Investors who bought Cheyenne rentals five or ten years ago have seen values climb as Northern Colorado buyers and new employers moved north. A cash-out refinance turns that equity into money for the next purchase without selling.
In short: LendingStreet offers DSCR cash-out refinances on 1-8 unit rentals in Cheyenne up to 75% LTV, qualified on the property's rent with no tax returns or W-2s. The new payment has to be covered by the rent at the program minimum, 1.0x on standard programs. Seasoning requirements vary by program, and a well-supported appraisal is the key piece in a non-disclosure state like Wyoming.
Common reasons include funding a down payment on another rental, paying for a major repair like a hail-damaged roof, consolidating a higher-cost loan, or buying out a partner. Because the loan qualifies on rent, it works for self-employed investors and those with many properties.
Cheyenne values have been supported by buyers coming from Colorado, where prices are higher, and by steady jobs tied to the base, state government and newer employers. Owners who bought before those trends may hold more equity than they realize.
The new loan is up to 75% of the appraised value. From that you pay off the current loan and closing costs, and the rest is yours. The rent then has to cover the new, larger payment.
Seasoning, meaning how long you have owned the property, varies by program. If you bought recently, our seasoning guide explains what to expect.
Closing costs on a cash-out typically include title, recording, appraisal and lender fees. Wyoming has no transfer tax, which keeps the list shorter than in many states.
This example is illustrative and not a quote. An investor owns a 1970s fourplex appraised at $650,000 and owes $285,000. Each unit rents for $1,300, for $5,200 a month. A 75% LTV cash-out loan is $487,500, which pays off the old loan and leaves about $202,500 before closing costs.
Estimated principal and interest is about $3,367, and with assumed taxes and insurance the payment is about $4,042. The DSCR is about 1.29x.
If the investor took less cash, say at 70% LTV, the payment would drop and the ratio would rise. Running two or three loan amounts helps you choose the best balance between cash and cushion.
| Item | Amount |
|---|---|
| Appraised value | $650,000 |
| Loan amount (75% LTV) | $487,500 |
| Estimated principal and interest (30-year) | $3,367 |
| Property taxes (monthly, assumed) | $345 |
| Insurance (monthly, assumed) | $330 |
| Total monthly payment | $4,042 |
| Monthly rent used | $5,200 |
| DSCR | 1.29x |
| Existing loan payoff | $285,000 |
| Cash out before closing costs | $202,500 |
Wyoming does not require sale prices to be recorded publicly. Appraisers rely on MLS sales, their own data and agent contacts. For multi-unit buildings, where Cheyenne has fewer sales, the income approach carries more weight.
For single-family rentals, MLS sales in the same part of town usually carry the appraisal. Homes in the Ranchettes or on larger lots may need comparables from farther away, which can make the value harder to support.
If the roof or siding carries hail damage, the appraiser will note it, and it may lower the value or require repair. Handle open claims first. Get a current insurance quote, since premiums have risen and the new number goes into the payment.
Wind-damaged fences, siding and gutters are common Cheyenne items. Fixing them before the appraisal can help both the value and the insurance quote.
Refinancing does not trigger a reassessment in Wyoming, and there is no transfer tax on the transaction. Your tax line stays at the current Laramie County bill, which applies the 9.5% residential assessment ratio times the local mill levy. Budget for annual reassessment changes.
If you bought the property from an owner-occupant, check that the current bill reflects investment use. Budget on the bill the property will carry, not a reduced figure.
Many Cheyenne investors use the proceeds to buy the next rental, sometimes with a bridge loan first and a DSCR loan later. If you own five or more rentals, a blanket loan can refinance several at once. Keep enough reserves to cover vacancies and winter repairs.
A cash-out can also fund improvements that raise rent, like adding a bedroom in a basement or replacing old windows. Those upgrades can strengthen the ratio at your next refinance.
Single-family rentals in Cheyenne often have lower rent relative to value than duplexes and fourplexes, so their ratio is thinner after cash-out. Small multi-unit buildings usually carry cash-out better because combined rent is higher relative to value.
If a single-family home cannot support the full 75%, a smaller cash-out on that home combined with a larger one on a multi-unit property may work better. Our financing team can model both.
Send the address, estimated value, current payoff, rents and leases. Our financing team will size the loan at a few LTVs and show how each affects the ratio. Call (877) 298-1001 or use the form below.
If you are not sure whether cash-out or rate-and-term fits better, we can show both side by side.
Up to 75% of appraised value, minus your payoff and closing costs, as long as the rent covers the new payment. Larger balances, 5-8 unit buildings and properties with thinner rent may be capped lower.
Seasoning varies by program. Some allow cash-out sooner than others; see our seasoning guide.
Not by itself. Wyoming does not reassess because of a refinance, though values are reviewed in the normal cycle.
Yes. LLC borrowers are standard, and members sign for the loan personally.
You can take less cash, or look at sub-1.0 DSCR programs where they fit. Paying down the balance by taking less cash is the simplest fix, since a smaller loan lowers the payment.
No. DSCR loans qualify on the property's rent. You will still provide basic items like a credit report, LLC documents, leases and bank statements showing reserves.
Yes. Duplexes qualify on combined rent from both units, and a military lease counts like any other lease.
No. These are business-purpose loans on non-owner-occupied property. The borrower, usually an LLC, holds the property as a rental or resale investment.
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