No W-2. No Tax Returns.
A DSCR loan in New York qualifies on the property's rent rather than your W-2 or tax returns — business-purpose financing for non-owner-occupied rentals, available to LLCs as standard. What makes New York its own underwriting problem: New York is judicial with one of the longest foreclosure timelines in the country, and rent stabilization covers a large share of multifamily stock — a stabilized unit is underwritten on the legal regulated rent, not market. That is exactly the kind of variable that one lender's credit box handles badly and thirty handle well, which is how LendingStreet places the file.
Check My New York Rental Loan Options →The economy runs on the full New York City economy, with Queens specifically anchored by JFK and LaGuardia, the healthcare systems, and the largest immigrant-owner base in the country. The rental stock is two- to four-family attached and semi-detached houses across Queens and Brooklyn, walk-up multifamily, and condo units.
New York is judicial with one of the longest foreclosure timelines in the country, and rent stabilization covers a large share of multifamily stock — a stabilized unit is underwritten on the legal regulated rent, not market. Two- to four-family houses in Queens are typically not stabilized and are the most common DSCR product. New York City transfer and mortgage recording taxes are high enough to materially affect cash to close on both acquisition and refinance.
Because the tax line is the swing factor here, run the DSCR with the actual current bill and the reassessed figure after purchase — in New York they are frequently not the same number, and the lender will use the higher one.
Local landlord-tenant rules in New York affect eviction timelines and therefore how some capital sources view the collateral. It does not change your eligibility; it changes which sources are comfortable and at what leverage.
A military and defense tenant base produces reliable rent and predictable turnover on the PCS cycle. Some capital sources treat that as a positive; a few discount it for concentration. Either way it is worth stating in the file.
Standard ranges across our capital sources: $150,000 to $3.5M, up to 80% LTV on purchase and 75% on cash-out, 1.00 minimum ratio with sub-1.0 and no-ratio at select sources, 660 credit standard with 640 and 620 tiers, 30-year fixed, LLC vesting with personal guaranty, 14 to 21 days to close. Full detail and the current rate floor are on the DSCR loan page. The figures on your file depend on the source, the property and the ratio.
The New York City metro — New York plus Astoria, Jackson Heights, Flushing, Jamaica, Ridgewood and Long Island City — and the rest of New York via the New York DSCR page. Investor activity in New York concentrates in Astoria, Jackson Heights, Ridgewood, Bushwick (Brooklyn), East New York (Brooklyn); the loan is underwritten identically anywhere in the metro.
Run the ratio in the DSCR calculator with real New York tax and insurance figures before you submit — those lines decide more ratios here than the rate does.
Also see: Stamford, CT →New Haven, CT →
Yes — New York, Astoria, Jackson Heights, Flushing, Jamaica, Ridgewood and Long Island City, and the rest of New York.
It affects the lender's side. A faster recovery timeline widens the pool of sources comfortable writing there; a slower one makes some conservative on leverage. We account for it in placement.
New York City effectively prohibits most short-term rentals under Local Law 18; STR underwriting is not viable. We underwrite on long-term market rent.
Almost always the tax line. In New York the lender uses the reassessed bill after purchase, which is often higher than the seller's current bill.
Not your eligibility — which capital sources are comfortable and at what leverage. We place around it.
Typically 14 to 21 days from a complete file. Appraisal is the longest fixed step.
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