In Miami, the refinance math often turns on insurance, not the loan amount. A duplex in Little Havana or a single-family rental in Hialeah may lease well, but wind and flood premiums can move the ratio more than any other line.
In short: Yes. LendingStreet offers DSCR rate-and-term refinances on Miami-area rentals with 1 to 8 units, replacing short-term or maturing debt with a loan that qualifies on the rent instead of your personal income. Loans start at $150,000 with no stated maximum, leverage reaches 80% LTV on some rate-and-term programs, and most programs look for a 1.0x DSCR and a 620 credit score. In Miami, insurance, flood zones and condo association rules shape most refinances here, and Florida's documentary stamp and intangible taxes on the new mortgage are part of closing costs.
Miami-Dade has strong rental demand from a large renter population, international buyers and steady in-migration. Investors often use bridge loans to buy quickly in competitive neighborhoods, renovate older CBS (concrete block) homes and duplexes, and then need a long-term payment.
Many also hold rentals on loans that are maturing or adjusting. A rate-and-term DSCR refinance replaces that debt and qualifies on the rent, which helps investors whose tax returns show depreciation and write-offs rather than income.
Miami rentals range from older duplexes to newer townhomes, and the right questions change with each.
| Area | Typical rental stock | Common refinance situation |
|---|---|---|
| Little Havana, Allapattah and Little River | Older duplexes and CBS homes | Paying off a bridge loan after renovation |
| Hialeah and Miami Lakes | Single-family homes, some efficiencies | Rate-and-term on a long-held rental |
| Kendall, Westchester and Homestead | Single-family and townhomes, many HOAs | Replacing a balloon or adjustable loan |
| Miami Gardens and North Miami | Single-family homes at lower prices | Refinancing after a rehab |
In a rate-and-term refinance, the new loan covers the payoff of your current debt plus closing costs, and you walk away with little or no cash. That is why leverage can go higher than on a cash-out: up to 80% LTV on some rate-and-term programs, compared with up to 75% LTV for cash-out.
Investors in Miami usually choose rate-and-term when the goal is a better payment or a longer term, not new money. If you do want to pull equity, our Florida cash-out page covers that path.
This example is illustrative and not a quote. A duplex in Little Havana was bought with a bridge loan and renovated, and both two-bedroom units are leased for 12 months. It appraises at $780,000 and rents for $5,600 a month. The bridge loan balance is $500,000, with an interest-only payment of about $4,792 a month.
A rate-and-term DSCR refinance of $514,000 covers the payoff plus about $14,000 in estimated closing costs, roughly 66% LTV. Estimated principal and interest on a 30-year fixed loan is about $3,463. With taxes of $980 and insurance of $850, the monthly payment is about $5,293, for a DSCR of about 1.06x.
The new payment is about $1,329 a month lower than under the bridge loan, and it is fixed for 30 years instead of coming due. The ratio clears the 1.0x standard minimum.
| Item | Before (bridge loan) | After (DSCR refinance) |
|---|---|---|
| Loan balance | $500,000 | $514,000 |
| Monthly loan payment | $4,792 (interest-only) | $3,463 (est. principal and interest) |
| Property taxes | $980 | $980 |
| Insurance | $850 | $850 |
| Total monthly payment | $6,622 | $5,293 |
| DSCR at $5,600 rent | About 0.85x | About 1.06x |
| Loan term | Short term, comes due | 30-year fixed |
The appraiser decides two numbers that matter here: the value, which sets your LTV, and the market rent, which most programs compare with the lease to calculate DSCR. In Miami, appraisers compare duplex rents unit by unit, and a renovated, hardened building should show its impact windows and newer roof.
Florida's Save Our Homes cap only applies to homesteads. Non-homestead rentals have a separate cap on yearly assessment increases for non-school taxes, but the assessment can reset to market value after a sale. Use the Miami-Dade Property Appraiser record and budget on your own assessed value.
Florida charges documentary stamp tax on the new note and a nonrecurring intangible tax on the new mortgage. On some refinances part of the tax may be limited to new money, depending on structure. Ask the title company to quote it before closing.
Insurance is often the largest cost after principal and interest. Insurers look for wind mitigation features, roof age and impact windows or shutters, and older homes often need an inspection of the roof, wiring, plumbing and heating and cooling systems. Many neighborhoods are in mapped flood zones. Get both quotes early.
Condo rentals face extra review. After the Surfside collapse, Florida added milestone inspection and reserve study rules for condo buildings, and associations facing large special assessments can be harder to finance. Ask for the condo questionnaire early.
The City of Miami and Miami Beach restrict short-term rentals in many residential areas, so most Miami refinances are underwritten on 12-month leases. Confirm zoning before relying on nightly income.
Most investors start the DSCR refinance once the property is leased and about two months before the short-term note comes due. How long you need to own the property first, and whether the appraised value or your cost basis is used, depends on the program. In Miami, that usually means a duplex or CBS home bought with a bridge loan, hardened and renovated, then leased.
To get a quote, use the form below or call (877) 298-1001 with the address, current payoff and rent. LendingStreet reviews 1-8 unit rentals across Miami-Dade County, from Hialeah and Miami Gardens to Kendall and Homestead, and the team will show the ratio at more than one loan amount. Before you call, it helps to run the deal through our DSCR calculator using the actual tax bill and insurance quote, so there are no surprises.
Wind and flood premiums are high in Miami-Dade, and they count in the monthly payment used to calculate DSCR. A lower premium can raise the ratio more than a smaller loan.
Often, if the association passes condo review. Buildings with large pending special assessments or incomplete inspections can be harder to finance.
Documentary stamp tax on the note and intangible tax on the mortgage. Part may be limited to new money depending on structure. The title company quotes the exact amount.
Only where short-term rentals are legal. The City of Miami and Miami Beach restrict them in many residential areas, so most loans here use long-term leases.
Yes. LLC borrowers are standard on DSCR loans, and a refinance is a common time to move title into an entity.
Loans start at $150,000 with no stated maximum, and the minimum credit score is 620.
Seasoning varies by program. Some programs can use the appraised value sooner than others. Our seasoning guide explains the options.
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.