Park City ski homes and Salt Lake Valley executive rentals sit less than an hour apart but underwrite in completely different ways. A large-balance DSCR loan can qualify either one on the property's income instead of your tax returns.
In short: Yes. LendingStreet finances Park City and Salt Lake City area rentals from $500K to well over $1M with DSCR loans that qualify on long-term rent or, for short-term rentals, projected revenue. Loans start at $150,000 with no stated maximum, long-term DSCR rates start at 6.125% and STR DSCR at 6.49% for well-qualified borrowers, and purchases go up to 80% LTV, often less on large balances. In Park City, the zoning and HOA rules for nightly rentals decide whether STR income counts. In the Salt Lake Valley, most large loans qualify on long-term rent. Confirm local rules before you buy.
Park City is a resort market. Large-balance requests there are usually ski condos, townhomes and mountain homes that earn most of their income in winter, with a second, smaller summer season. They are often financed on projected short-term rental revenue.
The Salt Lake Valley is a job market. Executive homes in the east bench neighborhoods and the tech corridor in southern Salt Lake County and Utah County rent to professionals on annual leases. Those files look like a standard long-term DSCR loan, just at a higher price.
Knowing which model your property fits tells you which documents to gather and which risks to price in.
Salt Lake City has been selected to host the 2034 Winter Games, and investors often ask whether that should change the numbers. Lenders underwrite to today's documented rent or a supported revenue projection, not to future events, so build the deal on current income.
These are general patterns. Rents, revenue and values change by building and street, so use current data for comparable properties.
Park City allows nightly rentals in some zones and restricts them in others, and operators generally need a business license and must collect transient room and sales taxes. Summit County and Wasatch County each run their own licensing for unincorporated areas. Inside a single zone, an HOA can still prohibit or limit rentals under its own governing documents.
Salt Lake City restricts short-term rentals in most residential zones, so investor-owned homes in the city are usually financed on long-term rent. Suburban cities such as Holladay, Millcreek and Cottonwood Heights set their own rules.
Before you write an offer based on nightly income, confirm the zone, the license path and the HOA's rental rules for the exact address. If any of the three is uncertain, run the deal on long-term rent as well.
Utah generally taxes a primary residence on only part of its market value through the residential exemption. A long-term rental that serves as a tenant's primary residence can generally qualify, while a nightly rental or second home is typically taxed on full value. The county assessor may ask for a declaration of how the home is used.
That difference matters on a large loan. A Park City condo run as a nightly rental will usually carry a higher tax bill per dollar of value than a Salt Lake City home leased to a year-round tenant. Use the tax figure that matches how you will run the property, and confirm with the county assessor.
This example is illustrative and not a quote. An investor buys a ski condo near Canyons Village for $1,500,000 in a building that allows nightly rentals. A supported revenue projection averages $12,000 a month over the year. Taxes, at full value as a nightly rental, are budgeted at $850 a month, insurance at $300 and HOA dues at $1,350.
At 70% LTV the loan is $1,050,000 and the down payment is $450,000. At a sample rate of 7.5% on a 30-year fixed, principal and interest is about $7,342. The total payment is about $9,842, and DSCR on projected revenue is $12,000 divided by $9,842, or about 1.22x.
If the same condo could only be leased long term at $6,500 a month, DSCR would be about 0.66x. That gap is why nightly rental eligibility matters so much in Park City, and why the HOA documents come first.
| Line item | Nightly rental | Long-term lease only |
|---|---|---|
| Loan amount (70% LTV) | $1,050,000 | $1,050,000 |
| Principal and interest (7.5%, 30 years) | $7,342 | $7,342 |
| Taxes, insurance and HOA | $2,500 | $2,500 |
| Total monthly payment | $9,842 | $9,842 |
| Monthly income used | $12,000 | $6,500 |
| DSCR | About 1.22x | About 0.66x |
Many Park City resort buildings have high HOA dues that cover snow removal, shared amenities, front desk staff and the master insurance policy. Those dues go into the DSCR payment, and in some buildings they are a large share of the monthly cost.
Buildings with an on-site rental program, a front desk or hotel-style operations may be treated as condo-hotels. Many standard programs exclude them, but some qualify on a non-warrantable condo program, often at lower leverage. Ask for the condo questionnaire and the rental program agreement early.
Seasonality matters for reserves. Revenue is concentrated in ski season, and the shoulder months of spring and late fall are slow. Plan cash for those months even when the annual ratio looks healthy.
Snow load, roof design, heated driveways, wildfire exposure in wooded areas and long private roads all affect insurance and maintenance. Insurers may ask about defensible space or roof materials on homes near open land. Get a quote that fits nightly rental use, since some standard landlord policies exclude short-term guests.
Appraisers look for comparable sales with similar ski access. A ski-in, ski-out home and one a shuttle ride away can differ sharply in value and revenue. On large balances, some programs require a second appraisal or a more detailed review, which is common for unique mountain homes.
Loans of $500K to $1M are common across the region. Examples include condos at Kimball Junction and Prospector in Park City, townhomes in Heber and around the Jordanelle, single-family rentals in Sugar House, Millcreek and South Salt Lake, and newer homes in Draper, South Jordan and Lehi.
On these balances, leverage often sits closer to the program maximums of 80% LTV on purchases and 75% on cash-out, and reserves are often lighter than on $1M+ loans. Both vary by program, and the 1.0x standard minimum DSCR and 620 credit floor stay the same.
Rental rules still decide STR files at this size. A Park City condo whose HOA bans nightly stays will qualify on long-term rent, so check the documents first.
Above $1M, the program basics hold: qualify on the property, no W-2s or tax returns, a 620 minimum credit score, LLC borrowers allowed and 30-year fixed options. Larger balances are priced case by case, maximum LTV is often lower and reserve requirements are often higher.
If the projection is solid but the ratio lands just under 1.0x, sub-1.0 DSCR programs may be an option. Owners of five or more rentals across the Wasatch Front and Back can ask about a blanket portfolio loan with one closing and portfolio pricing.
Send the address, price, rent type and target leverage. The financing team will test the ratio on projected revenue and on long-term rent where it makes sense, and come back with 2-3 options.
Yes. DSCR loans start at $150,000 with no stated maximum. Loans of $500K to $1M are common for Kimball Junction and Prospector condos, Heber townhomes and single-family rentals in Sugar House, Millcreek, Draper and Lehi.
Yes, if the zone and the HOA allow nightly rentals and the home can be licensed. STR DSCR loans qualify on projected revenue, with rates from 6.49% for qualified borrowers.
Salt Lake City restricts short-term rentals in most residential zones, so investor homes there are usually financed on long-term rent. Confirm the rules for the address with the city.
A long-term rental used as a tenant's primary residence can generally qualify. Nightly rentals and second homes are typically taxed on full value. Confirm with the county assessor.
Some do. Many standard programs exclude buildings with hotel-style operations, but a non-warrantable condo program may work, often at lower leverage.
They use projected annual revenue converted to a monthly figure, not peak months. Keep reserves for the shoulder seasons.
Our DSCR programs have no stated maximum. Larger balances are reviewed and priced case by case, often with lower maximum LTV and higher reserves.
No. LendingStreet finances non-owner-occupied investment property only, so homes with personal use do not qualify.
Yes. With booking history, a cash-out or rate-and-term refinance can qualify on actual performance. Cash-out goes up to 75% LTV, often lower on large balances.
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