Port jobs, the Hyundai Metaplant in Bryan County and steady tourism have lifted Savannah values from the Victorian District to Pooler. Investors holding rentals bought before that run-up can pull equity with a DSCR cash-out, qualified on rent alone.
In short: Yes. LendingStreet finances DSCR cash-out refinances on 1-8 unit rentals in the Savannah area, up to 75% LTV, qualifying on the property's rent with no W-2s or tax returns. The rent has to cover the new payment at 1.0x on standard programs. In Savannah, the local items to plan around are the city's limits on non-owner-occupied short-term rentals, Georgia's intangible recording tax on new money and coastal wind and flood insurance.
A cash-out refinance replaces the current mortgage on a rental with a larger loan and hands you the difference. On our DSCR programs the new loan can go up to 75% of the appraised value, and it qualifies on the property's rent instead of your W-2s or tax returns.
The test is the debt service coverage ratio: monthly rent divided by the new payment, which includes principal, interest, taxes, insurance and any HOA dues. Standard programs look for 1.0x or better after the cash comes out, and sub-1.0 programs exist for some files. Georgia's intangible recording tax applies to the new loan amount on long-term notes, generally to the portion that is new money on a refinance, so ask title what your cash-out will owe.
The Landmark Historic District and the Victorian District hold the city's best-known townhouses and carriage houses. Thomas Square (often called Starland), Ardsley Park and Midtown mix bungalows and duplexes leased to SCAD students, hospital staff and young professionals. The Southside and Wilmington Island offer more conventional single-family rentals.
West and south of the city, Pooler, Port Wentworth, Rincon and Richmond Hill have grown with port, logistics and manufacturing jobs, and Hunter Army Airfield and Fort Stewart add military tenants.
Historic district townhouses often have a garden-level apartment or a carriage house on the lane behind, and those second units add rent when they are legal. Bring documentation showing each unit is permitted, since the appraiser and underwriter will only count rent on units the city recognizes.
| Area type | Examples | Typical rental | Cash-out watch item |
|---|---|---|---|
| Historic core | Landmark Historic District, Victorian District | Townhouses, carriage houses | STR caps and historic review |
| Midtown | Thomas Square, Ardsley Park, Midtown | Bungalows, duplexes | Student lease cycles |
| Growth suburbs | Pooler, Rincon, Richmond Hill | Newer single-family | HOA leasing limits |
Savannah allows non-owner-occupied short-term vacation rentals only in certain zones, caps them by ward in parts of the downtown historic district and generally does not allow new ones in many residential neighborhoods. Existing certificates matter, and rules have changed over time, so confirm the property's status with the city before relying on nightly income. Unincorporated Chatham County and nearby towns set their own rules.
Tybee Island runs its own permit program and has debated limits as well. Where nightly rentals are allowed, our STR program can qualify on projected revenue on some programs; elsewhere, Savannah cash-outs qualify on 12-month leases.
This example is illustrative and not a quote. An investor owns a Thomas Square duplex appraised at $420,000 with $180,000 owed. The units rent for $3,300 combined on 12-month leases. Taxes are about $350 a month, and wind and hazard insurance about $260.
At 75% LTV the new loan is $315,000. After paying off the $180,000 balance, about $135,000 is left before closing costs. Estimated principal and interest on a 30-year schedule is about $2,203, so with taxes of $350 and insurance of $260 the monthly payment is about $2,813 and DSCR is about 1.17x.
If the property sat in a flood zone and needed a $150 monthly flood policy, the payment would be about $2,963 and DSCR about 1.11x, still above the minimum.
The intangible recording tax on the new money is a one-time closing cost that reduces cash at closing; it does not change the monthly ratio.
| Item | 75% LTV | 75% LTV, flood zone |
|---|---|---|
| Appraised value | $420,000 | $420,000 |
| Loan amount | $315,000 | $315,000 |
| Existing payoff | $180,000 | $180,000 |
| Cash before closing costs | $135,000 | $135,000 |
| Estimated principal and interest | $2,203 | $2,203 |
| Taxes and insurance | $610 | $760 |
| Total monthly payment | $2,813 | $2,963 |
| DSCR at $3,300 rent | About 1.17x | About 1.11x |
Savannah is low-lying and exposed to hurricanes, tidal flooding and heavy rain. Many properties east of downtown, on the islands and along marsh edges sit in flood zones that require flood coverage. Wind deductibles on coastal policies are often a percentage of the dwelling amount.
Older historic homes add their own insurance questions: wood framing, original wiring and slate or tin roofs. A quote that reflects the building's real age and systems keeps surprises out of underwriting.
Georgia assesses property at a 40% assessment ratio of fair market value, and Chatham County sends annual assessment notices. Homestead exemptions and freezes do not apply to rentals, so a property bought from an owner-occupant can see a higher bill the next year. The City of Savannah, county and school board each levy their own millage.
On a refinance, Georgia's intangible recording tax applies to new money on long-term notes, and title and recording costs come out of your proceeds. There is no transfer tax on a refinance because the deed does not change hands.
Pull these together first and the file moves faster.
Our investor loans are business-purpose loans on non-owner-occupied property, and we close DSCR cash-out refinances on 1-8 unit rentals in Chatham, Bryan and Effingham counties, including Pooler, Richmond Hill and Rincon. Cash from a refinance can go toward another purchase, repairs or reserves; how you use it is up to you.
Get a quote through the form below or at (877) 298-1001. Share the address, leases, payoff and target cash amount, and we will show the loan size, the estimated payment and the resulting ratio at two or three leverage levels.
Only where the city allows non-owner-occupied short-term rentals and the property holds a valid certificate. Many residential zones do not allow new ones.
A tax on long-term notes secured by Georgia real estate, charged when the security deed is recorded. On a refinance it generally applies to new money.
Yes. Historic homes qualify like any other rental; expect insurers and appraisers to look closely at age and condition.
Yes. DSCR cash-outs are available across Chatham, Bryan and Effingham counties.
Seasoning varies by program. Some allow a cash-out within months of purchase, others want a longer ownership period or cap the loan at the purchase price plus documented improvements. Our seasoning guide covers the common rules.
No. DSCR loans qualify on the rental income of the property. Credit, reserves and LLC documents are still part of the file.
Yes. Business-purpose DSCR loans are commonly made to LLCs, with the members signing for the loan personally.
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