New Hampshire's mill-city multifamily and Seacoast rentals have built real equity for investors who bought early. A DSCR cash-out refinance taps that equity on the strength of the rent, without personal income documents.
In short: Yes, LendingStreet finances DSCR cash-out refinances on 1 to 8 unit investment property in New Hampshire, up to 75% LTV, qualifying on the property's rent rather than your tax returns. The rent has to cover the new payment, including taxes and insurance, at the program minimum, which is 1.0x on standard programs, and the minimum credit score is 620. With no broad-based income or sales tax, New Hampshire leans on property taxes, so the tax bill is usually the number that decides how much cash a rental can support.
The new loan is sized off a fresh appraisal, up to 75% loan-to-value on a cash-out. It pays off your existing loan, and the remaining proceeds, after closing costs, are yours to use. The property can be any 1 to 8 unit residential rental, and LLC borrowers are standard.
Instead of your personal income, the lender looks at the property's debt service coverage ratio: rent divided by the full new payment, including taxes, insurance and HOA dues. Cash-out raises the balance, so it lowers the ratio. Standard programs need 1.0x, and sub-1.0 programs exist for files that fall just short.
The minimum credit score is 620, 30-year terms are available, and the appraisal sets both the value and, on most files, the market rent used in the ratio.
Manchester and Nashua carry much of the state's investor housing: older two- and three-family homes, converted mill-era buildings and small walk-ups. Concord, Dover, Rochester and Keene add similar stock at smaller scale. On the Seacoast, Portsmouth and nearby towns have higher prices and strong demand, while the Lakes Region and White Mountains lean toward seasonal and vacation rentals.
Low vacancy across southern New Hampshire has supported rents, which helps the ratio. Older buildings, though, bring heating, roof and code questions that show up in the appraisal and the insurance quote.
New Hampshire's real estate transfer tax is charged on deed transfers and is typically split between buyer and seller. A refinance where ownership does not change generally does not trigger it. There is no separate state mortgage tax, so the refinance costs are mainly title insurance, county registry of deeds recording fees, the appraisal and lender costs.
If you are moving the property into an LLC as part of the refinance, ask your closing attorney or title company how the transfer tax treats that deed.
Property tax rates in New Hampshire are set town by town and can vary widely, even between neighboring towns. Towns are required to revalue property periodically, generally at least every five years, and a revaluation year can move a bill sharply in either direction.
A refinance does not trigger a revaluation, but underwriting uses the current bill. If your town just completed a revaluation, budget on the new figure, not last year's. Taxes are often the largest non-mortgage line on a New Hampshire rental.
Older New Hampshire buildings often heat with oil or gas boilers, and who pays for heat changes the economics. If the landlord pays heat, the underwriter will look at whether the rent supports it. Insurers will ask about the heating system, the age of the roof and electrical updates, and knob-and-tube wiring or very old systems can limit options.
Short-term rental rules are local. Some towns, Portsmouth among them, restrict STRs through zoning, while many Lakes Region and mountain towns allow them with registration. STR income only counts if the property can legally operate that way.
This example is illustrative and not a quote. An investor owns a three-family home in Manchester appraised at $600,000 with an existing loan of $290,000. Rent is $5,100 a month, and taxes and insurance run $1,180 a month.
At 75% LTV the new loan is $450,000, leaving $160,000 after the payoff and before closing costs. On a 30-year amortization, principal and interest is about $3,070, so the total payment is about $4,250 and the DSCR is about 1.20x, above the 1.0x standard minimum.
The $1,180 in taxes and insurance is mostly property tax, which is typical for a New Hampshire three-family. A revaluation that added $150 a month would bring the ratio down by about 0.04x, and a larger jump would cut further into the cash available.
| Item | Amount |
|---|---|
| Appraised value | $600,000 |
| New loan at 75% LTV | $450,000 |
| Existing loan payoff | $290,000 |
| Cash before closing costs | $160,000 |
| Monthly payment (P&I, taxes, insurance) | About $4,250 |
| DSCR at $5,100 rent | About 1.20x |
Seasoning, meaning how long you have owned the property, varies by program. Some programs allow cash-out soon after purchase, while others want several months of ownership or cap the loan at what you paid plus documented improvements until the property has been owned longer.
Even with plenty of equity, the cash can be limited by three things: the 75% LTV cap, the rent's ability to cover the new payment at the program minimum, and closing costs. On 5-8 unit properties and larger balances, the maximum LTV can be lower, and it varies by program.
Investors in New Hampshire typically use cash-out proceeds for business purposes such as:
Pulling these together up front avoids back-and-forth during underwriting.
Yes. LendingStreet finances DSCR loans, including cash-out refinances up to 75% LTV, on 1 to 8 unit investment property across New Hampshire.
Up to 75% of the appraised value, minus your existing payoff and closing costs. The rent also has to cover the new payment at the program minimum, which can limit the amount.
Generally no. The real estate transfer tax applies to deed transfers, so a refinance with no change in ownership does not trigger it. Recording and title costs still apply.
Underwriting uses the current tax bill. If the revaluation has set a new value, budget on the new figure, since that is what the payment will carry going forward.
Possibly, if the town allows short-term rentals and the property is operating legally. Short-term rental programs can use revenue on some programs; seasonal swings matter, so bring booking history.
It depends on the program. Some programs have little or no seasoning requirement; others use your cost basis until the property has been owned for a set period.
Yes. LLC borrowers are standard on DSCR loans. If the property is in your personal name, you may be able to move it into an LLC as part of the refinance.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so the property must be a rental, not your residence.
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