From Miami Beach condos to Naples waterfront homes to large vacation houses near Orlando, Florida has more seven-figure rentals than almost anywhere. On a large Florida loan, insurance is often the number that decides the deal.
In short: Yes. LendingStreet finances $1M+ Florida rentals with DSCR loans that qualify on the property's rent or projected short-term rental revenue, with no W-2s or tax returns. Loans start at $150,000 with no stated maximum, and larger balances are reviewed and priced case by case. Wind and flood insurance can move the payment as much as a rate change on a high-value coastal home, so get real quotes before you commit. Condo buildings face closer review since Florida's post-Surfside safety laws, and property taxes are reassessed after a sale, so plan on a higher bill than the seller paid.
Large-balance DSCR requests come from nearly every coast of the state. Southeast Florida leads, with Miami Beach, Coral Gables, Coconut Grove and Brickell in Miami-Dade, Fort Lauderdale and Las Olas in Broward, and Palm Beach, Boca Raton, Delray Beach and Jupiter in Palm Beach County.
On the Gulf Coast, Naples, Sarasota and the barrier islands like Siesta Key and Longboat Key, South Tampa, Davis Islands and St. Petersburg have high-value homes and condos. In Central Florida, Winter Park and Windermere carry executive rentals, while large vacation homes in resort communities near the Orlando theme parks rent to traveling families. In the Panhandle, Destin and the 30A communities have expensive beach homes built for vacation rental.
A DSCR loan divides rent by the full monthly payment, and in Florida insurance is a big part of that payment. Windstorm coverage is a major cost on coastal homes, flood insurance is required in special flood hazard areas, and some owners end up with Citizens Property Insurance, the state-backed insurer, when private options are limited.
On a $1M+ home, rebuilding costs are high, so premiums are high too. Roof age, construction type, elevation and wind mitigation features like impact windows and roof straps can change the quote a lot. A wind mitigation inspection and an elevation certificate are worth having.
Get quotes during your inspection period, not after. The difference between two insurance quotes can be the difference between a standard approval and a smaller loan.
This example is illustrative and not a quote. An investor buys a waterfront single-family home on Florida's Gulf Coast for $2,000,000. Market rent is $14,000 a month on an annual lease. The loan is 70% LTV, or $1,400,000, at a sample rate of 7.25% on a 30-year fixed, so principal and interest is about $9,550.
With taxes and insurance of $3,400 a month, the total payment is about $12,950 and DSCR is about 1.08x. If the insurance quote comes in higher and taxes plus insurance reach $4,200, the payment rises to about $13,750 and DSCR drops to about 1.02x. Both clear the 1.0x standard minimum, but the higher quote leaves almost no room.
| Item | Lower insurance quote | Higher insurance quote |
|---|---|---|
| Loan amount (70% LTV) | $1,400,000 | $1,400,000 |
| Principal and interest (7.25%, 30-year) | About $9,550 | About $9,550 |
| Taxes and insurance | $3,400 | $4,200 |
| Total monthly payment | About $12,950 | About $13,750 |
| DSCR at $14,000 rent | About 1.08x | About 1.02x |
After the 2021 Surfside building collapse, Florida passed laws requiring milestone structural inspections on older condo buildings and structural reserve studies with funded reserves. Many associations have raised dues or levied special assessments to comply.
For a DSCR loan, that matters twice. Higher dues and assessments go into the payment, and the building itself must pass project review. Lenders look at the inspection status, reserves, pending repairs, insurance and litigation. Some buildings with large unfunded repairs are hard to finance until the work is done or funded.
Before you buy a Miami, Fort Lauderdale or Gulf Coast condo, ask for the milestone inspection and reserve study status along with the condo questionnaire. Also check the building's leasing rules. Many Florida condos limit rentals or set minimum lease terms.
Florida state law limits how far local governments can ban short-term rentals, but cities and counties can still regulate them through registration, inspections, occupancy limits and parking rules. Some cities, including Miami Beach in many neighborhoods, restrict short-term rentals.
Resort communities near Orlando and beach towns in the Panhandle are built around vacation rentals, and STR DSCR loans can qualify on projected revenue there. STR DSCR rates start at 6.49% for qualified borrowers. HOA rules matter as much as city rules, since some associations prohibit or limit rentals.
Confirm both the local ordinance and the HOA rules before you count on nightly income. Florida also collects state and local taxes on short-term stays, which are an operating cost to plan for.
Many high-value Florida homes and condos rent by the season rather than by the year or the night. Winter visitors often lease a Palm Beach, Naples or Sarasota property for several months, then the home sits empty or rents at a lower rate in summer.
How a lender counts that income varies by program. Some use a long-term market rent from the appraisal, which may be lower than what a winter season brings in. Others will consider documented seasonal income or treat the property under an STR program if stays are short enough. A rental history from the current owner, with dates and amounts, helps either way.
If you plan a seasonal strategy, say so when you send the scenario. The financing team can tell you which income figure each option will use, so the ratio you see is the ratio underwriting will see.
Florida reassesses property after a sale. If the seller had a homestead exemption and the Save Our Homes cap, their tax bill may be far lower than what you will pay as an investor. Non-homestead property has its own, looser cap on annual increases after the first year.
Underwriting should use an estimate based on your purchase price, not the seller's bill. On a $2 million home, the gap can be large enough to change the ratio. The county property appraiser's website often has a tax estimator you can use to start.
Beyond the ratio, a few items come up on nearly every large Florida file. Raise them early and the review goes faster.
DSCR rates start at 6.125% for well-qualified borrowers, and short-term rental DSCR starts at 6.49%. Larger balances are priced case by case. Purchases go up to 80% LTV and cash-out refinances up to 75%, but on large balances the maximum LTV is often lower and reserve requirements higher.
The minimum credit score is 620, with better pricing at higher scores. No W-2s or tax returns are required, LLC borrowers are allowed and 30-year fixed options are available. The standard minimum ratio is 1.0x, with some programs below 1.0 and no-ratio options. The financing team reviews your scenario and comes back with 2-3 options.
A large share of Florida investor loans fall between $500K and $1M. Common examples include vacation homes in the resort communities around Kissimmee and Davenport near Orlando, single-family rentals in Tampa, St. Petersburg, Sarasota and Jacksonville, and condos in Fort Lauderdale, West Palm Beach and along the Gulf Coast.
On these balances, leverage often sits closer to the program maximums of 80% LTV for purchases and 75% for cash-out, and reserve requirements are often lighter than on $1M+ loans. Both vary by program. Orlando-area vacation homes can qualify on projected STR revenue where the community and county allow it.
Insurance is still the swing number. A wind or flood premium can move the ratio on a mid-size home as much as the rate does, and condo buildings still face association reserve and inspection rules, so get quotes and the association's documents early.
Florida closings move quickly, so collect these during your inspection period.
Yes. LendingStreet finances investment property in Florida, including waterfront homes, luxury condos, Orlando-area vacation homes and Panhandle beach houses above $1 million. Loans start at $150,000 with no stated maximum.
Often, yes. The unit qualifies on rent and the building goes through project review, including its milestone inspection, reserves and leasing rules. Buildings with large unfunded repairs can be harder to finance.
Insurance is part of the monthly payment used to calculate DSCR. A higher wind or flood premium lowers the ratio, which can reduce how much you can borrow.
Yes, where local rules and the HOA allow short-term rentals. STR DSCR loans can qualify on projected revenue, with rates from 6.49% for qualified borrowers.
Many programs accept Citizens Property Insurance when the coverage meets their requirements. The financing team will confirm what your program needs.
It depends on the program. Some use long-term market rent from the appraisal, while others consider documented seasonal or short-term income. Bring the property's rental history when you apply.
Florida reassesses property after a sale, and the seller may have had homestead protections you will not receive as an investor. Underwriting uses an estimate based on your price.
Purchases go up to 80% LTV, but on large balances the maximum is often lower and varies by program. Insurance and taxes may also require more equity for the ratio to work.
Yes. Cash-out refinances go up to 75% LTV, and the rent must cover the new payment at the program minimum. Seasoning varies by program.
Yes. DSCR loans start at $150,000 with no stated maximum, and $500K to $1M loans are common for Orlando-area resort vacation homes, Tampa Bay and Jacksonville single-family rentals, and condos on both coasts.
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