Tampa Bay grew fast for a decade, and many investors who bought in Hillsborough, Pasco and Pinellas counties have equity to show for it. The 2024 hurricane season, though, put flood zones, elevation and insurance at the center of every refinance conversation in the region.
In short: Yes. LendingStreet finances DSCR cash-out refinances on Tampa Bay rentals up to 75% LTV, qualifying on the property's rent. The rent must cover principal, interest, taxes, wind and hazard insurance, any required flood coverage and HOA dues at the 1.0x standard minimum. Loans start at $150,000, LLCs are standard and the minimum credit score is 620. In Tampa, the insurance quote is usually the line that decides the loan.
Prices across Tampa Bay climbed sharply from 2020 through 2022, then softened as rates rose, inventory grew and insurance costs pushed some buyers out. Inland areas like Brandon, Riverview, Wesley Chapel and Plant City have seen a lot of new construction, while older neighborhoods closer to the water have been reshaped by the 2024 storms.
If you bought before 2021, you likely still have meaningful equity. For properties in areas that flooded, the appraiser will look closely at condition and repair history, and recent comparable sales may be thin.
Hurricanes Helene and Milton in 2024 brought storm surge to coastal Pinellas and parts of south Tampa and flooding inland along rivers and creeks. Since then, flood zone status, elevation and prior claims have become central to insurability and value.
If the property is in a FEMA special flood hazard area, flood insurance is required and the premium counts in the DSCR. An elevation certificate can help both the flood quote and the appraisal. If the home was substantially damaged, local rules may require it to be brought up to current elevation standards before it can be fully repaired, so confirm its status with the city or county.
Hazard and wind insurance is the biggest variable in a Florida DSCR file. Carriers look at roof age, roof shape, opening protection and wind mitigation features, and a recent wind mitigation inspection often lowers the premium. A roof near the end of its life can make a home hard to insure at all.
Get a fresh quote before you apply. In the example below, insurance is roughly equal to the property tax, which is common in the region. Some carriers have pulled back from parts of Florida, and Citizens, the state-backed insurer, writes many policies when private coverage is not available. A Citizens policy is generally acceptable, but premiums and coverage terms should be confirmed before closing.
This example is illustrative and not a quote. An investor owns a four-bedroom home in Riverview appraised at $380,000, owing $170,000. It rents for $2,900 a month. Taxes are about $390 a month and wind and hazard insurance about $390.
At 75% LTV the new loan is $285,000, leaving $115,000 after the payoff and before closing costs. On 30-year amortization, principal and interest is about $1,944. The full payment is about $2,724, for a DSCR of about 1.06x. If a flood policy added $200 a month, the ratio would drop to about 0.99x.
| Item | Amount |
|---|---|
| Appraised value | $380,000 |
| Loan at 75% LTV | $285,000 |
| Existing loan payoff | $170,000 |
| Cash before closing costs | $115,000 |
| Principal and interest (30 years) | About $1,944 |
| Taxes, insurance and any HOA (monthly) | $780 |
| Total monthly payment | About $2,724 |
| Monthly rent | $2,900 |
| DSCR | About 1.06x |
Florida charges documentary stamp tax on new promissory notes and an intangible tax on new mortgages. On a refinance, how much applies often depends on how much new money is involved and how the loan is structured. On a cash-out, these taxes can be a noticeable closing cost.
Ask the title company for an estimate early. Florida also has no state income tax, and investors do not get the homestead exemption or the Save Our Homes cap, so property taxes on rentals can rise faster than on a homesteaded house.
Long-term rental investors are active in Seminole Heights, Sulphur Springs, east Tampa, Brandon, Riverview, Gibsonton, Wesley Chapel, Zephyrhills and Lakeland in neighboring Polk County. Pinellas has older homes and duplexes in St. Petersburg and Clearwater, plus condos along the beaches.
Condos and townhomes need a condo questionnaire and association review, and Florida's newer inspection and reserve rules for older condo buildings have led to higher dues and special assessments in some associations. Two to four unit properties qualify on combined rent; 5 to 8 unit buildings can qualify at a lower maximum LTV.
Beach communities in Pinellas, including St. Pete Beach, Madeira Beach, Treasure Island and Clearwater Beach, along with parts of Pasco and Hillsborough, see strong vacation demand. Several of those beach towns were hit hard in 2024, and some rentals are still being rebuilt. Florida largely limits new local bans on short-term rentals, but cities can still regulate registration, parking, occupancy and safety. Some DSCR programs can qualify an STR on projected income; confirm local registration rules first.
Common uses include the following.
Have these before you apply.
Yes. We finance DSCR cash-out refinances on non-owner-occupied rentals across Tampa Bay, up to 75% LTV, starting at $150,000.
Possibly, once repairs are complete and the property is insurable. Expect questions about repairs, permits and any substantial damage determination.
The premium sits inside the payment. A higher quote lowers the ratio dollar for dollar and can cap the loan amount.
Often, yes. It documents features like roof straps and opening protection that many carriers credit with lower premiums.
Documentary stamp and intangible taxes can apply to new notes and mortgages, often based on the new money involved. Confirm with the title company.
Often, but expect a condo questionnaire and a review of the building's reserves, inspections and any special assessments.
Seasoning varies by program. Some allow cash-out soon after purchase; others want several months of ownership or limit the loan to cost plus improvements.
No. The loan qualifies on rent. You need a 620 or higher credit score and reserves.
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.