Palm Bay is the largest city in Brevard County, and the Space Coast's launch and aerospace boom has pushed rents and values higher. A DSCR cash-out refinance lets you pull equity from your Brevard rentals using rent.
In short: Yes. LendingStreet refinances Palm Bay investment properties with cash out up to 75% LTV, qualifying on rent instead of tax returns, with loans from $150,000 and a 620 minimum credit score. The rent must cover principal, interest, taxes, insurance and HOA dues at the program minimum. In Palm Bay the lines that move the ratio are the insurance premium on concrete block homes and Florida's documentary stamp and intangible taxes on new money.
The idea is simple: the appraiser sets today's value, the lender lends up to 75% of it on a cash-out, your old loan is paid off and the rest is yours, before closing costs. Credit needs to be 620 or higher, and the property must be a non-owner-occupied rental with one to eight units.
What decides the amount is the debt service coverage ratio. The rent, from a lease or the appraiser's market rent estimate, is divided by the full new payment including taxes, insurance and any HOA. Because the cash-out raises the payment, run the ratio on the new loan, not the old one.
Palm Bay is known for large tracts of concrete block homes on platted lots, many built from the 1980s onward in the former Port Malabar subdivision, plus newer construction on the city's southwest side. These homes rent to families tied to the aerospace employers at Cape Canaveral, Kennedy Space Center and the defense contractors in Melbourne.
Melbourne, West Melbourne, Viera, Cocoa and Titusville offer other rental options, and the beachside towns like Satellite Beach and Indialantic have higher prices and more short-term rental activity.
L3Harris, which has a large presence in Brevard, along with Northrop Grumman, Embraer and the commercial launch companies at the Cape, has drawn engineers and technicians to the area. Health First's hospitals add steady healthcare demand. Many Palm Bay lots are larger than typical Florida suburban lots, and some neighborhoods rely on septic and well systems, which appraisers note.
The Brevard County Property Appraiser values your rental each January 1. Because it is not a homestead, Save Our Homes does not apply; only the separate non-homestead limit on non-school assessment increases does, and a sale lets the value reset to market.
A Palm Bay house bought from a long-time owner-occupant is a common trap: the listing showed a small homestead bill, but your first full year as a landlord brings a much larger one. Use your own bill, or the appraiser's estimate, in the DSCR math.
Concrete block construction helps with wind ratings, but roof age, wind mitigation features and flood zone status still drive the premium. Get a current quote with a wind mitigation report.
Florida charges documentary stamp tax on new notes and intangible tax on new mortgages, and on a refinance the amount often depends on new money. Ask your title company.
Palm Bay does not run a broad rental licensing program, but properties must meet city codes, and Florida requires tourist tax registration for stays of six months or less.
Beachside towns in Brevard County have their own STR rules, and some restrict them in residential zones. Confirm local rules before counting nightly income.
This example is illustrative and not a quote. An investor owns a three-bedroom concrete block home in Palm Bay leased to a family. The property appraises at $320,000, the existing loan balance is $150,000, and taxes and insurance run about $540 a month against total rent of $2,300.
At 75% LTV the new loan is $240,000. Paying off $150,000 leaves about $90,000 before closing costs. Estimated principal and interest on a 30-year schedule is about $1,678, so the full payment is about $2,218 and the DSCR is about 1.04x, above the 1.0x standard minimum. If the insurance renewal came in higher, adding $150 a month, the ratio would fall to about 0.97x, below the standard minimum, which is why that line deserves attention before you apply.
| Item | Amount |
|---|---|
| Appraised value | $320,000 |
| Maximum loan at 75% LTV | $240,000 |
| Existing loan payoff | $150,000 |
| Cash before closing costs | $90,000 |
| Estimated principal and interest | About $1,678 |
| Taxes and insurance | $540 |
| Total monthly payment | About $2,218 |
| DSCR at $2,300 rent | About 1.04x |
Many Palm Bay investors bought concrete block homes when prices were lower and now hold substantial equity. A cash-out can fund the next purchase, a roof replacement or wind mitigation upgrades that can lower premiums.
If you plan roof work, schedule it after closing, since the appraisal reflects the home's condition at inspection. Investors with five or more rentals can compare a blanket portfolio loan with separate refinances.
Newer homes on Palm Bay's southwest side often carry lower premiums thanks to newer roofs and current building codes, which can help the ratio.
Investors who bought and renovated a home in the last year should check seasoning rules, which may limit the loan to cost plus documented improvements.
Two limits apply at once: 75% of the appraised value, and the loan the rent can support at the program minimum. Whichever is lower sets the cash. On two- to four-unit properties, the combined rent of all units counts, and on 5-8 unit buildings max LTV can be lower, so it varies by program. If the ratio falls short, programs below 1.0x exist, or a rate-and-term refinance may fit better.
Seasoning also matters. Some programs allow a cash-out soon after purchase, while others want several months of ownership or cap the loan at purchase price plus documented improvements. For rules that apply statewide, see our Florida cash-out page.
A complete file usually closes faster and with fewer surprises.
Yes. Our investor loans are business-purpose loans on non-owner-occupied property. In Palm Bay we finance cash-out refinances on 1-8 unit rentals up to 75% LTV, with loans from $150,000.
It can help with wind ratings, but roof age and mitigation features matter most.
Florida's documentary stamp and intangible taxes can apply, often based on new money. Your title company can confirm.
Possibly, if local rules permit STRs. Some programs qualify on projected revenue.
No. The loan qualifies on the property's rent. You still need a 620 or higher credit score, reserves and LLC documents if the property is held in an entity.
Seasoning varies by program. Some allow a cash-out shortly after purchase; others want several months of ownership or limit the loan to cost plus documented improvements.
You can take a smaller loan that the rent covers, look at programs that allow a ratio below 1.0x, or compare a rate-and-term refinance.
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