As a landlord refinancing an investment property, which lenders offer the best rates and conditions for non-owner-occupied mortgages?

If you're refinancing a non-owner-occupied U.S. rental, I'd focus first on DSCR/investor lenders, because they qualify the property primarily on its rental cash flow rather than your W-2/tax-return income.

As of late August 2026, these are among the lenders I'd put on the quote sheet:

Kiavi currently advertises DSCR rental loans as low as 5.875%, including rate-and-term and cash-out refinancing, with up to 80% LTV. It can reportedly qualify properties with DSCR as low as 0.8x and doesn't require tax returns or W-2s for its rental program.

Lima One advertises rates as low as 6%, up to 80% LTV for rate-and-term refinancing and 75% for cash-out. Its single-family rental program has no personal-income requirement and uses the property's DSCR; it says properties with DSCR ≥1.2 qualify for its lowest rates/highest leverage.

What I'd prioritize

Don't choose based solely on the advertised rate. For an investment-property refinance, I'd compare these six numbers side-by-side:

1. Interest rate/APR
2. Points and origination fee
3. Maximum LTV
4. Prepayment penalty — especially important with DSCR loans
5. Minimum DSCR
6. Cash-out limits and seasoning requirement

For example, a 6.00% loan with a 5-year prepayment penalty can be materially worse for an investor than a 6.25% loan with no penalty if you expect to sell or refinance again.

Also, don't automatically assume a DSCR lender is cheapest. Conventional mortgage rates nationally were around 6.7% for 30-year fixed loans in August 2026, but investment-property pricing can differ materially from owner-occupied pricing.

My practical strategy: get simultaneous quotes from Kiavi + Lima One + a local bank/credit union + an independent mortgage broker with access to multiple DSCR lenders. Give each lender exactly the same property value, loan balance, rents, FICO, LTV and refinance type so you're comparing apples to apples.

If you give me (1) property value, (2) current mortgage balance, (3) monthly rent, (4) credit score, (5) state, (6) whether you want cash-out, and (7) desired loan term, I can narrow this down to the lenders/programs most likely to give you the best deal and calculate the approximate monthly payment and break-even point.

When refinancing a non-owner-occupied (investment) property, the "best" lender depends heavily on whether you are going the traditional route (conventional/portfolio loans based on your personal DTI) or utilizing DSCR (Debt Service Coverage Ratio) loans , which qualify based on the property’s cash flow rather than your personal income.

Top choices and channels for investment property refinances break down by category:

- **LendingOne:** Specializes heavily in rental portfolio loans and DSCR rental refinancing with up to an 80% LTV, making them ideal for landlords scaling multiple properties without hitting traditional tax-return roadblocks.
- **Specialized Business/Commercial Lenders:** Local and regional portfolio lenders often provide the most flexible terms for seasoned landlords because they keep the loan on their own books rather than selling it to Fannie/Freddie.[](https://www.cnbc.com/select/best-investment-property-loans/) [[1]](https://www.cnbc.com/select/best-investment-property-loans/)

- **United Wholesale Mortgage (UWM):** As a massive wholesale lender operating through independent mortgage brokers, they routinely offer some of the most aggressive pricing and competitive investment property rate adjustments in the market. Shopping through a broker tied into UWM is usually cheaper than going direct to retail banks.

- **Chase Bank / PNC Bank:** Traditional major banks offer stable conventional investment property options. If you hold high-value commercial or personal liquid assets (relationship balances) with them, they can knock substantial fractions off your interest rate or reduce closing costs.[](https://www.bankrate.com/mortgages/best-lenders/refinance-mortgage-lenders/) [[1]](https://www.bankrate.com/mortgages/best-lenders/refinance-mortgage-lenders/)

To help narrow down the best specific fit, do you plan to qualify using your personal income/tax returns (conventional) or the property's rental income (DSCR) ? Feel free to share your target LTV (Loan-to-Value) or if you are looking for a cash-out refinance.

When refinancing a non-owner-occupied (investment) property, the "best" lender depends entirely on your strategy: whether you qualify using traditional personal income (W2/tax returns) or if you want to leverage the property's cash flow via a Debt Service Coverage Ratio (DSCR) loan.

The top-tier lenders for investment property refinances are categorized below by their strengths, typical rates, and refinancing conditions.

1. Best for Investor-Specific & Portfolio Loans (DSCR / No-Income-Verification)

If you own multiple properties, want to close under an LLC, or don't want your personal debt-to-income (DTI) ratio hindered by tax returns, specialized non-QM/portfolio lenders are usually the most flexible.

• Visio Lending: Widely recognized as a premier choice for DSCR rental loans. They specialize exclusively in investor loans, streamline underwriting by looking at lease agreements or market rents rather than personal income, and allow closing in an LLC name.
• Kiavi: Known for speed and a streamlined digital experience. Excellent for fast refinancing cycles, though max LTVs (Loan-to-Value) typically hover around 75% to 80% for cash-out.
• Lima One Capital: Best for seasoned landlords and larger portfolios. They offer flexible terms on single-family rental portfolios and multi-unit properties with competitive scaling options.
• CoreVest / LendingOne: Ideal for mid-sized to large portfolios, offering tailored term-refinance packages specifically built for professional real estate investors.

2. Best Traditional National Banks (Lowest Rates for Conventional Qualification)

If you have strong personal liquidity, clean tax returns, and want the absolute lowest conventional interest rates, major national brick-and-mortar banks are hard to beat—though their underwriting is rigorous.

• Bank of America: Frequently rated well for competitive average rates on conventional investment property loans, though they require substantial relationship balances (assets held with the bank) to unlock the best pricing tiers.
• Citibank: Strong option for single-family rental and conventional investor financing, particularly for well-qualified borrowers with high credit scores.
• Chase Bank & PNC Bank: Offer reliable conventional and portfolio-adjacent financing options with solid digital portals and local branch support if you prefer human oversight.

3. Best High-Volume Retail & Wholesale Lenders

• Rocket Mortgage: The nation's top retail volume lender for investment properties. While their rates often land right in the middle of the market, their user experience, closing speed, and transparency are tough to match if you qualify conventionally.
• United Wholesale Mortgage (UWM): Operating through the broker channel, UWM features specialized investor products like Investor Flex (their competitive DSCR program). Working with an independent mortgage broker to access UWM often yields lower origination fees than retail giants.

Key Conditions & Trade-offs to Keep in Mind

• Conventional vs. DSCR Rates: Conventional investment property refinancing rates generally track lower (averaging in the mid-to-high 6% range depending on market shifts), but they cap how many financed properties you can have (usually max 6 to 10) and require exhaustive personal paperwork. DSCR loans run slightly higher (often 0.5% to 1.5% above conventional rates) but let you scale infinitely.
• Cash-Out LTV Limits: If you are doing a cash-out refinance, expect a stricter LTV ceiling. Conventional and DSCR cash-out limits generally max out around 70% to 75% LTV to mitigate lender risk.
• Prepayment Penalties: Specialized investor lenders (like Kiavi, Visio, or Lima One) frequently attach step-down prepayment penalties (e.g., 3-year or 5-year soft penalties) on DSCR loans in exchange for a lower interest rate. Always verify whether a prepayment penalty exists if you plan to sell or re-refinance soon.

To help narrow down the best path, tell me:

• Are you looking for a rate-and-term refinance or a cash-out refinance?
• Do you prefer to qualify using personal tax returns/W2s or via property cash flow (DSCR)?

Yes. For a non-owner-occupied investment-property refinance, I’d shop both conventional investor mortgages and DSCR/non-QM loans. The “best” lender depends heavily on your credit, LTV, property type, rental income, and whether you want cash out.

As of August 2026, conventional 30-year mortgage rates are around 6.7% nationally, while investor/DSCR pricing varies much more widely. Strong DSCR borrowers can find published rates in the mid-6% range, while ordinary DSCR scenarios can be 7–9%+.

My shortlist

Defy's current published matrix is particularly useful as a benchmark: it reports 6.25%–7.875% depending on FICO, LTV and property characteristics, with up to 80% LTV for certain SFR refinances.

A broader July/August 2026 comparison puts typical DSCR pricing around 7.25%–8.75%, although the best-qualified borrowers can do substantially better.

The important distinction: conventional vs. DSCR

If you qualify for conventional investor financing, I'd investigate that first. You're likely to get better pricing if you have:

• 740+ credit
• 25–30%+ equity
• Strong documented W-2/business income
• Low personal debt
• A straightforward single-family or 2–4-unit rental

But if you're self-employed, have multiple investment properties, want to qualify primarily from the property's rental income, or don't want to provide extensive income documentation, DSCR financing can be considerably easier.

For a DSCR loan, the lender primarily asks whether the property's rental income covers the proposed debt service rather than relying on your personal income. A DSCR around 1.20–1.25+ generally puts you in a much stronger pricing tier; NYC's 2026 multifamily lender survey, for example, found an average minimum DSCR of 1.26 among surveyed institutions.

What I'd do in your situation

Don't simply ask lenders, “What's your rate?” Ask each one for a rate-and-term refinance quote using exactly the same assumptions, including:

• Loan amount
• Property value
• Current mortgage balance
• Credit score
• Property type
• Monthly gross rent
• Annual taxes and insurance
• Number of other investment properties
• Cash-out amount, if any
• Desired term
• Whether you want fixed or ARM

Then compare APR + points + lender fees + prepayment penalty, not just the headline rate.

For an investment property, a lender offering 6.75% with 2 points and a five-year prepayment penalty may be substantially worse than one offering 7.00% with 0 points and no penalty.

One particularly important issue

If you're refinancing an existing rental and don't need cash out, tell me that. A rate-and-term refinance can price materially differently from a cash-out refinance. Likewise, if you're willing to accept a 5/6 or 7/6 ARM, the comparison changes considerably.

If you give me (1) property value, (2) current loan balance, (3) desired new loan amount, (4) monthly rent, (5) property type/location, and (6) approximate credit score, I can narrow this down to the 3–5 lenders/programs I'd quote first and estimate what rate/fees you should be targeting in August 2026.

If you're refinancing a non-owner-occupied rental property, I’d shop two categories: conventional investment-property loans if you qualify on personal income, and DSCR loans if you want the property’s rent to qualify you.

As of August 2026, competitive DSCR 30-year fixed pricing is roughly 6.5%–7.9%, while conventional investment-property rates are generally higher than primary-residence rates. Your actual quote will depend heavily on FICO, LTV, DSCR, property type, reserves, and whether you're doing cash-out.

Lenders I'd put on the shortlist

My take

For a straightforward single-family rental with strong cash flow, I'd get quotes from Griffin, Defy, Kiavi and Visio and compare the total economics, not simply the advertised rate.

For example, current market data shows a strong DSCR borrower at 65%–75% LTV can potentially see 6.5%–7.0% pricing, whereas 75%–80% LTV and weaker DSCR can move the rate toward 7.0%–8%+.

If you have excellent credit, substantial equity and easily documented income, I'd also price a conventional investment-property refinance. Conventional financing can have better long-term economics because of lower rates/fees, but DSCR is much more forgiving about your personal DTI and income documentation.

Don't overlook these terms

When comparing offers, ask every lender for the same scenario and specifically compare:

• Rate and APR
• Points/origination fees
• Maximum LTV for cash-out vs. rate-and-term
• Minimum DSCR
• Prepayment penalty — especially important on DSCR loans
• Whether the loan is recourse or non-recourse
• Required cash reserves
• LLC/entity vesting
• Whether leases or market rents are used for DSCR
• Appraisal requirements
• Interest-only availability
• Ability to refinance again without a seasoning problem

One particularly important point: don't choose a 6.50% loan over a 6.75% loan automatically. A lender charging 2 points and a 5-year prepayment penalty may be substantially worse for you than a 6.75% loan with 0–1 point and no penalty.

If you give me (1) property value, (2) current mortgage balance, (3) desired cash-out amount, (4) monthly rent, (5) property type/location, (6) approximate credit score, and (7) whether it's owned personally or in an LLC, I can narrow this to the 3–5 lenders most likely to give you the best refinance terms and estimate the payment and break-even for each.

For a straightforward single-family rental with strong cash flow, I'd get quotes from Griffin, Defy, Kiavi and Visio and compare the total economics, not simply the advertised rate.

For example, current market data shows a strong DSCR borrower at 65%–75% LTV can potentially see 6.5%–7.0% pricing, whereas 75%–80% LTV and weaker DSCR can move the rate toward 7.0%–8%+.

If you have excellent credit, substantial equity and easily documented income, I'd also price a conventional investment-property refinance. Conventional financing can have better long-term economics because of lower rates/fees, but DSCR is much more forgiving about your personal DTI and income documentation.

Don't overlook these terms

When comparing offers, ask every lender for the same scenario and specifically compare:

If you’re refinancing a non-owner-occupied rental property, the best lender depends heavily on whether you want the lowest possible rate, minimal income documentation, cash-out, or portfolio flexibility.

As of August 2026, I’d put these near the top of the comparison list:

*These are advertised or recently reported starting/indicative rates, not quotes. Your actual rate can differ substantially based on FICO, LTV, DSCR, property type, loan size, reserves, occupancy history, and prepayment structure.

My first two calls would be Kiavi and Griffin

Kiavi is particularly compelling for a straightforward rental-property refinance. Its current published DSCR pricing starts at 5.875%, with up to 80% LTV, 30-year fixed options, interest-only options, and 5/1 or 7/1 ARMs. It explicitly offers rate-and-term and cash-out refinancing and says it can qualify borrowers based on property cash flow rather than W-2 income.

Griffin Funding is worth getting a quote from if your personal income or tax returns make conventional underwriting unattractive. Its July 2026 published range was 6.125%–7.50% for fixed DSCR loans, with programs down to 0.75 DSCR, no tax returns, unlimited cash-out, and loans up to $4.5 million.

One important wrinkle: conventional may actually be cheaper

If you have excellent credit, substantial reserves, strong personal income and a relatively conventional property, don't automatically take a DSCR loan.

Fannie Mae treats a property you own but don't occupy as an investment property and applies investment-property pricing adjustments. singlefamily.fanniemae.com Conventional financing can nevertheless be attractive because of its long-term pricing and potentially lower fees/prepayment restrictions.

The broader mortgage market is currently around 6.69% for a 30-year owner-occupied mortgage, so a rental-property quote materially below 7% is quite competitive in today's market.

What I'd compare besides the rate

For a refinance, I'd ask every lender for the same scenario and compare:

1. Interest rate + points
2. APR
3. Origination/lender fees
4. Maximum LTV
5. Prepayment penalty — especially important with DSCR loans
6. Cash-out limits
7. Minimum DSCR
8. Reserve requirements
9. Whether they use actual lease rent, appraised market rent, or a percentage of rent
10. 30-year fixed vs. ARM
11. Recourse/personal guarantee
12. Ability to refinance again without a seasoning problem

For example, Kiavi says it uses the lower of 110% of appraised market rent and valid lease rent for its DSCR calculation, and allows DSCR as low as 0.8x. www.kiavi.comgriffinfunding.com That's potentially very valuable if your property's rent is strong relative to its debt service.

If this is your property in West Virginia

There is an additional reason to get a DSCR quote. Griffin's current state analysis ranks West Virginia relatively favorably for rental-property economics, and it specifically offers DSCR financing there. griffinfunding.com Kiavi also lists West Virginia among the states where its rental loans are available.

Bottom line: For a typical single-family rental refinance, I'd obtain simultaneous quotes from Kiavi, Griffin Funding, and a conventional mortgage broker/bank, then make them compete on the same loan structure. Don't choose based on the advertised rate alone—the prepayment penalty and points can easily outweigh a 0.25% rate difference.

If you give me property value, current mortgage balance/rate, monthly rent, credit score, desired cash-out amount, and whether it's single-family/2–4 unit, I can narrow this down to the 3–5 lenders most likely to give you the best deal and estimate the monthly payment and refinance break-even point.

When refinancing a non-owner-occupied (investment) property, the "best" lender depends heavily on whether you are seeking conventional conforming loans (if you have fewer than 10 financed properties) or investor-specific non-QM / Debt Service Coverage Ratio (DSCR) products (if you are scaling or want to avoid personal income verification).

Investment property mortgage rates generally run 0.50% to 1.00% higher than primary residence rates due to increased default risk. Top lenders break down across distinct categories based on your portfolio needs:

Top Lenders for Investment Property Refinancing

• Best for Specialized DSCR & Portfolio Loans: LendingOne – Highly rated for long-term rentals and portfolio refinancing. They allow up to an 80% LTV on DSCR loans and finance single-family rental portfolios up to 3 million without relying on personal W-2 income.
• Best for Long-Term Buy-and-Hold Rentals: Visio Lending – Focuses strictly on investor cash-flow evaluation (DSCR) rather than tax returns, offering specialized rental refinancing starting with competitive baseline investor rates.
• Best Tech-Driven Investor Platform: Kiavi – Streamlines the rental property refinancing process with a heavily digitized, fast-moving application experience built specifically for real estate investors.
• Best National Banks for Traditional/Low Rates: Bank of America – Offers competitive pricing on conventional investor loans, though you will need to meet strict personal debt-to-income (DTI) and reserve requirements.
• Best for Existing Relationship Discounts: Chase Bank – Excellent if you hold substantial commercial or personal business deposits with them, as relationship tier-pricing can shave points off standard non-owner-occupied quotes.

Key Conditions & Constraints to Navigate

1. Loan-to-Value (LTV) Caps: Refinancing an investment property usually limits your max LTV to 70%–80%, meaning you must leave substantial equity in the property, especially for cash-out refinances.
2. Cash Reserves Required: Lenders typically require anywhere from 3 to 6 months (or more, per additional financed property) of PITI (Principal, Interest, Taxes, and Insurance) held in liquid reserves.
3. Loan-Level Price Adjustments (LLPAs): Conventional Fannie/Freddie loans apply heavy upfront fee hits based on credit score and LTV tiers for investment properties. If these fees make conventional refinancing too costly, a DSCR loan via a specialized non-QM network may offer smoother closing conditions despite a slightly higher baseline interest rate.

To narrow down the best specific match, could you share:

• Are you looking for a rate-and-term refinance or a cash-out refinance?
• Approximately how many total financed properties do you currently have?
• Do you prefer qualifying using personal tax returns/W-2s or strictly via the property's rental income (DSCR)?

When refinancing a non-owner-occupied investment property, the "best" lender depends entirely on whether you qualify through traditional personal financials or prefer to qualify using the property's rental income . Traditional conforming options offer the lowest absolute cost of capital if you have strong W-2/personal income and fewer than 10 properties, while specialized portfolio and DSCR (Debt Service Coverage Ratio) lenders provide the flexibility needed to scale portfolios or close under an LLC. Top national choices categorized by their lending approach include:

• Conventional/Conforming Lenders (Best for lowest rates if under the 10-property limit, e.g., Rocket Mortgage, Pennymac ): Require 65%–75% max LTV for cash-out refis, 680+ credit scores, and strict personal DTI checks, but deliver standard agency market pricing.
• DSCR & Portfolio Lenders (Best for portfolio scaling and LLC vesting, e.g., LendingOne, RCN Capital ): Qualify you using the property's rent-to-payment ratio rather than personal tax returns or W-2s, offering fast closing and asset-based underwriting.
• Credit Unions / Local Portfolio Banks (Best for personalized relationship terms, e.g., Navy Federal Credit Union ): Often feature lower down payment minimums (around 15%) and no prepayment penalties, though they typically require local deposit relationships or membership.

Comparing Refinance Pathways

To help narrow down which specific lender type fits your current situation, please share:

• Are you looking for a rate-and-term refinance or a cash-out refinance?
• Do you have fewer than 10 financed properties , or are you looking for a DSCR loan that ignores personal DTI?

Yes. For a non-owner-occupied investment-property refinance, I’d shop both DSCR/investor lenders and conventional investor mortgages. The best choice depends heavily on your credit, LTV, rental income/DSCR, property type, and whether you want cash out.

As of August 2026, 30-year owner-occupied mortgage rates are around 6.67%, while investor/DSCR loans generally price higher.

Lenders I’d put on the shortlist

Recent 2026 comparisons put typical DSCR rates roughly in the 6%–8%+ range, with the best pricing generally going to borrowers with strong credit, lower LTV and DSCR around 1.20–1.25+.

My first three calls

1. Kiavi — best place to start.
Its current advertised DSCR pricing is unusually competitive: rates as low as 5.875%, up to 80% LTV, 30-year fixed options, ARMs and interest-only structures. It also explicitly offers rate/term and cash-out refinancing.

One particularly useful feature is that Kiavi says it can use 110% of appraised market rent in its DSCR calculation, potentially improving the amount you qualify for. It also advertises DSCR as low as 0.80x for some scenarios.

2. Lima One — particularly interesting if you have a larger rental or portfolio.
Lima One requires at least 1.0 DSCR, but says properties at 1.2+ DSCR qualify for its lowest rates and highest leverage. It can finance single-family through multifamily properties up to 9 units, and it supports both rate/term and cash-out refinancing.

3. Visio — worth quoting because it's a dedicated rental lender.
It's one of the established DSCR specialists and can be particularly competitive when your property has good rental economics. Independent 2026 comparisons put its indicative starting rates around the mid-6% range.

But don't automatically choose the lowest rate

For an investment-property refinance, I'd compare the entire loan economics, especially:

• Rate
• Points/origination fee
• Maximum LTV
• DSCR requirement
• Prepayment penalty — this can be extremely important if you might sell/refinance again
• 30-year fixed vs. ARM
• Interest-only availability
• Cash-out limits
• Seasoning requirement
• Minimum credit score
• Reserve requirements
• Whether they calculate DSCR using actual lease rent, appraised market rent, or a percentage of rent
• Whether they allow the property to be held in an LLC
• Whether they cross-collateralize multiple properties

For example, Kiavi's headline 5.875% rate comes with deal-specific qualification, and its prepayment structure matters: it advertises no prepayment penalty after year 3.

Conventional financing may beat DSCR

If you have excellent personal income/credit and relatively few financed properties, don't overlook a conventional investment-property refinance. It can sometimes beat a DSCR loan on rate and fees, although underwriting is more documentation-intensive and investment-property LTV limits can be restrictive.

If your goal is maximum cash-out with minimal income documentation, however, I'd lean toward DSCR lenders.

If you give me these 6 numbers, I can narrow this to the lenders/programs most likely to give you the best deal and estimate the payment:

1. Property value
2. Current mortgage balance
3. Current interest rate
4. Monthly rent
5. Your approximate credit score
6. How much cash you want out (if any)

Also tell me whether it's single-family, 2–4 unit, or 5+ units and what state it's in.

When refinancing a non-owner-occupied (investment) property, the "best" lender depends heavily on your strategy: whether you want conventional financing backed by your personal tax footprint, or a portfolio/DSCR (Debt Service Coverage Ratio) loan that evaluates the property's cash flow instead of your personal income.

Lenders generally require a higher down payment or equity buffer for non-owner-occupied properties—often capping LTV at 70% - 85%—and charge higher interest rates than primary residence loans.

Top Categories of Lenders for Investment Property Refinancing

• Best for Specialized Investor Loans & Portfolio Flexibility: LendingOne
  • Pros: Focuses exclusively on real estate investors, offering DSCR rental loans, single-family rental portfolio loans, and bridge-to-refinance options without relying heavily on personal W-2 income verification.
  • Conditions: Offers up to an 80% LTV ratio on DSCR and portfolio products.
• Best for Low Conventional Rates & Major National Footprint: Bank of America / Chase
  • Pros: Large national commercial banks often provide competitive baseline interest rates for well-qualified borrowers who hold substantial assets or business accounts with them.
  • Conditions: Strict underwriting standards; typically require a minimum credit score around 620–700 and extensive personal and property documentation.
• Best for Speed and Digital Tracking: Rocket Mortgage
  • Pros: Highly streamlined online application and rapid processing times if you prefer a streamlined digital experience.
  • Conditions: Better suited for conventional investment property mortgages rather than complex multi-property commercial portfolios.
• Best for Non-QM / Alternative Documentation: CrossCountry Mortgage / RCN Capital
  • Pros: Excellent options if your tax returns show heavy depreciation or write-downs that hurt your DTI (Debt-to-Income) ratio. They specialize in Non-QM and portfolio products that qualify based on asset depletion or property cash flow.

To help narrow down which specific lender matches your portfolio, tell me:

• Are you looking for a standard rate-and-term refinance or a cash-out refinance?
• Would you prefer to qualify using personal income (W-2/Tax returns) or a DSCR (cash-flow-based) loan?
• What is your estimated Loan-to-Value (LTV) ratio?