Las Vegas and Reno investors frequently use bridge or hard money to buy and update rentals quickly. A DSCR rate-and-term refinance moves that balance into long-term financing qualified on the rent, often with a much lower monthly payment.
In short: Yes, LendingStreet offers DSCR rate-and-term refinances on 1-8 unit investment property in Nevada, up to 80% LTV on some programs, qualifying on the property's rent instead of your income. It is the standard way to pay off a hard money, bridge or higher-rate loan and move into a long-term payment, with cash back limited to a small allowance. The rent has to cover the new payment at 1.0x on standard programs, the minimum credit score is 620, LLC borrowers are standard and loans start at $150,000.
The idea is simple: trade the current loan for a better one. The new balance covers the payoff and closing costs, can reach up to 80% LTV on some programs (cash-out tops out), and any cash back is held to a small allowance set by the program.
Underwriting centers on the DSCR: rent divided by principal, interest, taxes, insurance and HOA dues. The standard minimum is 1.0x, with sub-1.0 programs for rentals just under that line. Minimum credit is 620, LLCs are standard, terms run up to 30 years, and you do not need W-2s or tax returns.
| Rate-and-term | Cash-out | |
|---|---|---|
| Max LTV | Up to 80% on some programs | Up to 75% |
| Cash to borrower | Small allowance only | Equity above payoff |
| Typical goal | Lower rate or payment, exit short-term debt | Pull equity for the next deal |
| Qualifies on | Rent (DSCR) | Rent (DSCR) |
A bridge or hard money loan gets the property bought and fixed, but it is not meant to be held. The standard exit is to refinance into a DSCR loan once the unit is rented, rather than paying higher short-term interest or asking for an extension.
Nevada's rental stock is dominated by newer construction compared with most states: stucco single-family homes and townhomes in master-planned Las Vegas Valley communities, plus older ranch homes near central Las Vegas and Reno. Investors often refinance after cosmetic updates, flooring and HVAC work.
HOAs are common in the Las Vegas Valley, and dues come straight out of the ratio. Some associations also limit leasing or rental terms, so check the CC&Rs before you assume a long-term lease is allowed.
Nevada's real property transfer tax applies to deeds on a sale, so a refinance where ownership stays the same usually does not trigger it. Expect lender's title insurance, county recording fees for the new deed of trust and escrow fees.
Closings in Nevada typically run through an escrow company. If the property is in an HOA, escrow will request a payoff or status statement from the association to confirm dues are current. Delinquent dues need to be cleared before closing.
Because closing costs are usually rolled into the balance, they affect both the LTV and the ratio, so ask title for real numbers before you lock.
Nevada has no state income tax, and property tax increases on most residential property are limited by a statutory abatement, with rental property generally allowed a higher annual increase than a primary home. Use the current tax bill. Insurance in the Las Vegas Valley is usually moderate, but pools, older roofs and HVAC systems can affect the quote.
When a file is close to the line, the fix is usually on the expense side: shop the insurance, confirm the actual tax bill and check whether any special assessments are scheduled.
This example is illustrative and not a quote. An investor bought and renovated a Henderson single-family rental using a hard money loan that now has a payoff of $310,000 interest-only, or about $2,842 a month in interest. The property now appraises at $440,000 and rents for $2,650 a month, with taxes and insurance of about $380 a month plus $85 a month in HOA dues.
A rate-and-term loan of $319,000 covers the payoff plus $9,000 of closing costs, which is about 72.5% LTV, inside the 80% limit some programs allow. On 30-year amortization, principal and interest is about $2,096, so the total payment is about $2,561 and the DSCR is about 1.03x, above the 1.0x standard minimum. The investor stops paying short-term interest and starts paying down principal, with no cash taken out.
| Item | Amount |
|---|---|
| Appraised value | $440,000 |
| Hard money payoff | $310,000 |
| Closing costs financed | $9,000 |
| New loan amount | $319,000 |
| Loan-to-value | About 72.5% |
| Principal and interest | About $2,096 |
| Taxes and insurance and HOA | $465 |
| Total monthly payment | About $2,561 |
| Monthly rent | $2,650 |
| DSCR | About 1.03x |
Programs differ on seasoning. If you closed on the property recently, some will use the after-rehab appraisal and others will base the loan on what you paid plus documented improvements. Because rate-and-term only needs to cover the payoff, the lower figure is often still enough.
Expect the appraisal to include a market rent estimate alongside the value. Underwriting compares it with your lease, and the figure it uses depends on the program.
The Las Vegas Valley, including Henderson and North Las Vegas, is the state's main rental market, with a deep pool of single-family rentals and townhomes. Reno and Sparks have tighter supply and higher prices relative to rent, so ratios can be thinner there.
Short-term rentals face significant restrictions in Clark County and the City of Las Vegas, including licensing and distance rules. If you are refinancing an STR, confirm the property's license status and local rules before relying on nightly income.
Having these ready before you apply keeps the appraisal and underwriting moving.
Choose rate-and-term when you mainly want out of short-term debt or into a lower payment. Choose cash-out, up to 75% LTV, when you want to pull equity. If the ratio is short, a sub-1.0 program or finishing the lease-up may solve it. Leverage on 5-8 unit properties and larger balances varies by program.
Yes. Our investor loans are business-purpose loans on non-owner-occupied property, and we offer DSCR rate-and-term refinances on 1-8 unit rentals across Nevada, starting at $150,000.
It depends on the program. Some use the new appraised value soon after purchase; others base the loan on purchase price plus documented improvements until a seasoning period passes.
Standard programs look for 1.0x, meaning rent at least equals the full payment. Sub-1.0 programs exist for rentals that fall slightly short.
Nevada's real property transfer tax is tied to deeds on a sale, so a refinance that keeps the same owner usually avoids it. Confirm with your escrow or title company.
Yes. HOA dues are part of the payment used in the ratio, and escrow will confirm the account is current. Leasing restrictions in the CC&Rs can also matter.
No. The loan qualifies on the property's rent. You need a 620 or higher credit score, reserves and entity documents if you use an LLC.
Yes. LLC borrowers are standard. We will ask for the operating agreement, formation documents and good standing for the entity.
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