Ohio is known for affordable rentals, so a $1.5M+ DSCR loan here usually means something specific: a 6 to 8 unit building in the Short North or Ohio City, a large home in Upper Arlington or Indian Hill, or a group of rentals refinanced together.
In short: LendingStreet offers jumbo DSCR loans of about $1.5M to $5M+ on Ohio rentals with 1 to 8 units, qualified on the property's rent with no W-2s or tax returns. In Ohio the deciding line is usually the property tax bill, which can jump after a county reappraisal or a new school levy. Max LTV on larger balances varies by program and is often below the 80% purchase limit.
In Columbus, the Short North, Italian Village, Victorian Village and German Village have brick buildings and renovated homes near downtown and Ohio State, while Upper Arlington, Bexley, Dublin and New Albany have large suburban homes. Cincinnati's Hyde Park, Mount Adams, Oakley, Over-the-Rhine and Indian Hill carry the city's highest values.
In greater Cleveland, Ohio City, Tremont and Lakewood have dense small buildings, and Shaker Heights, Chagrin Falls and Bay Village have larger homes. Along Lake Erie, Put-in-Bay, Marblehead and Lakeside draw summer renters, and the Hocking Hills cabin market southeast of Columbus is one of the state's busiest short-term rental areas.
| Area | Typical high-value property | What to check |
|---|---|---|
| Short North, Italian Village, Ohio City, OTR | Brick 5-8 unit buildings and mixed blocks | Historic review, parking, older systems |
| Upper Arlington, New Albany, Indian Hill | Large single-family homes | School levies, comparable leases |
| Put-in-Bay, Marblehead, Hocking Hills | Lake homes and cabins | Seasonal income, local STR rules, septic |
Ohio counties reappraise property every six years with an update in the third year, and the most recent cycles raised values sharply in many counties, including Franklin, Hamilton and Cuyahoga. Higher values flow into higher bills, though the effect depends on each levy.
School levies matter just as much. Ohio voters regularly approve new operating and bond levies, and a new levy can raise the bill on a rental between purchase and the first renewal. Owner-occupancy credits do not apply to investors. Budget on the current full bill from the county auditor, check for pending levies in that school district, and keep a cushion in the ratio.
Ohio's older housing stock is the other planning item. Many of the buildings that reach jumbo values in German Village, Ohio City and Over-the-Rhine are well over a century old, with brick foundations, slate or flat roofs and mixed electrical and plumbing updates. Some sit in historic districts where exterior changes need approval. Recent inspection reports and an itemized list of updates help the appraisal and give insurers fewer questions.
This example is illustrative and not a quote. An investor buys an eight-unit brick building in Columbus's Italian Village for $2,400,000. Units lease for about $2,100 each, so gross rent is $16,800 a month. Taxes are budgeted at $3,600 a month and insurance at $650. The table compares two loan sizes; estimated principal and interest assumes a 30-year amortization.
At 70% LTV the loan is $1,680,000, estimated principal and interest is about $11,318, the total payment is about $15,568 and DSCR is about 1.08x. At 65% the loan is $1,560,000, the payment is about $14,760 and DSCR is about 1.14x. Both columns clear the 1.0x standard minimum. If a new school levy added a few hundred dollars a month to the tax line, the 70% column would move close to the line, which is why a cushion helps on Ohio buildings.
| Item | 70% LTV | 65% LTV |
|---|---|---|
| Purchase price | $2,400,000 | $2,400,000 |
| Loan amount | $1,680,000 | $1,560,000 |
| Down payment | $720,000 | $840,000 |
| Estimated principal and interest | $11,318 | $10,510 |
| Taxes and insurance | $4,250 | $4,250 |
| Total monthly payment | $15,568 | $14,760 |
| Monthly rent | $16,800 | $16,800 |
| DSCR | About 1.08x | About 1.14x |
Ohio cities set their own short-term rental rules. Columbus and Cincinnati require STR registration or licensing, and some suburbs restrict nightly rentals in residential zones. Lake Erie island and shoreline towns and the Hocking Hills area have established cabin and vacation markets, but township and county rules still apply.
Some programs can qualify an STR on projected revenue. Confirm that the property can legally operate as a nightly rental, and expect the lender to look closely at seasonality in lake and cabin markets.
Many Ohio investors own a dozen or more single-family homes and doubles in Columbus, Dayton, Akron or Cincinnati suburbs. A blanket portfolio loan can refinance five or more of them under one loan with one closing and one payment, qualified on combined cash flow.
Release provisions let you sell an individual property later. Buildings of 9 or more units go to our commercial and multifamily programs.
The qualifying idea does not change: rent divided by the full payment of principal, interest, taxes, insurance and any HOA dues, with 1.0x as the standard minimum. The credit floor is still 620, LLC ownership is normal and 30-year terms are available.
What changes is the depth of review. On jumbo balances, max LTV is often below the 80% purchase and 75% cash-out limits, reserve requirements are usually higher and some programs order a second appraisal or a desk review. Pricing on large loans is set case by case.
Ohio charges a real property conveyance fee when a deed is recorded, made up of a state portion and a county portion, and it is customarily paid by the seller. Title insurance, recording and lender costs are separate. Your title agency can estimate the total early.
Bring these with your first request and the review goes faster.
Our investor loans are business-purpose loans on non-owner-occupied property, and we lend on 1 to 8 unit rentals in Franklin, Hamilton, Cuyahoga, Delaware and Summit counties and elsewhere in Ohio.
Share the property address, purchase price or estimated value, current or market rent and your target loan amount. The team will size the loan at a few leverage levels and show where the ratio lands. Use the form below or call (877) 298-1001 to get a quote.
Yes. A new levy raises the tax bill, which raises the monthly payment and lowers the ratio. Check for pending levies in the school district before you buy.
Usually only if the value is unusually high. Most Ohio loans of $1.5M or more are 5 to 8 unit buildings, luxury homes or portfolios.
Ohio counties reappraise every six years with an update in the third year. The county auditor can tell you where your county is in the cycle.
Yes, if it is non-owner-occupied investment property and local rules allow nightly rentals. Some programs qualify on projected STR revenue.
No. The loan qualifies on the property's rent. You still need a 620 or higher credit score, reserves and entity documents if you buy in an LLC.
Yes. Cash-out goes up to 75% LTV on standard programs, often lower on jumbo balances, and seasoning varies by program.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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