Let's be direct: a single Rochester rental rarely needs a $1.5 million loan. When investors here need jumbo financing, it is usually for a lake house, a Pittsford or Brighton estate, a larger building, or several properties at once.
In short: LendingStreet makes jumbo DSCR loans of about $1.5M to $5M+ on high-value 1-8 unit rentals, qualified on rent with no W-2s or tax returns. Around Rochester, those balances usually mean waterfront homes on Canandaigua Lake or Lake Ontario, luxury homes in Pittsford and Brighton, or larger multi-unit buildings, and larger balances get more review with max LTV that varies by program. For several smaller rentals, a blanket portfolio loan is often the better fit.
Most of Monroe County's rental stock is priced well below jumbo territory. The exceptions are concentrated in a few places.
That makes jumbo loans a small slice of the Rochester market, and the underwriting is more property-specific than on a typical double. The appraiser has fewer comparable sales and rentals to work with, so expect more questions about value and rent.
| Property type | Where | Main issue |
|---|---|---|
| Lakefront vacation home | Canandaigua Lake, Lake Ontario shore in Webster and Greece | Town STR rules, seasonal income |
| Luxury single-family | Pittsford, Brighton, Mendon, Victor | Few comparable rentals |
| Larger residential building | Park Ave and East Ave areas | 5-8 units max for residential |
| Several rentals at once | Across the metro | Blanket loan may fit better |
Canandaigua Lake, about 30 miles southeast of Rochester in Ontario County, has the highest-priced waterfront homes in the region, and many rent by the week in summer. Some programs can qualify a short-term rental on projected revenue instead of a long-term lease.
Several lakeshore towns have adopted short-term rental permit or registration laws, and some limit rentals or require inspections. Confirm the town's current rules and the property's permit status before relying on nightly or weekly income.
Seasonality matters too. Most lake rental income arrives between Memorial Day and Labor Day, with shoulder-season and winter bookings much lighter. A revenue projection that assumes summer rates all year is not realistic, and underwriting will look at the full-year picture.
This example is illustrative and not a quote. An investor buys a waterfront home for $2,400,000 that the town allows to operate as a short-term rental. A third-party projection estimates about $215,000 a year in rental revenue, about $17,917 a month.
On this balance the program limits leverage to 70% LTV, a loan of $1,680,000. Estimated principal and interest on a 30-year loan is about $11,461. Lakefront taxes are budgeted at $3,000 a month and insurance at $650, for a payment of about $15,111. The DSCR on projected revenue is about 1.19x.
If the town required a lower occupancy limit or the projection came in lower, the ratio could drop below 1.0x quickly. Run the numbers at a lower revenue figure before you commit, and keep reserves for a slow season or a large repair on a waterfront property.
| Item | Amount |
|---|---|
| Purchase price | $2,400,000 |
| Loan at 70% LTV | $1,680,000 |
| Estimated principal and interest | $11,461 |
| Taxes and insurance | $3,650 |
| Total monthly payment | $15,111 |
| Projected monthly revenue | $17,917 |
| DSCR | About 1.19x |
Waterfront homes in New York carry large assessments, and town, county and school taxes add up. On a jumbo rental, taxes can run into the tens of thousands of dollars a year. Get every bill and budget the full amount, since an underestimate here can move the ratio below 1.0x.
Lake Ontario shoreline homes in Webster and Greece also face erosion and high-water concerns, which can affect insurance availability and cost. Ask about the shoreline history and any protection work.
Large homes in Pittsford, Brighton and Mendon do rent, often to executives and physicians relocating to the University of Rochester Medical Center or local companies. But comparable leases are scarce, and rent rarely scales with price. On these homes the ratio is often tight, so expect lower leverage, or consider a sub-1.0 DSCR program where one fits.
If you plan to lease a luxury home to a corporate tenant, a signed lease or relocation agreement helps support the rent used in the ratio.
Expect the appraisal on a luxury home to take longer as well, since the appraiser may need to look farther afield for comparable sales and leases.
If your goal is to finance $1.5M or more across several Rochester doubles and small buildings, a blanket portfolio loan can cover five or more properties under one loan, qualified on combined cash flow, with release provisions when a property sells. It is often simpler than stacking individual loans.
A blanket loan can also hold properties in more than one state on some programs, which helps investors who own rentals in Rochester and elsewhere.
Some of the region's most valuable residential rental buildings are the brick apartment houses near Park Avenue, East Avenue and the Neighborhood of the Play House. A renovated building of five to eight units there can carry a loan large enough to approach jumbo size, especially on a cash-out.
For those buildings, the rent roll, operating history and condition of the systems drive the loan. Max LTV on 5-8 units can be lower and varies by program.
Jumbo DSCR loans still qualify on rent, require a 620 minimum credit score and offer 30-year terms. Larger balances get more review: more reserves, a closer look at the appraisal and sometimes a second one. Max LTV varies by program. Buildings with nine or more units are commercial; see our multifamily loans page.
Bring documentation that supports both value and income: a revenue history if the home has rented before, signed leases, recent comparable sales and a full set of tax bills.
Send the property, price or value, rent or revenue projection and tax bills through the form below, or call (877) 298-1001. Our investor loans are business-purpose loans on non-owner-occupied property. We will tell you honestly whether a jumbo, a blanket or another structure fits best.
A short call early, before you make an offer on a lake home, can save time if the town's rental rules or the projected revenue do not support the loan you need.
Yes, on high-value 1-8 unit rentals, usually lakefront homes, luxury homes or larger buildings. Loans run from about $1.5M to $5M+.
On some programs, yes, using a projected revenue estimate, but only if the town allows the rental.
It varies by program. Larger balances often have lower maximum LTV and higher reserve requirements.
Often not. A blanket portfolio loan covering five or more properties is usually a better fit.
No. Jumbo DSCR loans qualify on the property's rent or projected revenue.
Nine or more units is commercial, handled through our multifamily and commercial programs.
Yes. Jumbo programs cover purchase, rate-and-term and cash-out, subject to program limits.
Underwriting looks at full-year revenue. Projections should reflect the strong summer season and much lighter fall, winter and spring bookings.
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