In the Providence metro, a rental loan above $1.5 million is not routine. When it happens, it is usually a larger multi-unit building on the East Side, a 5-8 unit property near the universities, or a high-value home in a coastal town, and each of those is underwritten differently.
In short: LendingStreet offers jumbo DSCR loans from about $1.5M to $5M+ on high-value 1-8 unit rentals in the Providence metro, for purchase, rate-and-term and cash-out. The loan qualifies on the property's rent with no W-2s or tax returns, and LLC borrowers are standard. Larger balances get more review, and maximum LTV can be lower than on smaller loans, varying by program.
Being honest about the market helps set expectations. Most Providence-area rentals finance well below $1.5M. Jumbo balances here usually come from one of a few property types.
| Property type | Where | What drives the loan size |
|---|---|---|
| 5-8 unit buildings | College Hill, the East Side, Federal Hill, the Armory | Several units at strong rents near Brown, RISD and downtown |
| Large converted Victorians | East Side, Elmwood's historic blocks | High value per building, multiple units |
| High-value single-family homes | Barrington, East Greenwich, the East Side | Land value and finishes; rent often too low to support a large loan |
| Waterfront or coastal homes | Bay communities south and east of the city | Value and seasonal demand; insurance cost is a major factor |
A DSCR loan has to be covered by rent. In the Providence metro, a single-family home worth $1.8M rarely rents for enough to cover a large loan at 1.0x, because rents for high-end houses have not kept pace with values. A building with six or eight units near the universities spreads the value across more leases, and the rent roll can support a much larger loan.
That is why most of our jumbo files here are 5-8 unit buildings. If you are looking at a high-value single-family home, run the ratio carefully, consider a lower loan amount or ask about sub-1.0 DSCR programs.
This example is illustrative and not a quote. An investor buys a six-unit building on College Hill for $1,650,000. Each unit leases for $2,350, a combined $14,100 a month. Taxes are budgeted at $2,500 a month at the non-owner-occupied level and insurance at $750.
At 70% LTV the loan is $1,155,000, estimated principal and interest is about $7,958 and the full payment is about $11,208, for a DSCR of about 1.26x. At 75% LTV, if the program allows it, the loan is $1,237,500, the payment about $11,776 and DSCR about 1.20x.
| Item | 70% LTV | 75% LTV |
|---|---|---|
| Loan amount | $1,155,000 | $1,237,500 |
| Estimated principal and interest | $7,958 | $8,526 |
| Taxes and insurance | $3,250 | $3,250 |
| Total monthly payment | $11,208 | $11,776 |
| DSCR at $14,100 rent | 1.26x | 1.20x |
The core rules are the same: qualify on rent, 620 minimum credit score, LLC borrowers and 30-year terms available. What changes is the depth of review. Expect closer attention to the rent roll, the appraisal and your reserves, and on some programs a second appraisal or desk review. Maximum LTV is often lower on large balances, and pricing is set case by case.
Strong documentation shortens the process: signed leases for every unit, a trailing rent history if you are refinancing, and a clear operating budget for buildings with shared heat or common areas.
Comparable sales are thinner at the top of the Providence market, so the appraisal can take longer and may lean on sales from a wider area. Recent sales of similar multi-unit buildings on the East Side or near downtown, and a rent survey for comparable units, help support both value and rent.
Providence taxes non-owner-occupied residential property at a higher level than homesteaded homes, and on a large building that difference is substantial. Statewide revaluations can move the assessment as well, so use the bill you expect after purchase.
Large old buildings also carry higher insurance costs, especially those with knob-and-tube wiring, old boilers or wood porches. Coastal homes face wind and flood exposure, and a mapped flood zone means a flood policy is generally required. Get quotes before you finalize the price.
Student-heavy neighborhoods come with local rules. Providence limits the number of unrelated occupants in some dwelling units, and rental registration and fire safety requirements apply to non-owner-occupied buildings. Many large older buildings also need lead certificates for each unit. Confirm compliance before you buy, since these issues affect both rent and insurance.
If your $2M is spread across several smaller Providence rentals rather than one building, a blanket portfolio loan may be the better fit. It puts five or more properties under one loan with one payment and release provisions, qualified on the portfolio's combined cash flow. A single large building is the classic jumbo DSCR case.
Some investors with property in both Rhode Island and nearby Massachusetts ask whether one loan can cover both. On some programs, a portfolio loan can include properties in more than one state.
Some high-value rentals in the wider metro are near the water, in bay towns south and east of the city. These homes can earn strong summer rent, but a DSCR loan generally needs income it can count on all year. A 12-month lease is the simplest way to qualify. Our STR program can use projected short-term revenue on some programs, but Rhode Island requires short-term rentals to be registered, and town zoning and HOA rules decide whether nightly rentals are allowed.
Coastal insurance is the other swing factor. Wind deductibles, flood zones and the age of the roof all move the premium, and on a large home that number can change the ratio meaningfully.
Send the address, price or value, the rent roll and your target leverage through the form below, or call (877) 298-1001. We will show the DSCR at more than one loan amount so you can see where the file is strongest.
Roughly $1.5M to $5M+ on a single 1-8 unit rental, for purchase, rate-and-term or cash-out.
Not very. Most jumbo files in the metro are 5-8 unit buildings on the East Side or near downtown, or a small number of high-value homes in towns like Barrington and East Greenwich. Many investors with large Providence holdings own several smaller buildings instead, which is where a blanket loan can fit.
It can, but rent on high-end homes here often does not cover a large payment. A lower loan amount or a sub-1.0 DSCR program may be needed.
Often, yes. It varies by program and balance, and reserves and credit can affect it. We quote more than one leverage level so you can compare the cash needed against the DSCR at each.
No. Jumbo DSCR loans qualify on the property's rent, though larger balances usually need more documentation of reserves and the rent roll.
Yes. Cash-out goes up to 75% LTV on standard programs, often lower on large balances.
That is a commercial loan, underwritten on the building's net operating income rather than as a residential DSCR loan. See our multifamily loans page for buildings of that size.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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