In greater Portland, a DSCR loan of $1.5M or more usually means one of two things: a larger peninsula apartment building, or a waterfront or near-waterfront home in Cape Elizabeth, Falmouth or Scarborough. They underwrite very differently, and knowing why saves time.
In short: LendingStreet offers jumbo DSCR loans from about $1.5M to $5M+ on high-value 1-8 unit rentals in greater Portland, Maine, for purchase, rate-and-term and cash-out. Loans qualify on the property rent with no W-2s or tax returns. Larger balances get more review and maximum LTV can be lower; it varies by program.
On the peninsula, jumbo balances usually come from six- to eight-unit buildings in the West End, Parkside, the East End and near the Old Port, or from a group of smaller buildings refinanced together. In the coastal suburbs, the high-value homes are in Cape Elizabeth, Falmouth Foreside, Prouts Neck in Scarborough and on the islands of Casco Bay.
Rent per dollar of value is much higher on multi-unit buildings than on luxury homes, which is why most Portland jumbo DSCR loans are on apartment buildings rather than single-family houses.
Properties at this level are often unique, which makes valuation harder. A waterfront home with deep frontage or an eight-unit building with views of Casco Bay may have few direct comparables, so appraisers lean on adjustments and, for multi-unit buildings, on the income approach.
This example is illustrative and not a quote. Compare two properties at similar prices. An eight-unit peninsula building priced at $2,600,000 rents for $18,000 a month. A coastal home priced at $2,400,000 leases for $10,500 a month on a 12-month lease.
At 65% LTV the building loan is $1,690,000 with estimated principal and interest of about $11,529; with taxes and insurance the payment is about $15,429 and the DSCR is about 1.17x. The home loan at 65% is $1,560,000, with a payment of about $14,042 and a DSCR of about 0.75x, well under 1.0x.
The difference comes down to rent per dollar of value. The eight-unit building earns more than twice the rent of the home relative to its price, so it can carry a similar loan while the home cannot without a much larger down payment.
| Item | Eight-unit building | Coastal single-family |
|---|---|---|
| Price | $2,600,000 | $2,400,000 |
| Loan at 65% LTV | $1,690,000 | $1,560,000 |
| Estimated principal and interest | $11,529 | $10,642 |
| Taxes and insurance | $3,900 | $3,400 |
| Total payment | $15,429 | $14,042 |
| Monthly rent | $18,000 | $10,500 |
| DSCR | 1.17x | 0.75x |
If the property is a high-value single-family, the usual paths are a much lower loan amount, a sub-1.0 DSCR program for borrowers with strong credit and reserves, or a short-term rental program where the town allows it. Cape Elizabeth, Falmouth, Scarborough and the islands each have their own STR rules, and some limit or license rentals. Check with the town before counting on seasonal income.
Another option is to structure the purchase so the loan is smaller. Some investors bring more cash at closing, others pair a smaller first loan with a separate plan for the rest of the equity. The cleanest path is usually a lower LTV that lets the rent cover the payment.
Expect the file to go deeper than a standard DSCR loan.
Starting early helps on all of these.
Waterfront and low-lying properties around Casco Bay, Back Cove and the Fore River may be in mapped flood zones, where flood insurance is required. Wind exposure on the outer coast and older roofs can raise premiums. On a jumbo balance these costs move the ratio, so get quotes before you set your offer.
Large older buildings also raise insurance questions around fire protection, wiring and heating systems. Underwriters will ask about sprinkler or alarm systems, recent inspections and the age of major systems. Better documentation can help with both pricing and coverage.
Coastal towns set their own mill rates and revalue on their own schedules, and waterfront assessments can be large. Use the town assessor's current figure. Maine's transfer tax is also proportional to price, so the closing cost is meaningful on a multi-million-dollar purchase.
Taxes can also change after a sale if the town reassesses. Ask the assessor how the town handles sales of high-value homes and whether a revaluation is scheduled.
Some Portland investors reach jumbo size by combining properties. A blanket portfolio loan can refinance five or more rentals under one loan with one payment, qualifying on combined cash flow, with release provisions when you sell one.
Release provisions let you sell one property without refinancing the whole loan, which keeps flexibility as your portfolio changes. If properties are in more than one state, some programs allow that too.
Larger loans usually require more reserves, measured in months of payments. On a payment above $10,000 a month, several months of reserves is a significant number, and it needs to be in accounts the lender can verify. Plan where those funds will sit before you apply.
Liquidity also protects you. A vacancy in an eight-unit building or a slow season on a coastal home is easier to ride out with cash on hand, and lenders see strong reserves as a sign the loan can perform through a rough patch.
Include any leases, rent history and recent improvements so the review starts with the full picture.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price or value, rent roll and target loan through the form below or call (877) 298-1001. See our Maine jumbo DSCR page for statewide notes.
Roughly $1.5M to $5M+ on a 1-8 unit rental, for purchase, rate-and-term or cash-out.
Yes, if it is non-owner-occupied investment property. Long-term rent often does not cover a large payment, so expect lower leverage or a sub-1.0 program.
They earn more rent per dollar of value, so the DSCR is stronger at the same loan amount.
Our DSCR programs have no stated maximum. Larger balances get more review and pricing is set case by case.
On some programs, if local rules allow nightly rentals. Many Maine towns license or limit STRs, so confirm first.
Yes. Cash-out is available up to 75% LTV, often lower on large balances.
No. The loan qualifies on rent. We review credit, assets and reserves.
It varies by program and loan size. Larger balances generally require more months of reserves.
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