The Quick Read: Seventy-five percent cash-out leverage and super jumbo balances do not coexist in the same loan. Across the wholesale network Lendmire works with, 75% cash-out tops out on loans up to $1,000,000, then steps down as the balance grows and stops above $3,000,000, all subject to underwriting. Big banks rarely run a dedicated super jumbo DSCR cash-out product, so the realistic route is a non-bank investor program matched to the file. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
- 75% cash-out applies to loans from $150,000 to $1,000,000, typically with a 660 credit score.
- Above that size the cash-out ceiling steps down in stages, and the sections below give the full ladder.
- Large cash-out proceeds are limited by a rule tied to the 60% LTV line, explained below.
- Reserves of 6 months on the subject property are typical, and cash-out proceeds never count toward them.
- Which program fits depends on the property, the credit profile, the leverage need, and the documentation.
This article names no banks and ranks no lenders. Lendmire is a mortgage broker, not a lender. It shops a wholesale network of investor lenders and matches the scenario to the program. The sections below explain how those programs treat a large-balance cash-out, step by step.
Key Terms Defined
Super jumbo: a loan size above the jumbo range, with the starting line set by each lender rather than by a regulator.
DSCR (debt service coverage ratio): monthly rent used for lender review divided by the full monthly property payment: principal, interest, taxes, insurance, and association dues.
LTV (loan-to-value): the new loan amount as a percentage of the property’s value.
Cash-out refinance: a new loan larger than the payoff, with the difference released to the borrower after costs.
Seasoning: the minimum time the borrower has held title before a lender sizes the loan on appraised value instead of cost basis.
Does 75% Cash-Out Work at Super Jumbo Size?
Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
No. The 75% figure belongs to the bottom of the size ladder. Leverage falls as the loan grows, and the loan amount, not the purchase price, picks the band. The table gives each band’s ceiling, offered through select wholesale programs on non-owner-occupied investment property, subject to underwriting.
| Loan amount band | Purchase | Rate-and-term | Cash-out |
|---|---|---|---|
| $150K–$1M | 80% | 80% | 75% |
| $1M–$1.5M | 75% | 75% | 70% |
| $1.5M–$2M | 75% | 75% | 60% |
| $2M–$3M | 75% | 75% | 60% |
| $3M–$4M | 65% | 65% | — |
| $4M–$6M | 60% on review | 60% on review | — |
| $6M–$10M | 60% on review | 60% on review | — |
Credit matters inside each band. The top cell in the first band generally needs 660 or better. The top cell in the $1M–$1.5M band needs about 700. In the $1.5M–$3M bands the top cell needs about 720. Above $3,000,000 the program floor is 700. A lower score drops the file to a lower leverage cell in the same band. Above $4,000,000, every request is reviewed case by case before submission, and only purchase or rate-and-term is on the table.
Run the cutoff on a loan, not a value. A $4,000,000 property refinanced at 60% produces a loan under $3,000,000, so cash-out stays available. The same property at 75% would produce a $3,000,000 loan, which is no longer below that line, and the 75% cell does not exist in that band for cash-out. Compute price times leverage first, then read the band for that loan.
Do Banks Actually Offer This?
Rarely, and not as a labeled product. “Super jumbo” is a lender-set label, not a regulated category. Big banks and large retail lenders mostly build jumbo products around personal income, tax returns, and debt-to-income ratios. A DSCR file qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. That is a non-QM structure, and it lives mostly with non-bank investor lenders and portfolio programs.
Private banks and some portfolio lenders will look at large investment-property cash-outs on their own terms. Their programs tend to ask for deposit relationships and full personal documentation. They can fit a borrower who wants one institution for everything. They are a poor fit for someone who wants the file judged on the property.
A broker changes the search. Instead of testing one institution at a time, Lendmire compares programs across its wholesale network and matches the property, credit, leverage need, and documentation to the lender whose guidelines fit. The right program for a given file depends on those facts, and the lenders that write a given scenario shift with property type and loan size.
| Lender type | Typical fit | Typical friction |
|---|---|---|
| Big retail banks | Owner-occupied jumbo | Income and DTI documentation |
| Private banks | Relationship borrowers | Deposits, full personal docs |
| Non-bank investor lenders | Property-income qualification | Leverage steps down with size |
| Broker with a wholesale network | Matching file to program | Program fit varies by file |
How Underwriting Treats a Super Jumbo Cash-Out, Step by Step
Here is the sequence a large-balance cash-out file moves through.
1. Confirm the transaction. The file is cash-out on a non-owner-occupied investment property held for business purposes. DSCR loans are designed for investment property, so they are reviewed differently from a standard owner-occupied mortgage.
2. Order the appraisal and rent schedule. One appraisal is typical. Above $2,000,000 in loan amount, two appraisals apply.
3. Size the loan on the ladder. The new loan amount selects the band and the leverage cell. Credit score then decides which cell inside the band applies.
4. Test coverage on the new payment. A rental that cleared at purchase can miss after a cash-out, because the balance and the payment both rise. A coverage of 1.00 earns full leverage. Coverage from 0.75 to 0.99 is a real path through select programs to $2,000,000, but LTV and terms adjust, subject to underwriting.
5. Check seasoning and value basis. About six months of recorded ownership is typical before a lender sizes on appraised value. Before that, files are often sized on cost basis.
6. Verify reserves. Six months of PITIA on the subject property is typical, and 12 months for first-time investors. Cash-out proceeds never satisfy reserves, so the money has to sit in a separate account.
7. Apply the proceeds rule and document use. Proceeds are the new loan less payoff, costs, and holdbacks. They are unlimited at or below 60% LTV and capped at $1,500,000 above 60%. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Where the Rule Breaks: Edge Cases
The proceeds cap can bind before the LTV does. At the 70% tier, the $1,500,000 proceeds cap can become the real limit on a large file. Staying at or below 60% LTV removes the cap. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Credit at 680 or below. No cash-out above $1,500,000 for that credit tier, whatever the property is worth.
Short-term rentals. The cash-out ceiling is 70% on short-term-rental collateral, versus 75% on a standard rental, and loans run to $2,000,000. Income is twelve months of operating history on a refinance, counted at a discount to gross rent (80% of gross). Municipal permission to operate must be documented for the specific property. Short-term rental rules can vary by city, county, HOA, and property type, so investors should confirm local rules before relying on projected rental income.
Condotels. Cash-out runs to 65% and $1,500,000, with $250,000 cash-in-hand required.
Rural and acreage. Rural collateral reaches 75% only on loans at or below $3,000,000. Above $3,000,000, the overlay excludes rural property, and a non-rural property can have no more than ten acres.
Above $3,000,000 and wanting cash. The options are a rate-and-term refinance, a smaller loan that fits the ladder, or staging the debt across more than one transaction.
Interest-only. A 120-month interest-only period is available on 30- and 40-year terms up to 75%, qualified on interest, taxes, and insurance. A new loan earns a fresh period only by clearing full underwriting. The old loan’s interest-only period does not carry over.
Thin rent, strong deposits. A self-employed investor with a property that does not cover its payment may fit a bank-statement or portfolio path better than DSCR. That is a different program with its own ladder.
Owner occupancy. DSCR is an investment-occupancy product. It does not fit a residence or second home. The CFPB’s Regulation Z exempt-transactions rule treats credit for a non-owner-occupied rental as business purpose, and sets the owner-use line at more than 14 days.
DSCR vs. conventional financing
There are two common ways to finance an investment property, and they qualify you differently — here’s how investors weigh them.
Why investors choose it
- Qualifies on the property’s rental income — no personal tax returns, W-2s, or pay stubs needed to document income.
- No personal debt-to-income ceiling to clear, so existing mortgages and obligations don’t cap your borrowing the same way.
- Can be closed in an LLC, keeping the property inside a business entity.
- Built for scaling — not held to the limit on number of financed properties that conventional financing applies.
- Underwriting centers on the deal: generally qualifies when the rent covers the payment, a 1.00x coverage ratio being a common baseline (confirmed in underwriting).
- Designed specifically for investment property, including long-term and, where the program allows, short-term rentals.
Where it’s strong
- Often the lowest ongoing financing cost for a buyer who fully qualifies on personal income — a fit for a first property or a cost-first purchase.
Trade-offs for investors
- Requires full personal income documentation and must fit within a debt-to-income limit — salary, existing debts, and other mortgages all count.
- Typically held in your personal name rather than a business entity.
- Caps how many financed properties you can carry, which can become a ceiling as a portfolio grows.
- Evaluates you as a borrower as much as the property, which usually means more paperwork.
How investors usually choose: a first or single property often optimizes for the lowest financing cost; portfolio builders often optimize for leverage, vesting in an LLC, and scaling past conventional caps. The right answer depends on your goals, the property, and current guidelines — both paths run through select lenders in Lendmire’s wholesale network, with eligibility and terms confirmed in underwriting.
The Business-Purpose Frame
Because these are business-purpose loans, the consumer ability-to-repay rules generally do not govern them. The Federal Register’s ability-to-repay rulemaking states that business-purpose loans are outside the rule. That is why a file is judged on property income and not on personal debt-to-income.
It does not mean the file skips scrutiny. A Hunton law-firm memo on business-purpose lending makes the point that business purpose is not the same as compliance-exempt. Credit, reserves, appraisal, seasoning, and the coverage test all still apply. Cash-out used for consumer purposes also puts the business-purpose treatment at risk, so keep the borrower’s statement of purpose and the use of proceeds documented and consistent.
What the Investor Decision Looks Like
Consider a $2,400,000 property. A 60% cash-out yields a loan in the $1M–$1.5M band, with unlimited proceeds because the LTV sits at the 60% line. Push to 70% and the loan crosses into a band where the 70% cash-out cell no longer applies, because the loan lands above $1,500,000. The practical read: on larger properties, plan the equity redeployment from the cash-out ladder, not the purchase ladder. Cash-out leverage sits well below purchase leverage in the $1.5M–$3M bands, where purchase holds at 75% and cash-out at 60%. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Now consider coverage. An investor whose rent covers the old payment at roughly 1.3x can see that number fall toward 1.0x after pulling cash, because the new payment is larger. Lowering the cash-out amount is the cleanest fix. If coverage still falls short, a select program for coverage between 0.75 and 0.99 may apply at reduced leverage, subject to underwriting.
Sequencing matters too. A bridge-loan or BRRRR exit has to clear the seasoning, value, and coverage gates at once. Paying off the bridge now and pulling cash later means paying closing costs twice.
For the full framework behind these programs, see the complete DSCR loans guide.
Documents to Gather
- Entity documents and vesting. Entity vesting is welcome, but layered entities are not.
- Current leases or a rent schedule, plus the appraisal’s rent analysis.
- Proof of the recorded deed date for the seasoning test.
- Statements for the reserves account, separate from any expected proceeds.
- Payoff statement on the existing loan.
- A written statement of the business purpose and use of proceeds.
- For short-term rentals, twelve months of operating history and documented local permission for the property.
Common Mistakes
- Reading 75% as a flat ceiling for any balance.
- Pricing the band off the property value instead of the new loan.
- Counting cash-out proceeds as reserves.
- Testing coverage on the old payment instead of the new one.
- Assuming a large bank has a ready-made DSCR product.
- Skipping the seasoning check on a recent purchase.
Frequently Asked Questions
Which banks offer a super jumbo DSCR cash-out refinance at 75% LTV?
No standard bank product matches that description, and this article names no institutions. The 75% cash-out cell applies only to loans up to $1,000,000 in the network’s programs, and super jumbo balances sit in lower-leverage bands. A broker that shops wholesale investor lenders can match the file to a program that fits, subject to underwriting. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
What is the maximum cash-out LTV on a super jumbo DSCR loan?
It steps down with loan size: 75% to $1,000,000, 70% to $1,500,000, and 60% to $3,000,000 on a standard rental. Short-term-rental collateral tops out at 70%. Above $3,000,000 there is no cash-out through these programs. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
How much cash can I pull out?
Proceeds are unlimited at or below 60% LTV. Above 60%, they are capped at $1,500,000. The figure is the new loan less payoff, costs, and holdbacks. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
What credit score and reserves are typical?
The program floor is 660 on loans to $3,000,000 and 700 above $3,000,000. Separately, the top leverage cell in each band needs a higher score than the floor, and a lower score takes a lower cell in the same band. Cash-out above $1,500,000 is also not available at 680 or below. Six months of PITIA on the subject property is typical, and 12 for first-time investors. Cash-out proceeds do not count.
What if I need cash above $3,000,000?
Look at a rate-and-term refinance, a smaller loan that fits the ladder, or staged debt. Purchase and rate-and-term loans in that range run 65% from $3M to $4M and 60% on review above $4M, with a 700 credit floor and 0x30x24 housing history.
If you are buying or refinancing a high-balance rental property and want to see how the numbers work, Lendmire can help you compare super jumbo DSCR loan options based on the property income, the loan balance, credit profile, leverage, and investor goals. Reach the team at 828-256-2183 or request a quote. Programs and figures are subject to lender guidelines and underwriting, and nothing here is a commitment to lend.
For how equity extraction works on an investment property, see Lendmire’s guide to cash-out refinance on an investment property.
For current guidelines and terms, see Lendmire’s super jumbo DSCR loan programs page.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage built around DSCR investor lending, with programs available in 41 markets, including Washington, D.C. DSCR lenders commonly evaluate rental-income coverage instead of personal income paperwork — a practical fit for LLC-owned and multi-property investors. Terms vary by lender, property, leverage, and program. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. CFPB, Regulation Z §1026.3 Exempt transactions
2. Federal Register, Ability-to-Repay and Qualified Mortgage Standards
3. Hunton, Beware of Business Purpose
This article is part of Lendmire’s super jumbo DSCR loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Does a Super Jumbo DSCR Cash-Out Refinance Make Sense to Move the Loan Into an LLC? · Super Jumbo DSCR Cash-Out Refinance vs Portfolio DSCR Loan to Pay for Renovations · Can You Get a Super Jumbo DSCR Cash-Out Refinance Through a Broker?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.