Miami-Dade values rose more than almost anywhere in the country after 2020, and many investors who own single-family homes, duplexes or condos in the county have large equity positions. Turning that equity into cash depends on three numbers that are unusually high in Miami: the insurance premium, the tax bill and, for condos, the association dues.
In short: Yes. LendingStreet finances DSCR cash-out refinances on Miami-area rentals up to 75% LTV, qualifying on the property's rent with no tax returns or W-2s. The rent has to cover principal, interest, taxes, wind and flood insurance and any HOA or condo dues at the 1.0x standard minimum. Because those costs are high in Miami, many files land a little under 75%, and condos need a full association review.
Miami-Dade saw strong demand from domestic and international buyers in 2021 and 2022, and single-family prices across the county climbed sharply. Rents rose too, though growth has cooled as new apartment buildings opened in Brickell, Edgewater, Wynwood and downtown. Single-family homes and small multifamily have generally held value better than older condo buildings, where new state inspection and reserve requirements have weighed on prices.
Investors who bought single-family or duplex rentals before 2021 in neighborhoods like Allapattah, Little River, Little Havana, Hialeah, North Miami, Miami Gardens or Homestead often have substantial equity.
After the 2021 Surfside collapse, Florida adopted milestone structural inspections for older condo buildings and structural integrity reserve studies, and it limited associations' ability to waive reserve funding. Many older Miami buildings have raised dues sharply or levied large special assessments to comply.
For a cash-out, expect a condo questionnaire and a review of the association's budget, reserves, inspection status and any pending assessments. Higher dues come straight out of the DSCR. Condotels, buildings with heavy investor concentration and those with unresolved structural issues may be considered non-warrantable, which narrows the options and terms vary by program.
Miami-Dade sits in Florida's highest-risk wind zone, and building codes there are among the strictest in the country. Carriers price heavily on roof age, opening protection and construction type. Much of the county, including large parts of Miami Beach, Little River and the low-lying western areas, is in mapped flood zones.
Get both a current wind and hazard quote and a flood quote before you apply. Together they are often larger than the tax line. A newer roof, impact windows and a recent wind mitigation report usually lower the premium.
Rentals do not get Florida's homestead exemption or the Save Our Homes cap, so taxable values on investment property can rise faster. Non-homestead property has its own annual cap on assessment increases for most taxes, but school taxes are not covered by it. Use the current bill and the most recent proposed assessment notice.
Florida's documentary stamp tax on notes and intangible tax on mortgages can apply to a refinance, often based on the new money involved. On a larger Miami cash-out these can be a meaningful closing cost. Ask the title company for an estimate early.
This example is illustrative and not a quote. An investor owns a three-bedroom house in Little River appraised at $560,000, owing $260,000. It rents for $3,900 a month. Taxes are about $700 a month, and wind, hazard and flood insurance together run about $520.
At 75% LTV the loan would be $420,000, with principal and interest of about $2,865. The full payment would be about $4,085, for a DSCR of about 0.95x, below the 1.0x minimum. At 70% LTV, the loan is $392,000, the payment drops to about $3,894 and the DSCR rises to about 1.00x, right at the minimum, and the refinance still returns $132,000 before closing costs.
| Item | At 75% LTV | At 70% LTV |
|---|---|---|
| Loan amount | $420,000 | $392,000 |
| Existing loan payoff | $260,000 | $260,000 |
| Cash before closing costs | $160,000 | $132,000 |
| Principal and interest (30 years) | About $2,865 | About $2,674 |
| Taxes and insurance (monthly) | $1,220 | $1,220 |
| Total payment | About $4,085 | About $3,894 |
| DSCR at $3,900 rent | About 0.95x | About 1.00x |
Miami has a meaningful stock of older duplexes, triplexes and small apartment buildings in neighborhoods like Little Havana, Allapattah, Shenandoah and parts of North Miami. These often rent well relative to price and can carry a full cash-out more easily than a single condo.
Two to four unit properties qualify on combined rent from all units, and 5 to 8 unit buildings can qualify on residential programs at a lower maximum LTV that varies by program. Older buildings may need roof, electrical or plumbing updates to be insurable, so get the insurance quote early.
Short-term rental rules vary widely across the county. Miami Beach restricts STRs in most residential neighborhoods and enforces with heavy fines. The City of Miami and other municipalities have their own rules, and many condo associations prohibit rentals under a minimum term.
If you plan to qualify on nightly income, confirm the city zoning, county and state tax registrations and the association's rules first. For most Miami cash-outs, a long-term lease is the simpler path.
Common uses include the following.
These items make a Miami file move faster.
Yes. We finance DSCR cash-out refinances on non-owner-occupied rentals across Miami-Dade, up to 75% LTV, starting at $150,000.
Often, but expect a condo questionnaire and a review of the building's reserves, milestone inspection status and any special assessments. Non-warrantable buildings have fewer options.
High insurance, taxes and dues raise the payment, so the rent may not cover the full 75% loan at 1.0x. A slightly lower LTV often works.
If the property is in a FEMA special flood hazard area, yes, and it counts in the DSCR. Much of Miami-Dade is in mapped flood zones.
Yes. Cash-out proceeds can be used for business purposes on the property, including assessments, though the assessment itself will be reviewed during underwriting.
Only if the property can legally operate as an STR. Miami Beach restricts STRs in most residential areas.
Documentary stamp and intangible taxes can apply to new notes and mortgages, often based on new money. Confirm with the title company.
No. The loan qualifies on the property's rent. You need a 620 or higher credit score and reserves.
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