Savannah's most valuable rentals are in its oldest neighborhoods and on the islands: Historic District townhouses with carriage houses, Victorian District multi-units, and beach homes on Tybee. Each comes with its own rules on how it can be rented.
In short: LendingStreet offers jumbo DSCR loans, about $1.5M to $5M+, on 1-8 unit rentals in Savannah, Tybee Island, Pooler, Richmond Hill and the rest of Chatham and Bryan counties, qualified on rent with no tax returns. Jumbo balances here usually finance 5-8 unit buildings in the Victorian District or Starland, Historic District townhouses, island homes, or portfolios. STR rules, Georgia's intangible recording tax and coastal insurance are the local items to plan for.
The Landmark Historic District, with its squares, has townhouses and carriage houses that lease to SCAD faculty, professionals and visitors. Just south, the Victorian District, Thomas Square and Starland have large wood-frame houses divided into apartments.
Ardsley Park and Chatham Crescent have bigger single-family homes, while Isle of Hope, Wilmington Island and Skidaway Island have waterfront property. Pooler and Richmond Hill are growing fast with port, Gulfstream and Hyundai plant jobs.
| Area type | Examples | What a jumbo loan usually covers | Check first |
|---|---|---|---|
| Historic core | Landmark Historic District, Victorian District | Townhouses, carriage houses, 5-8 unit houses | Historic review, STR certificate rules |
| Midtown | Ardsley Park, Starland, Thomas Square | Large homes and converted multi-units | Unit legality, older systems |
| Islands and growth areas | Tybee Island, Isle of Hope, Pooler, Richmond Hill | Beach homes, newer rental groups | Flood zones, wind coverage |
A single Historic District house worth $2M often rents long-term for too little to cover a jumbo payment at full leverage. Multi-unit buildings in the Victorian District and Starland usually carry the balance better, and some island homes work on projected short-term revenue where rentals are allowed.
Lenders look closely at older wood-frame buildings: termite history, foundations, roofs and whether every unit is legal. Recent leases on similar units help support the appraiser's rent figure, and SCAD's academic calendar shapes lease timing in the blocks near campus.
Georgia assesses property at 40% of fair market value, then applies county, city and school millage. Homestead exemptions do not apply to rentals, so the seller's bill may understate yours. Chatham County sends assessment notices each year, and a sale often prompts a new value.
Georgia charges a transfer tax on deeds, usually paid by the seller, and an intangible recording tax on long-term loans, usually paid by the buyer. The intangible tax is capped, but on a jumbo loan it is still a line worth asking your closing attorney about.
This example is illustrative and not a quote. An investor buys a large Victorian District house divided into eight apartments for $2,000,000. Combined rent is $14,400 a month. Taxes are budgeted at $2,000 a month, and insurance including wind coverage is $1,100.
Sized at 75% LTV, the balance is $1,500,000 and estimated principal and interest runs about $9,980. Taxes ($2,000) and insurance ($1,100) take the total to about $13,080. Divide $14,400 of combined monthly rent by that and the ratio is about 1.10x.
Long-term leases on eight units support a jumbo balance that a single house of the same value usually could not.
| Line item | Eight-unit purchase |
|---|---|
| Value | $2,000,000 |
| Loan-to-value | 75% |
| Loan amount | $1,500,000 |
| Estimated principal and interest | $9,980 |
| Property taxes | $2,000 |
| Insurance | $1,100 |
| Total monthly payment | $13,080 |
| Combined monthly rent | $14,400 |
| DSCR | About 1.10x |
The City of Savannah requires short-term vacation rental certificates and limits non-owner-occupied rentals in parts of the Historic District and some residential zones. Tybee Island has its own permit rules that have been revised several times. Check current rules for the exact address before relying on nightly income.
Exterior changes in the Historic District generally need review by the city's historic preservation commission. Hurricanes and tidal flooding are part of life on the coast, so expect flood insurance in mapped zones and a separate wind deductible.
Large-balance DSCR loans use the same test as any other: monthly rent divided by principal, interest, taxes, insurance and any association dues. The standard minimum is 1.0x. You qualify without personal income documents, with a 620 or higher score, and you can close in an LLC.
Balances from about $1.5M to $5M+ get more scrutiny. Lower maximum LTV, larger reserve requirements and an extra valuation are common, and each varies by program. Rent support matters more too, so recent signed leases on comparable Savannah properties make the file stronger. Strong reserves and clean credit also help on the largest balances.
Not every big balance is one building. If you own five or more rentals in the area, a blanket portfolio loan can put them under one closing and one payment, qualified on the combined cash flow, with release provisions when you sell one. Some programs also cover properties in more than one state.
Owners who already hold a large rental often use a DSCR cash-out refinance, up to 75% LTV where the rent supports it, or a rate-and-term refinance to replace a maturing loan. Cash-out seasoning varies by program. Either way, the rent has to cover the new payment at the program minimum.
Send the basics first and the rest during underwriting. The items that most often slow a large file are:
Use the form below or call (877) 298-1001 with the property details. LendingStreet will show two or three structures, including a sub-1.0 program where it fits. Our investor loans are business-purpose loans on non-owner-occupied property. Compare this with our Georgia jumbo DSCR page for statewide context.
Possibly, but the city limits non-owner-occupied rentals in parts of the district and requires a certificate. Check availability for the address before you buy.
It is a tax on long-term loans secured by Georgia real estate, usually paid by the buyer at closing, with a cap. Your closing attorney can give the exact amount.
At 40% of fair market value, with county, city and school millage applied. Rentals do not get homestead exemptions.
Yes, if it qualifies on rent or, on some programs, projected short-term revenue, and local permits allow the rental plan. Flood and wind insurance count in the payment.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so the home must be rented to tenants and not used as your residence. If you plan to move in later, this is not the right loan.
Timing depends mostly on the appraisal, title and insurance. Jumbo files can take longer because of the extra valuation review, so order the insurance quote and gather leases early. A complete file at the start saves the most time.
On some programs, yes, using projected short-term rental revenue, but only where local permit, zoning and HOA rules allow the property to operate as a nightly rental. Booking history helps on an existing rental.
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