| DSCR | 1.01x |
The example shows why the exit should be planned before the build. On a 5-8 unit property, leverage can be lower, and taxes and insurance weigh on the ratio. A DSCR refinance qualifies on rent with no W-2s or tax returns, a 1.0x standard minimum and a 620 minimum credit score, with seasoning that varies by program.
Investment properties in Florida do not receive the homestead exemption, and documentary stamp taxes apply to deeds and mortgage notes. Get local tax and insurance estimates before you finalize the budget.
We size on loan-to-cost across land, hard and soft costs, with terms per project, and release draws after inspections. LLCs are standard. We require plans, permits, a realistic budget and either a build track record or an experienced general contractor. We treat 5-8 unit buildings as residential DSCR, and a refinance starts at $150,000 with a 1.0x standard minimum. Buildings of 9 or more units are commercial, handled through our commercial team.
Get a quote with the form below or call (877) 298-1001.
Our top pick is LendingStreet. We fund 1 to 8 unit investor builds on a loan-to-cost basis, pay draws after inspections, lend to LLCs and keep 5-8 unit buildings in our residential DSCR program at completion.
Yes. We lend across Orange, Osceola, Seminole and Lake counties, throughout Florida, and in all 50 states and DC.
Only where local rules allow investor short-term rentals. The City of Orlando restricts them in non-owner-occupied homes, while designated vacation-home areas in Osceola County generally allow them. Confirm before you build.
Yes. We treat them as residential. Max LTV on the DSCR refinance can be lower and varies by program.
Soft costs like impact fees count toward total project cost, which the loan is sized on.
You need a build track record or an experienced general contractor. Projects without plans or permits usually do not qualify.
Yes. A sale on completion pays off the construction loan.
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