Lee County has plenty of rentals worth $1.5M or more: gulf-access canal homes in Cape Coral, rebuilt homes on Fort Myers Beach and Sanibel, and riverfront homes in Fort Myers. After Hurricane Ian, the insurance quote and the flood elevation decide many of those deals.
In short: LendingStreet offers jumbo DSCR loans of about $1.5M to $5M+ in the Fort Myers area, qualified on rent with no W-2s or tax returns. Large files here include Cape Coral canal homes, Sanibel and Fort Myers Beach homes and riverfront homes. Florida's flood and wind insurance, post-Ian rebuilding rules and the loss of the homestead cap on purchase all shape the ratio.
Cape Coral has hundreds of miles of canals, and gulf-access homes with direct boat access command the highest prices. Fort Myers has riverfront homes along McGregor Boulevard and the Caloosahatchee, plus gated communities in south Fort Myers and Estero.
Sanibel, Captiva and Fort Myers Beach were heavily damaged by Hurricane Ian in 2022, and many homes have been rebuilt to newer elevation standards. Bonita Springs, near the Collier County line, adds more high-value property, and Hurricanes Helene and Milton in 2024 brought further surge and wind damage to parts of the county.
| Property | Areas | Check |
|---|---|---|
| Gulf-access canal home | Cape Coral southwest and Yacht Club areas | Flood zone, seawall condition |
| Rebuilt beach or island home | Fort Myers Beach, Sanibel, Captiva | Elevation, permits, wind and flood quotes |
| Riverfront or gated home | McGregor corridor, Estero, Bonita Springs | HOA leasing rules, insurance |
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.
Florida's homestead exemption and Save Our Homes cap apply only to a primary residence. Non-homestead residential property has its own cap of 10% a year on assessed value increases for non-school taxes, but a sale resets the value to market. The seller's bill may be far lower than yours.
Florida charges documentary stamp tax on deeds at $0.70 per $100 and on notes at $0.35 per $100, plus a 0.2% intangible tax on new mortgages. On a jumbo loan, the note stamps and intangible tax are meaningful closing costs.
This example is illustrative and not a quote. Run the numbers on a single high-value rental. An investor buys a gulf-access canal home in Cape Coral for $2,150,000 and leases it to one household on a 12-month lease. Monthly rent is $12,500. The budget carries $2,700 a month for taxes and $1,700 for insurance.
A 70% LTV loan of $1,505,000 has estimated principal and interest of about $10,395; with taxes and insurance the payment is about $14,795, so DSCR is about 0.84x. Dropping to 50% LTV, or $1,075,000, brings estimated principal and interest to about $7,425, the payment to about $11,825 and DSCR to about 1.06x.
High insurance and taxes make long-term rent hard to stretch on a large Florida home, so many investors use much lower leverage or qualify on projected short-term revenue where local rules allow.
| Item | 70% LTV | 50% LTV |
|---|---|---|
| Loan amount | $1,505,000 | $1,075,000 |
| Estimated principal and interest | $10,395 | $7,425 |
| Property taxes | $2,700 | $2,700 |
| Insurance | $1,700 | $1,700 |
| Total monthly payment | $14,795 | $11,825 |
| Monthly rent | $12,500 | $12,500 |
| DSCR | About 0.84x | About 1.06x |
After Ian, Lee County and its cities enforce the FEMA substantial damage rule: if repairs exceed 50% of a building's value, it must be brought up to current flood elevation standards. Wind and flood premiums have risen sharply, and Citizens Property Insurance covers many homes. Condo buildings must meet Florida's milestone inspection and reserve rules.
Florida limits local governments from banning short-term rentals adopted after 2011, though they can regulate registration, safety and occupancy. Cape Coral, Fort Myers Beach and Sanibel each have their own rules, and many HOAs restrict rentals.
If a property qualifies on projected short-term revenue, our STR program can review it. Most jumbo files here are underwritten on 12-month leases or seasonal rental projections.
Fort Myers does have true jumbo-value single rentals, but insurance and taxes often limit leverage on long-term leases.
A bigger loan means a closer look. Plan on more months of reserves, a careful appraisal review and, on some programs, a second appraisal. High-end homes and larger buildings often have few true comparables, which makes signed leases and a solid rent schedule more valuable.
When the numbers land just under 1.0x, lowering the loan amount is usually the simplest fix; sub-1.0 programs are another option.
Refinancing is common at this size. Cash-out tops out at 75% LTV and is often lower on large loans, rate-and-term can reach 80% on some programs, and seasoning requirements for cash-out vary 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 Florida jumbo DSCR page for statewide context.
Tell us the property, the rent and the loan amount you have in mind. We will check the DSCR at more than one loan size using local tax and insurance figures, then lay out the options. Use the form below to get a quote, or call (877) 298-1001.
If repairs to a building in a flood zone exceed 50% of its value, it must be brought up to current flood standards.
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.
Possibly, if local rules and HOAs allow it. Our STR program can review projected revenue.
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.
Documentary stamp tax on the note and the intangible tax on the mortgage scale with the loan amount.
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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