Above $1.5M, Bend rentals split into two groups. Large west side homes in Tetherow, Broken Top and Awbrey Butte that lease to long-term tenants, and resort-area vacation homes around Sunriver and Black Butte Ranch that earn most of their income from nightly stays. The financing math looks very different for each.
In short: LendingStreet makes jumbo DSCR loans from about $1.5M to $5M+ on high-value 1-8 unit rentals in Bend and Central Oregon, for purchase, rate-and-term and cash-out. The loan qualifies on the property's rent or, on some programs, projected short-term rental revenue, with no W-2s or tax returns. Larger balances get more review and maximum LTV can be lower; it varies by program.
Inside Bend, the high-value rental homes are concentrated on the west side: Tetherow, Broken Top, Awbrey Butte, Northwest Crossing and the newer neighborhoods along Skyliners Road toward the mountains. These homes usually lease on 12-month terms to relocating executives, physicians and remote workers.
Outside city limits, Sunriver, Caldera Springs, Black Butte Ranch and the Sisters area have large vacation homes that rent by the night. Some investors also own several properties or a 5-8 unit building whose combined loan amount lands in jumbo territory.
| Area | Typical use | What drives the loan |
|---|---|---|
| Tetherow, Broken Top, Awbrey Butte | Long-term executive leases | Rent rarely covers 70%+ leverage; lower LTV common |
| Northwest Crossing, Skyliners corridor | Long-term leases, some with ADUs | Second unit income helps |
| Sunriver, Caldera Springs | Nightly vacation rentals | STR projection, association rules |
| Black Butte Ranch, Sisters area | Vacation and seasonal rentals | Wildfire insurance, association rules |
| 5-8 units or several rentals | Long-term leases | Combined rent, portfolio structure |
Luxury long-term rents in Bend are strong in dollar terms but low as a share of the home's value. A $2M+ home rarely leases for enough to support a 70% or higher loan at 1.0x. Investors buying these homes as long-term rentals usually put more down, use a second permitted unit, or accept a sub-1.0 DSCR program where one fits.
There are also fewer comparable leases at the top of the market, which can make the appraiser's rent opinion conservative. Bring any signed leases on similar homes you know of.
On some programs, a vacation home can qualify on projected short-term rental revenue, documented by a third-party projection or booking history, instead of a long-term lease. In Central Oregon's resort areas, that is often what makes a jumbo loan work at reasonable leverage.
Rules matter. Inside Bend, whole-house short-term rentals need a city permit and are limited by spacing rules in residential zones. Outside the city, Deschutes County and private associations such as those in Sunriver and Black Butte Ranch set their own rules, fees and registration requirements. Lodging taxes apply. Confirm the property can legally operate before relying on nightly income.
This example is illustrative and not a quote. An investor buys a large vacation home in a Central Oregon resort community for $2,300,000. Taxes are $1,150 a month, insurance is $575 and association dues are $250. The loan is 70% of the price, $1,610,000, with estimated principal and interest of about $11,092.
On a long-term lease of $9,000 a month, the ratio would be about 0.69x, far below the standard minimum. On a third-party short-term rental projection of $15,000 a month in qualifying income, the ratio is about 1.15x.
The same house, the same loan and the same payment produce two very different answers depending on which income the program can use. That is why we confirm the STR rules and the projection method before quoting a resort-area jumbo loan.
Keep in mind that nightly rentals carry cleaning, management, furnishing, utilities and lodging tax that a long-term lease does not. The ratio tells you whether the loan qualifies; your own budget should account for those operating costs and for slower shoulder seasons between ski season and summer.
| Item | Long-term lease | Short-term rental projection |
|---|---|---|
| Purchase price | $2,300,000 | $2,300,000 |
| Loan at 70% LTV | $1,610,000 | $1,610,000 |
| Estimated principal and interest | $11,092 | $11,092 |
| Taxes, insurance and association dues | $1,975 | $1,975 |
| Total monthly payment | $13,067 | $13,067 |
| Monthly qualifying income | $9,000 | $15,000 |
| DSCR | About 0.69x | About 1.15x |
Insurance on a large Central Oregon home can be expensive, and some carriers have limited new policies near forest land. Resort areas and the west side of Bend are both exposed. A binding quote early in the process is essential, because a higher premium on a $2M home changes the ratio meaningfully.
Fire-resistant roofing, defensible space and ember-resistant vents can help. Some associations have their own fuel reduction and building material rules.
Oregon's assessed value limits apply regardless of price, and a sale generally does not reset the assessed value, so an older luxury home may have a tax bill below what its price suggests. Newer homes are valued for the roll when built. Deschutes County does not charge a real estate transfer tax, which keeps closing costs lower than in many resort markets in other states.
Larger balances get closer review. Expect a detailed appraisal, possibly a second valuation on some programs, more reserves and a closer look at rent or revenue support. Maximum LTV is often lower than on smaller loans and varies by program. Credit minimums start at 620, though stronger credit helps on large balances.
If you own five or more rentals, a blanket portfolio loan can combine them; properties outside Oregon can be included on some programs.
Homes on larger acreage, properties with guest houses or barns, and homes with unusual designs can be harder to appraise because there are few direct comparables in Central Oregon. Acreage and property type limits vary by program, so mention these features early.
Send the property, price, how it will be rented and your target leverage. We will show you how the loan sizes on long-term and short-term income where both apply. Call (877) 298-1001 or use the form below. Our investor loans are business-purpose loans on non-owner-occupied property.
Roughly $1.5M to $5M+ on a high-value 1-8 unit rental, for purchase, rate-and-term or cash-out.
On some programs, yes, using a third-party projection or booking history, if the property can legally operate as a nightly rental under county and association rules.
Long-term rents at the high end are low relative to value. Lower leverage, a second unit or a sub-1.0 program are the usual solutions.
Often, yes. It varies by program and loan size.
Yes. Inside city limits, whole-house STRs need a city permit and are subject to spacing rules in residential zones.
Through insurance. A higher premium raises the payment and lowers the ratio, and coverage must be in place to close.
Yes, subject to program leverage limits and the ratio at the new payment.
Often, yes, though acreage and property type limits vary by program, and comparable sales and leases can be harder to find. Share the details early so the appraisal is scoped correctly.
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