Scranton's double-block homes and coal-era multi-units are some of the most cash-flowing rentals in the Northeast. The challenge on a cash-out is not the ratio; it is getting the loan above the $150,000 minimum.
In short: LendingStreet finances DSCR cash-out refinances on 1-8 unit rentals in the Scranton and Wilkes-Barre area, up to 75% LTV and qualified on the property's rent instead of personal income. Loans start at $150,000, so a property usually needs to appraise at $200,000 or more for a 75% cash-out. Multi-unit buildings, mine subsidence coverage and Pennsylvania's uneven reassessment history are the local items to check.
You keep the property, pay off the existing lien and take the remaining loan proceeds as cash. Loan size is capped at up to 75% of appraised value on cash-out, loans start at $150,000 with no stated maximum, and LLC borrowers are standard.
Because a bigger balance means a bigger payment, the ratio that matters is the one after the refinance: rent divided by principal, interest, taxes, insurance and HOA dues. Most programs want at least 1.0x, with a 620 minimum credit score and no personal income documents. In Lackawanna County, rents are often strong relative to value, so the ratio is rarely the problem; the loan minimum and appraisal usually are.
Scranton's Hill Section, Green Ridge and West Side are full of double-block homes, side-by-side duplexes sharing a center wall, and larger houses divided into apartments. South Side and North Scranton have more modest frame homes. Dunmore, Dickson City, Old Forge and Clarks Summit add smaller-town options, with Clarks Summit commanding higher rents.
In Luzerne County, Wilkes-Barre, Kingston and Pittston offer similar stock. Tenants include hospital and university staff, warehouse workers along the I-81 and I-84 corridors and commuters who work remotely for New York and Philadelphia employers.
| Area type | Examples | Typical rental | Cash-out watch item |
|---|---|---|---|
| Scranton neighborhoods | Hill Section, Green Ridge, West Side | Double-blocks, converted multi-units | Loan minimum and legal unit count |
| Nearby boroughs | Dunmore, Dickson City, Old Forge | Frame single-family and duplexes | Borough rental licensing |
| Wilkes-Barre area | Wilkes-Barre, Kingston, Pittston | Duplexes, triplexes | Flood zones near the Susquehanna |
Much of the region sits over old anthracite mines, and ground subsidence is a real, insurable risk. Pennsylvania runs a Mine Subsidence Insurance program through the state, and coverage is inexpensive relative to the risk. Lenders and appraisers in the area are familiar with it; adding it is a practical step.
Housing here is old, often from the late 1800s to the 1920s. Insurers will ask about roofs, heating and wiring. Properties near the Lackawanna and Susquehanna rivers can sit in flood zones that require coverage.
This example is illustrative and not a quote. An investor owns a three-unit house in the Hill Section appraised at $230,000, owing $60,000. Units rent for $850 each. Combined county, city and school taxes are about $420 a month, and insurance, including mine subsidence coverage, is about $170.
At 75% LTV the new loan is $172,500. After paying off the $60,000 balance, about $112,500 is left before closing costs. Estimated principal and interest on a 30-year schedule is about $1,206, so with taxes of $420 and insurance of $170 the monthly payment is about $1,796 and DSCR is about 1.42x.
At 70% LTV the loan is $161,000, the payment about $1,716 and DSCR about 1.49x, freeing $101,000.
The same investor's double-block appraised at $185,000 would only support a $138,750 loan at 75%, below the minimum, which is why multi-units or a blanket loan usually come first in Scranton.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Appraised value | $230,000 | $230,000 |
| Loan amount | $172,500 | $161,000 |
| Existing payoff | $60,000 | $60,000 |
| Cash before closing costs | $112,500 | $101,000 |
| Estimated principal and interest | $1,206 | $1,126 |
| Taxes and insurance | $590 | $590 |
| Total monthly payment | $1,796 | $1,716 |
| DSCR at $2,550 rent | About 1.42x | About 1.49x |
Pennsylvania has no statewide reassessment schedule, so counties can go many years between reassessments, and assessed values can lag or jump. Check whether a countywide reassessment is underway or recent before you rely on the current bill.
Tax bills combine county, city or borough and school district levies, and Scranton has its own local taxes. A refinance does not trigger realty transfer tax because the deed does not change, but recording fees apply.
If you bought at a price well above the assessed value, ask whether school districts in the area have been filing appeals on recent purchases, since a higher assessment would raise the bill after closing.
At 75% LTV a property needs to appraise at about $200,000 to support a $150,000 loan, and many Scranton double-blocks sit below that. Investors here tend to refinance triplexes and larger multi-units, or combine five or more lower-value rentals into a blanket portfolio loan with one closing and one payment.
Scranton and several nearby municipalities require landlord registration or rental licensing, and some require inspections. Keep those records current; they help document unit count and condition. Wilkes-Barre and other Luzerne County municipalities run their own programs, so the rules can differ from one side of the county line to the other.
A complete package gets a cleaner answer the first time.
Our investor loans are business-purpose loans on non-owner-occupied property. We finance DSCR cash-out refinances on 1-8 unit rentals across Lackawanna and Luzerne counties, from Clarks Summit and Dunmore to Wilkes-Barre and Pittston, and the same team handles purchases and rate-and-term refinances when your next move is a new property.
Send the address, your estimated value, the payoff and current rents through the form below, or call (877) 298-1001. We run the ratio at a few loan amounts, flag the local items above and come back with options, including seasoning-friendly and sub-1.0 programs where they fit.
Coverage for damage caused by the ground settling over old mines. Pennsylvania offers it through a state program, and it is common in Lackawanna and Luzerne counties.
Yes, if it appraises high enough for at least a $150,000 loan. Lower-value doubles can be refinanced together in a blanket loan.
Scranton and several surrounding municipalities require landlord registration or rental licensing. Check with the municipality where the property sits.
Yes. DSCR cash-outs are available across Lackawanna and Luzerne counties.
It depends on the program. Some will lend on the new appraised value soon after closing; others limit the loan to cost plus documented rehab until you have owned the property longer.
No. A DSCR loan looks at the property's rent against the new payment, plus credit of 620 or higher and reserves. No W-2s or tax returns are needed.
Yes. LLC borrowers are standard on our DSCR programs, and the members typically sign for the loan personally.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.