Santa Fe has plenty of properties worth well over $2M. Few of them rent for enough on a long-term lease to carry a large loan. The ones that do usually have several units on the land.
In short: LendingStreet offers jumbo DSCR loans of about $1.5M to $5M+ on high-value 1-8 unit rentals in Santa Fe and across New Mexico. They qualify on rent with no W-2s or tax returns and are available for purchase, rate-and-term and cash-out. Larger balances get more review, and maximum LTV can be lower and varies by program. In Santa Fe, jumbo loans work best on income-producing properties such as compounds with casitas or small multi-unit buildings.
The city's highest prices are on the Eastside, along Canyon Road and Acequia Madre, in South Capitol and around the Plaza, where historic adobe homes and family compounds sit on small, valuable lots. Outside the core, Las Campanas, Tesuque, the foothills along Hyde Park Road and the larger estates north of town have luxury homes on acreage.
Many of these homes are second homes or seasonal rentals. Long-term luxury leases exist, often to executives, physicians or people relocating to Los Alamos or the film industry, but the pool is small and rents do not rise in line with prices.
Compounds are different. A main house with two or three casitas, or a small group of townhomes on one lot, produces several rents from one property. That income is what makes a large DSCR loan work, and it is why most of the jumbo files we see in Santa Fe involve more than one unit.
Furnished leases of 30 days or more are another option for high-end homes, especially for professionals on extended assignments. Those leases can support the rent on some programs, though appraisers often rely on long-term market rent.
This example is illustrative and not a quote. An investor buys an Eastside compound with a main house and three casitas for $2,600,000. The main house leases for $6,500 and each casita for $2,400, $13,700 a month in total. Taxes on the reset value are budgeted at $1,733 a month and insurance at $700.
At 60% LTV, the loan is $1,560,000. Estimated principal and interest is about $10,908, the total payment is about $13,341 and DSCR is about 1.03x. The rent from four units carries the loan, though without much cushion, which is why this example uses moderate leverage.
| Item | Eastside compound, 60% LTV | Las Campanas home, 65% LTV |
|---|---|---|
| Purchase price | $2,600,000 | $2,400,000 |
| Loan amount | $1,560,000 | $1,560,000 |
| Monthly rent | $13,700 | $9,500 |
| Est. principal and interest | $10,908 | $10,908 |
| Taxes | $1,733 | $1,600 |
| Insurance and HOA | $700 | $950 |
| Total payment | $13,341 | $13,458 |
| DSCR | 1.03x | 0.71x |
The second column shows a $2,400,000 Las Campanas home leased at $9,500 a month. At 65% LTV the payment, including HOA dues, is about $13,458 and DSCR is only about 0.71x. To finance a home like this as a rental, investors bring much more equity, use a sub-1.0 DSCR program, or qualify on short-term rental income where a permit is in place and the program allows it. Some owners also add a legal casita to a large home over time, which turns a single rental into a two-unit property and can change the math.
Santa Fe requires permits for rentals of less than 30 days and caps permits for non-owner-occupied units in residential zones, and those permits have been scarce. Santa Fe County, which covers Las Campanas, Tesuque and other areas outside the city, has its own rules, and HOAs may restrict rentals too. Confirm the property's permit status before counting nightly income. Permits generally do not transfer automatically with a sale, so ask the city how a new owner would be treated. Some programs qualify STRs on projected revenue only where operation is allowed.
New Mexico taxes residential property on one-third of its assessed value, with annual increases capped while the same owner holds it. A purchase resets the value to market, so a buyer's tax bill can be many times the seller's. On a refinance, the existing capped value stays, which helps long-time owners doing a rate-and-term or cash-out jumbo refinance.
Jumbo DSCR loans cover purchases, rate-and-term refinances and cash-out. A common Santa Fe file is a long-time owner of a compound who wants to pull equity while keeping the low capped tax bill; another is an investor who bought with short-term money and now wants a 30-year schedule. On cash-out, the 75% LTV program limit applies, but larger balances often size lower. Expect the review to take longer than on a standard loan, and give the appraiser access to every casita and outbuilding.
If you own five or more rentals in Santa Fe or elsewhere in New Mexico, a blanket portfolio loan can combine them under one closing and one payment, qualified on portfolio cash flow, with releases when a property sells. For some investors, that is a better route to a seven-figure loan than a single jumbo on one property.
Send the address, price or value, rent for each unit, tax bill and insurance quote through the form below, or call (877) 298-1001. We will run the ratio at a few loan amounts and tell you honestly which structure fits. Our investor loans are business-purpose loans on non-owner-occupied property. See our New Mexico jumbo DSCR page and the national jumbo page for more.
A DSCR loan of roughly $1.5M to $5M+ on a 1-8 unit rental, qualified on rent. Our DSCR programs have no stated maximum.
Yes, if the numbers work. Long-term rents on luxury homes often fall short, so expect lower leverage or a sub-1.0 program.
Several units produce more total rent relative to price than one large home, which supports a larger loan. Each casita also rents to a wider pool of tenants than a single luxury home does.
It varies by program and is often lower than on smaller loans. In Santa Fe, the rent often limits leverage before the program does, so most large files land at moderate LTV.
No. Jumbo DSCR loans qualify on the property's rent.
On some programs, only where a city or county permit is in place and operation is allowed.
No. A refinance does not reset New Mexico's capped valuation; a sale does. That makes jumbo refinances attractive for long-time owners whose tax bills are well below what a buyer would pay.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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