You have real equity in the rental. You took it to the bank, and the credit officer read your tax return — the one showing depreciation, the one built to minimize what you owe — and concluded you could not afford the loan the property is already paying for.
That is not a credit problem. It is a documentation problem, and it has a structure built around it.
CR Equity AI qualifies the refinance on what the property earns: minimum 1.00x DSCR, no tax returns, no W-2s. Real terms in five minutes, approval in four hours, funded in as little as 48 hours. Below is the actual advance grid — the same one our underwriting engine uses — so you can find your number before you apply.
The number depends on which track you are on
This is the part most lenders will not explain until they have your file. There are two paths out of a refinance, and they cap at different places.
| Bridge track | DSCR cash-out | |
|---|---|---|
| You are | Repositioning, or exiting by sale | Holding the property for income |
| Underwritten on | Track record and credit | Net operating income |
| Max LTV | Up to 95%, set by the grid | 75% single-family non-owner-occupied, 65% commercial |
| Single-family cap | 90% on non-owner-occupied | 75% |
| Best when | The plan is to sell or reposition | The lease-up is done and the numbers are proven |
One clarification worth making plainly, because it gets marketed carelessly across this industry: the 100% advance is reserved for qualified Fix & Flip — three or more completed projects and a loan of $1,000,000 or less. It is not available on cash-out or rate-and-term refinance. Anyone telling you otherwise is describing a different product.
The published advance grid
Below the full advance, your maximum LTV is a function of two things at once: projects you have closed, and your credit score. Find your row, then your column.
| Projects closed | 660–699 credit | 700–719 credit | 720+ credit |
|---|---|---|---|
| First-time investor | 70% | 75% | 80% |
| 1–2 projects | 75% | 80% | 85% |
| 3–5 projects | 80% | 85% | 90% |
| 6–9 projects | 85% | 90% | 93% |
| 10+ projects | 85% | 90% | 95% |
Almost no lender in this space publishes that table. Most quote you after they have your file, your equity position, and a read on how many other options you have. Ours is on the program page, before you apply.
If your credit is under 660
The grid needs a 660. Below that we price off the asset class instead — the building carries the risk the score will not.
| Asset class | Max LTV | Asset class | Max LTV |
|---|---|---|---|
| Single-family | 90% | Storage | 65% |
| Multifamily | 80% | Mixed-use | 65% |
| Retail | 70% | Office | 60% |
| Industrial | 65% | Hospitality | 60% |
| Land | 55% |
ITIN holders and foreign national investors
With at least two completed U.S. projects and a FICO of 650 or higher, you may qualify for the same LTV terms as U.S. borrowers — not a reduced tier. Other eligible ITIN and foreign national investors may qualify for up to 70% LTV. Final LTV is subject to underwriting, and additional documentation is usually required.
Find your number in five minutes.Two-minute application, soft credit pull, no tax returns. Every quote shows your current DSCR next to the 1.00x and 1.20x thresholds, so you can see exactly where the deal sits.
How the ratio actually works
DSCR is the property’s net operating income divided by its annual debt service. At 1.00x the rent exactly covers the mortgage. At 1.25x it covers it with 25% to spare. Our minimum is 1.00x.
One detail matters more than the formula: we calculate NOI ourselves, from market rent, tax and insurance data — rather than accepting the number on your pro forma. That cuts both ways, and it is the honest version. It means an optimistic rent assumption will not survive underwriting. It also means the ratio you see in the quote is the ratio we lend on, so nothing gets revised downward two weeks later once someone has actually looked.
To price it, we need three things: the property’s value, its annual net operating income if you are holding it, and your existing mortgage balance. If the property is owned free and clear, the whole advance comes back to you as cash.
Six situations this was built for
- Cash out for the next deal. Turn the equity sitting in one property into the down payment on the next, without selling the asset that is producing.
- Replace an expensive loan. Retire hard money or a maturing balloon with a structure that has a real exit attached to it.
- Self-employed and turned down. The bank could not read your returns. We read the property’s income instead.
- A bridge loan coming due. Season the asset and refinance into stabilization rather than fire-selling into someone else’s deadline.
- Stabilized rental, better terms. The lease-up is done and the numbers are proven — price the loan on that, not on a two-year-old assumption.
- Partner buyout. Refinance to take a partner out without selling the asset underneath the partnership.
The exit is underwritten on day one
This is the structural piece, and it is the one that quietly saves deals. The term runs up to 24 months of bridge, then up to 36 months of stabilization — with no new application between the two.
Compare that to the standard experience: a 12- or 24-month bridge, and a takeout you have to go find in month 22 while the clock runs. Sponsors get hurt in that window far more often than they get hurt by a rate. Phase 2 being pre-underwritten means the exit was priced when you signed, not scrambled for at month 23.
If the property is not stabilized yet, that is not a disqualification — it runs as a bridge refinance while you finish the work and moves into stabilization once the numbers are proven.
Why sponsors bring these to us
- Underwritten on what it earns. A bank underwrites the borrower. We underwrite the building — which is the one that actually pays the loan back.
- Built for the self-employed. The borrowers banks handle worst are the ones this loan was designed for. No income verification, no two years of returns.
- Broad asset coverage. Multifamily, mixed-use, retail, industrial, storage, hospitality, and single-family non-owner-occupied — all commercial asset types except RV and trailer parks.
- Direct lender. Our capital and our decision. No committee that meets on Thursdays, no broker taking points out of the middle.
Who qualifies
Eligible
- Investors refinancing a property they already own, with or without a loan on it
- Self-employed borrowers and anyone whose tax return understates the deal
- Cash-out against built-up equity for the next acquisition or a business need
- Entity and LLC borrowers on business-purpose transactions
- ITIN and foreign national investors
- Stabilized rentals priced on net operating income, via DSCR
Not eligible
- RV parks and trailer parks
- Consumer-purpose or owner-occupied primary residence loans — this is business-purpose lending only
- Loans under $100,000
- Deals without a credible exit or stabilization thesis
Where the market is
For context on why this product keeps expanding: non-qualified mortgage originations are forecast to reach roughly $175 billion in 2026, up from about $108 billion in 2025, according to a Bank of America Securities analysis reported by HousingWire. DSCR and investor loans now account for about half of all non-QM collateral.
Translated: the secondary market has gotten comfortable with loans underwritten on rent rather than pay stubs, and that comfort is what widens credit boxes and sharpens pricing for the borrower.
Frequently asked questions
Do I need to prove my income?
No. On a hold, the loan is underwritten as DSCR and sized against the property’s net operating income. That is the entire point of the structure, and it is why self-employed investors use it.
How much can I actually pull out?
Up to 95% on the Bridge track, set by your completed projects and credit score. If you are holding for income it runs as DSCR cash-out — up to 75% LTV on single-family non-owner-occupied and 65% on commercial assets. Single-family non-owner-occupied Bridge is flat 90%.
Can I refinance a property with no mortgage on it?
Yes. Owning it free and clear simply means the whole advance comes back to you as cash.
What if the property is not stabilized yet?
It runs as a bridge refinance while you finish the work, then moves into stabilization once the numbers are proven — with no new application.
Is this available on my own home?
No. All CR Equity AI loans are business-purpose. We do not lend on an owner-occupied primary residence.
Can ITIN or foreign national investors refinance with CR Equity AI?
Yes. With at least two completed U.S. projects and a FICO of 650 or higher you may qualify for the same LTV terms as U.S. borrowers; other eligible investors may qualify for up to 70% LTV. Final LTV is subject to underwriting and additional documentation may be required.
How fast does this move?
Real terms in five minutes from a two-minute application and a soft credit pull. Approval in four hours, and funding in as little as 48 hours.
Sources
- CR Equity AI — DSCR and Cash-Out Refinance Program Terms — https://crequity.ai/programs/refinance
- CR Equity AI — Funding Options — https://crequity.ai/funding
- HousingWire — Non-QM originations set to reach $175B in 2026 — https://www.housingwire.com/articles/non-qm-originations-175b-2026/