Columbus is Ohio's fastest-growing metro, with Ohio State, state government, a large insurance and banking sector and new manufacturing investment east of New Albany. That growth has pushed some rentals into jumbo territory, and it has pushed property taxes up with them.
In short: LendingStreet offers jumbo DSCR loans of about $1.5M to $5M+ for Columbus-area rentals, qualified on rent with no W-2s or tax returns. Large files here include 5 to 8 unit buildings near Ohio State, homes in German Village, Upper Arlington and Bexley, and portfolios across Franklin and Delaware counties. Franklin County's recent reappraisal raised many bills, so budget on the current tax, not an older one.
The University District, Weinland Park and Old North Columbus have large student houses and small apartment buildings, some leased by the bedroom. German Village, the Short North, Victorian Village and Italian Village have renovated brick homes and small buildings near downtown.
Upper Arlington, Bexley, Worthington and Clintonville have larger homes in established neighborhoods, many leased to relocating professionals from Nationwide, Ohio State's medical center and JPMorgan Chase's large local operations. Dublin, Powell, Lewis Center and New Albany, partly in Delaware and Licking counties, add newer executive homes near corporate campuses and the Route 161 growth corridor.
| Property | Areas | Check |
|---|---|---|
| 5 to 8 unit student building | University District, Old North, Weinland Park | Academic-year leases, occupancy limits, parking |
| Historic brick home or small building | German Village, Victorian Village, Italian Village | Historic commission review, tight lots |
| Large suburban home | Upper Arlington, Bexley, Dublin, New Albany | School district levies, comparable leases |
Think of a jumbo DSCR loan as the same rent-based loan investors already use, sized for higher-value property. LendingStreet offers these from about $1.5M up to $5M+ on 1 to 8 unit rentals, for purchase, rate-and-term or cash-out.
There are no W-2s or tax returns. The lender divides rent by the full housing payment and generally looks for 1.0x or more, with sub-1.0 programs for some files. A 620 credit score is the floor, LLC ownership is normal and 30-year terms are available. Expect leverage below the 80% purchase and 75% cash-out maximums on the largest loans, since it varies by program.
Ohio taxes on a 35% assessment ratio. Franklin County's 2023 reappraisal raised values sharply across much of the county, and many bills rose with them even after tax reduction factors. Delaware and Licking counties reappraise on their own schedules.
School districts drive most of the bill, and Upper Arlington, Bexley, Dublin and Columbus City Schools all carry different levies. Use the current bill for the parcel, and remember owner-occupancy credits do not carry over to an investor.
This example is illustrative and not a quote. Run the numbers on a 5 to 8 unit building. An investor buys an eight-unit building in the University District for $2,100,000, leased to students on academic-year leases. Monthly rent is $16,800. The budget carries $3,200 a month for taxes and $900 for insurance.
A 75% LTV loan of $1,575,000 has estimated principal and interest of about $10,878; with taxes and insurance the payment is about $14,978, so DSCR is about 1.12x. Dropping to 65% LTV, or $1,365,000, brings estimated principal and interest to about $9,428, the payment to about $13,528 and DSCR to about 1.24x.
Student buildings near campus can show strong rent per unit, but leases often roll over every August. Underwriting uses the current leases or market rent, so signed leases for the next year help.
| Item | 75% LTV | 65% LTV |
|---|---|---|
| Loan amount | $1,575,000 | $1,365,000 |
| Estimated principal and interest | $10,878 | $9,428 |
| Property taxes | $3,200 | $3,200 |
| Insurance | $900 | $900 |
| Total monthly payment | $14,978 | $13,528 |
| Monthly rent | $16,800 | $16,800 |
| DSCR | About 1.12x | About 1.24x |
Central Ohio has fewer catastrophic risks than coastal markets, but severe thunderstorms, hail, straight-line winds and occasional tornadoes occur. Older student houses see heavy wear, and insurers want updated electrical, heating and fire safety details, especially for buildings leased by the bedroom.
Columbus requires short-term rentals to be licensed by the city and to remit lodging taxes, and the city can revoke licenses for nuisance problems. Suburbs and HOAs have their own rules. Most jumbo files here run on 12-month or academic-year leases.
In the University District, zoning and code limit how many unrelated people can live in a unit, so make sure the bedroom count matches what is legal. Large new apartment buildings near campus compete for students, which keeps pressure on older houses to stay updated.
Columbus has more jumbo-value rentals than most Ohio metros, but many large requests are still student buildings or portfolios rather than single homes.
Expect more review on a jumbo file: larger reserve requirements, closer appraisal review and sometimes a second appraisal. Rent and value both have to be supported by real comparables, which are scarcer for unusual or high-end property.
A file that misses 1.0x is not dead. More equity, a smaller loan or a sub-1.0 DSCR program can bring it back.
If you already own the property, a cash-out refinance can go up to 75% LTV, usually less on a large loan, and a rate-and-term refinance up to 80% on some programs. Seasoning before a cash-out varies by program.
Send these with your request and the first answer will be more useful.
Our investor loans are business-purpose loans on non-owner-occupied property. See our Ohio jumbo DSCR page for statewide context.
Share the address, the rent roll or lease, the value and your target loan amount. LendingStreet will size the loan against realistic carrying costs and show how coverage changes with leverage. Get a quote through the form below or call (877) 298-1001.
Possibly. Many bills rose. Use the current bill in your ratio, not an older one.
No stated cap. Jumbo DSCR loans generally start around $1.5M and go to $5M+, and the bigger the balance, the more review and the lower the typical maximum LTV.
Yes, if it is 1 to 8 units and the leases support the ratio. Occupancy limits for unrelated tenants still apply.
No. DSCR underwriting uses the property's rent instead of personal income. Expect a credit check with a 620 minimum and verification of reserves and down payment funds.
Yes. The city licenses STRs and collects lodging taxes. Suburbs and HOAs have their own rules.
Yes. LLC borrowers are standard. You will usually sign for the loan personally as well, and we will ask for the LLC's formation documents and operating agreement.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so the property must be a rental, not a home you occupy.
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