Reno's high end runs from gated golf communities in south Reno to lakefront homes in Incline Village, a short drive up the mountain. Add a growing number of newer small apartment buildings near Midtown, and the metro has more jumbo-size rental properties than its population suggests.
In short: LendingStreet offers jumbo DSCR loans from about $1.5M to $5M+ on high-value 1-8 unit rentals in Reno, Sparks and Washoe County, for purchase, rate-and-term and cash-out. Loans qualify on property rent with no W-2s or tax returns. Larger balances get more review and maximum LTV can be lower; it varies by program.
In the valley, high-value rentals include homes in Montreux, ArrowCreek, Caughlin Ranch and Somersett, leased to executives and relocating families, and newer or fully renovated six- to eight-unit buildings in Midtown and near the university. Up the hill, Incline Village and Crystal Bay on the Nevada side of Lake Tahoe hold some of the most expensive homes in the state.
These properties underwrite very differently. Multi-unit buildings earn far more rent per dollar of value, while luxury homes often lease for a small fraction of their price.
Unique properties are harder to value. Lakefront homes and newer Midtown buildings may have few direct comparables, so appraisers lean on adjustments and, for multi-unit buildings, on the income approach. Bring any signed leases or rental history you have.
This example is illustrative and not a quote. An eight-unit building near Midtown priced at $2,500,000 rents for $1,750 a unit, or $14,000 a month. At 62% LTV the loan is $1,550,000, estimated principal and interest is about $10,574, and with taxes and insurance the payment is about $12,974, for a DSCR of about 1.08x.
A gated-community home priced at $2,400,000 that leases for $9,500 a month needs a loan of $1,560,000 at 65% LTV. The payment is about $12,592 and the DSCR about 0.75x.
The difference comes down to rent per dollar of value. The building earns about 40% more monthly rent relative to its price than the home, so it carries a larger loan comfortably while the home cannot without a much bigger down payment.
| Item | Midtown eight-unit | South Reno home |
|---|---|---|
| Price | $2,500,000 | $2,400,000 |
| LTV used | 62% | 65% |
| Loan amount | $1,550,000 | $1,560,000 |
| Estimated principal and interest | $10,574 | $10,642 |
| Taxes and insurance | $2,400 | $1,950 |
| Total payment | $12,974 | $12,592 |
| Monthly rent | $14,000 | $9,500 |
| DSCR | 1.08x | 0.75x |
Nevada's property tax system, which uses depreciated replacement cost and caps annual increases, usually produces a lower tax line than buyers from California or the Northeast expect, and that helps every jumbo file here. But on a luxury home the gap between rent and payment is driven by the size of the loan, not the taxes. Even with modest taxes, the home in the example needs a much lower LTV, a sub-1.0 DSCR program, or income from short-term rentals to work.
For investors set on a luxury home, the practical move is to test the ratio at several loan amounts before writing an offer, so you know exactly how much cash the deal needs.
Lake Tahoe homes in Incline Village and Crystal Bay can earn strong nightly income in summer and ski season. Unincorporated Washoe County requires short-term rental permits there, with occupancy, parking, safety and other standards, and the rules have been updated since they were adopted. Our STR program can qualify on projected short-term revenue on some programs where a permit is in place or obtainable. Confirm current county requirements and any HOA limits before you rely on nightly income.
Expect a deeper file than a standard DSCR loan.
Larger loans usually require more reserves, and those funds must be in accounts the lender can verify. On a payment above $10,000 a month, several months of reserves is a meaningful number, so plan where it will sit before you apply.
Many of the most valuable homes around Reno sit in the foothills or the Tahoe basin, where wildfire exposure affects both premium and carrier choice. Mountain homes also face heavy snow loads and higher winter maintenance costs. On a jumbo balance, insurance can be one of the largest monthly items after principal and interest, so get quotes before you set your offer.
Some Reno investors reach jumbo size by combining properties rather than buying one expensive asset. A blanket portfolio loan refinances five or more rentals under one loan with one payment, qualifying on combined cash flow, with release provisions when you sell one. Properties in more than one state can be included on some programs, which suits investors who also own in California or Arizona.
Release provisions let you sell one property without refinancing the rest, which keeps the portfolio flexible as you trade up or exit specific neighborhoods.
Owners of newer Midtown buildings and long-held luxury rentals often use jumbo loans to refinance construction debt or pull equity. Cash-out goes up to 75% LTV, often lower on large balances, and the rent must still clear the program minimum at the new payment. A long-held property with a low capped tax bill can support more cash-out than a recent purchase.
Rate-and-term refinances are also available to replace construction or bridge debt on a newly completed building once it is leased.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, value, rent roll or projected revenue and target loan through the form below or call (877) 298-1001. For statewide notes, see our Nevada jumbo DSCR page.
Include any leases or rental history.
Roughly $1.5M to $5M+ on a 1-8 unit rental, for purchase, rate-and-term or cash-out.
On some programs, if it holds or can obtain a Washoe County STR permit. We can qualify on projected short-term revenue in those cases.
They earn more rent per dollar of value, so the same loan produces a stronger DSCR.
Our DSCR programs have no stated maximum. Larger balances get more review and pricing is set case by case.
They help the DSCR, which can support a larger loan, but rent is still the main limit on luxury homes.
It varies by program and loan size. Larger balances generally require more.
On some programs, yes. Multi-state portfolio loans can combine properties in more than one state.
No. The loan qualifies on rent. We review credit, assets and reserves.
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