In a market where most rentals sell for a fraction of national prices, a $1.5 million loan on a single property is unusual. When it happens around Charleston, it is usually a newer apartment building, not a house.
In short: LendingStreet offers jumbo DSCR loans from about $1.5M to $5M+ on high-value 1-8 unit rentals in the Charleston area, for purchases, rate-and-term refinances and cash-out. Larger balances get more review and maximum LTV can be lower; it varies by program. Around Charleston, jumbo balances usually mean a newer 5-8 unit building, a rare luxury rental, or several properties combined under a blanket loan.
Honesty helps here. Few single-family homes in Kanawha or Putnam counties rent for enough to support a loan of $1.5 million or more. Even large South Hills homes rarely reach that level as rentals. Most jumbo-size DSCR loans in this region fall into three groups.
That is not a reason to avoid the program. It simply means the property behind a jumbo loan in this market needs to be clearly worth the balance, with rent that supports it and a buyer pool that a future sale could draw on.
This example is illustrative and not a quote. An investor buys a newer eight-unit townhome-style building near Hurricane for $2,000,000. Each unit rents for $1,750, for $14,000 a month. Taxes are budgeted at $1,750 a month and insurance at $650.
At 75% LTV the loan is $1,500,000, the full payment is about $12,888 and DSCR is about 1.09x. At 70% LTV the loan is $1,400,000, the payment is about $12,189 and DSCR is about 1.15x. The lower leverage gives more room for vacancy and expense changes.
Newer buildings like this are rare in the region, which cuts both ways. Tenants who want modern units with parking have fewer options, which supports rent. But fewer comparable sales can make the appraisal harder, so expect the appraiser to look at a wider area.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Loan amount | $1,500,000 | $1,400,000 |
| Estimated monthly payment | $12,888 | $12,189 |
| DSCR | 1.09x | 1.15x |
On a large loan, we look harder at the rent roll, the condition of the building, reserves and your experience managing similar properties. The appraisal has to support the value with comparable sales, which can be limited for newer apartment buildings in this area. Expect questions about vacancy history and lease terms.
Plan to provide a detailed operating history if the building is not new. Two years of income and expense records, a current rent roll and recent capital improvements give a clear picture of how the property performs.
Maximum LTV on jumbo balances is often lower than on smaller loans and varies by program. Reserves, meaning cash left after closing, matter more on large loans. Plan to show several months of payments in the bank.
The structure that works may differ from what you expect. If 75% LTV is too tight, a lower loan amount with a stronger DSCR can be the faster route to approval and a better long-term hold.
Rentals outside city limits are taxed in Class III, and rentals inside a city such as Charleston or Hurricane are taxed in Class IV, both at a 60% assessment ratio with higher levies than owner-occupied homes. On a large building, a small difference in the tax figure moves the DSCR. Confirm with the county assessor before you finalize numbers.
Insurance on a newer building is usually more predictable than on older frame construction, but check flood zones near streams and the Kanawha River, and ask about wind and hail deductibles.
If your large balance comes from several properties rather than one building, a blanket portfolio loan may be simpler. It puts five or more rentals under one loan with one payment, with release provisions if you sell a property. Compare the two structures before you apply.
Ask about release provisions if you think you may sell one property in the group later. Release terms let you pay down the blanket loan and remove that property without refinancing the rest, which keeps the remaining rentals under one payment.
Jumbo DSCR loans cover purchases, rate-and-term refinances and cash-out. An investor who built or bought a newer building with bank financing may refinance into a long-term DSCR loan, or take cash out to fund the next project, subject to the DSCR and leverage limits.
Seasoning rules for cash-out vary by program. If you recently finished building or buying the property, ask how the new value will be used before ordering an appraisal.
Some jumbo-size loans come from investors who built a newer apartment or townhome building with a construction loan and now want permanent financing. If that is your situation, have the certificate of occupancy, final costs, leases and photos ready.
A construction lender's takeout often depends on lease-up, so plan the timeline carefully. A bridge loan can cover the gap if you need more time to fill units before refinancing into a long-term DSCR loan.
Send the address, price or value, rent roll, operating history, insurance quote and your experience with similar buildings. We will tell you how the loan would be sized and what else is needed.
Include a short summary of the properties you own and manage today. On large loans, your track record with similar buildings is one of the first things we review, and it can shape the leverage available.
Yes, from about $1.5M to $5M+ on high-value 1-8 unit rentals, for purchase, rate-and-term and cash-out. Larger balances get more review.
Not very. In this market, balances that large usually involve a newer 5-8 unit building or several properties. Single-family homes at that level are rare here.
It varies by program and is often lower on larger balances. Strong rent and reserves help. Lower leverage can help the DSCR.
No. Jumbo DSCR loans qualify on the property's rent. Reserves matter more on large loans.
Yes. A blanket portfolio loan can cover five or more rentals under one loan.
Buildings with 9 or more units are commercial. See our multifamily loan page.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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