DSCR HELOC in French Lick, Indiana — rental property equity line
French Lick DSCR HELOC

DSCR HELOC in French Lick, Indiana: Rental Property Equity Line

A French Lick, IN DSCR HELOC is a revolving line secured by an investment property and underwritten the way a DSCR loan is: the rent covers the payment, the owner’s income stays out of it, and the LLC on title stays on title. The line sits behind the first mortgage, or stands first on a rental that is paid off.

Current Program Snapshot

Current DSCR HELOC guidelines, updated from one source.

This snapshot carries the second-lien tier with the first-lien tiers beside it: the leverage ceiling, the credit floor, the line range, the valuation threshold, and the draw and repayment periods, each read from Lendmire’s guideline source and refreshed when the program moves.

Combined LTV
Up to 70%

Of the rental’s value, first mortgage included

Up to 70% combined loan-to-value is the second-lien ceiling; the ladder below shows how the ceiling and the line cap change with the credit profile and the lien position, including the first-lien tiers that reach 75%.

Credit
720

Credit score for a second-lien line

The program floor on a line behind a first mortgage is a 720 profile; a first-lien line on a rental with no mortgage starts at 700. Higher tiers earn higher ceilings; the largest first-lien lines carry a reduced ceiling of their own.

Line Size
$50,000–$500,000

Automated valuation on lines to $400,000

Lines run from $50,000 to $500,000 behind a first mortgage; lines up to $400,000 use an automated valuation with a property inspection report, and every line above that amount takes a full interior appraisal.

Draw Period
5 years

Interest-only, then 25 years of repayment

A 5-year interest-only draw period and a 25-year repayment period make up the 30-year line. The rent must cover the qualifying payment at 1.10 or better, measured on the whole line at a stressed rate.

DSCR HELOC credit tiers in Indiana — the leverage ceiling and the largest line at each tier, by lien position
Credit profileMax combined LTVMax lineLien position · valuation
740+70%$500,000Second lien behind the first mortgage · Automated valuation + inspection to $400,000, full interior appraisal above
720+70%$500,000Second lien behind the first mortgage · Automated valuation + inspection to $400,000, full interior appraisal above
740+75%$500,000First lien on a paid-off rental · Automated valuation + inspection to $400,000, full interior appraisal above
720+70%$500,000First lien on a paid-off rental · Automated valuation + inspection to $400,000, full interior appraisal above
720+65%$750,000First lien on a paid-off rental · Automated valuation + inspection to $400,000, full interior appraisal above
720+65%$1,000,000First lien on a paid-off rental · Automated valuation + inspection to $400,000, full interior appraisal above
700+70%$500,000First lien on a paid-off rental · Automated valuation + inspection to $400,000, full interior appraisal above

The 70% combined loan-to-value ceiling behind a first mortgage requires a 720 credit profile. A first-lien line on a paid-off rental starts at a 700 profile, reaches 75% loan-to-value at the top tier, and runs to $1,000,000 at 65% on lines above $500,000. The rent must cover the qualifying payment at 1.10 or better.

Current DSCR HELOC snapshot · updated October 29, 2026 · seven tier rows across both lien positions · variable rate through the draw and repayment periods · at least 80% of the line (and $50,000) drawn at closing · later draws from $5,000 · first or second lien position · vesting in the owner’s LLC allowed · no reserves required · 6 months of ownership before the line.

Program Notice

This page describes a wholesale program as its guidelines stand, read from one centralized source and refreshed as it changes; it does not offer credit, quote terms, or promise approval. The line a given rental supports depends on the valuation, the lease and the rent, the credit tier, the lien position, the entity, the property type, and full underwriting. No rate, index, payment, or fee appears here. Lendmire, LLC (NMLS #2371349) is a mortgage broker, not a lender, licensed in sixteen states for consumer mortgages. Equal Housing Opportunity.

French Lick DSCR HELOC Guide

What a DSCR HELOC is — and how the rent sizes the line.

What makes a DSCR HELOC different from a refinance is that nothing about the first mortgage changes; what makes it different from an ordinary rental HELOC is that the owner’s income never enters the file. In French Lick, the line is written behind the first mortgage, sized by equity and tier, qualified by the rent, and vested in the owner’s name or LLC.

For the program overview, see Lendmire’s DSCR HELOC program, or the statewide guide at DSCR HELOC in Indiana.

01.

A line on the rental, behind the mortgage you keep

A DSCR HELOC is revolving credit secured by the rental: you draw what you need during the draw period, pay interest only on what is outstanding, and the balance comes down as you repay. After the draw period the line closes to new draws and the balance repays on an amortizing schedule.

02.

The rent qualifies the line, not your tax returns

Because the payment used in the test is a fully amortizing payment on the entire credit limit at a stressed rate, a French Lick rental with thin cash flow qualifies for a smaller line than its equity would allow. Equity sets the ceiling; rent sets what the ceiling can actually fund.

03.

Your credit tier sets the ceiling and the cap

Every tier the program offers is at or above the score at which its tradeline-depth rules are waived, so the tier sets the ceiling and the cap rather than the depth of the credit file. A French Lick investor with a thin personal credit file and a strong rental is still read on the score first and the rent second.

04.

Valuation, the lease, the LLC, and closing

Title can stay in the LLC that holds the French Lick rental, which is the point for many landlords: no deed back to a personal name before closing, no deed back into the entity after. A title holder who is not a borrower signs an acknowledgment, and the borrowers on the line need not be the borrowers on the first mortgage.

The Core Calculation
Value × the ceiling for the credit tier and lien position − the balance already secured = the line, capped at the program maximum, and the rent must cover its qualifying payment

Two things set the line: how much room is under the ceiling for your tier and position, and how large a line the rent will carry. The calculator sizes the first from the value, the balance, and the tier; the lender settles the second from the lease and the qualifying payment.

French Lick Market Context

French Lick’s rental equity in figures — and how a line fits it.

The equity picture in French Lick starts with the market: median home value, the balance of owners and renters, and the ownership tenure that usually comes with long-held rentals. These figures describe the market; the program figures are in the snapshot above.

These are context figures, not underwriting inputs. A high median value with a large share of owners usually means deep equity and larger lines; a market of recent purchases means thinner equity and smaller lines at the same tier. Neither changes the ceiling or the cap; they change how much of the ceiling a given rental can reach.

1,828Population (ACS 2020–2024)
$85,100Median owner-occupied home value (ACS 2020–2024)
65.8%Households that own their home (ACS 2020–2024)
$54,519Median household income (ACS 2020–2024)

Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.

French Lick Submarkets

Distinct French Lick rental neighborhoods, distinct equity pictures.

French Lick is not one equity picture. The submarkets below hold different rental stock, different ownership tenures, and different valuation questions, and each shapes what a DSCR HELOC looks like there.

01.

Long-term rentals in a resort market

A French Lick rental with a twelve-month tenant qualifies on its lease like any other rental; the resort location changes the valuation comparables and the insurance questions, not the rent test or the tier ladder. The median owner-occupied home value in French Lick runs near $85,100 on the latest Census estimate.

02.

Rental condominiums and condotels

The project review is decisive in French Lick: residential condominium projects are on the program at their ceiling, condotels are not on it at all, and the association’s dues and finances ride with the file either way. Median household income in French Lick sits near $54,519 on the latest Census estimate.

03.

Year-round primary residences

A French Lick home the owner lives in is not a DSCR HELOC file; it is a consumer HELOC on a primary residence, qualified on the owner’s income or deposits. The rent-qualified line is written on rentals only. On a one-unit rental at French Lick’s median home value, the second-lien ceiling puts total liens near $59,570 — the line is what remains after the first mortgage balance, and the rent must cover the qualifying payment; a paid-off rental on a first-lien line sits above the second-lien ceiling.

04.

Vacation and short-term rentals

Short-term rental income is not the rent the coverage test reads. A French Lick owner whose property books by the night does not have a lease to document, and the line is written on leased rentals; the scenario review is where that is settled. French Lick is home to about 1.8K people.

05.

Entity-held resort rentals

An LLC that holds a leased French Lick rental opens the line without deeding the property out; the entity papers, the lease, the valuation, and the guarantors’ credit make up the file. Roughly 572 French Lick households own their homes on the latest Census estimate — 66% of all households, the pool a rental equity line is written for.

06.

Waterfront and view rentals

High-value French Lick rentals on the water are sized at the program maximum for the tier and lien position, valued by a full appraisal above the threshold, and insured for flood where required before funding. About 34% of French Lick’s households rent — roughly 297 renter households on the latest Census estimate.

The patterns above are market observations drawn from the housing stock and the Census figures, not program rules. Every French Lick rental is read on its own valuation, its own lease, and its own tier.

How French Lick Landlords Use a DSCR HELOC

Four ways French Lick landlords put a rental equity line to work.

The uses are the landlord’s, not the lender’s: the program does not restrict what a French Lick owner draws for. These four are the common ones, and each shows why a revolving line behind the first mortgage fits better than a lump sum that replaces it.

Next deal

Fund the next purchase without refinancing

The down payment on the next French Lick rental is the classic use: draw it from the line when the contract is signed, keep the first mortgage on the property that secures the line, and let the new property carry its own loan. A paid-off rental can fund more than one.

Reserve

A standing reserve for the portfolio

Some French Lick investors open a line for what has not happened yet: the furnace that fails in January, the vacancy that runs long, the assessment the association votes through. The closing draw is set by the program; the rest waits.

Rehab

Rehab and repairs staged over months

A roof, a kitchen, a unit turn between tenants: the invoices arrive in pieces, and a line pays them in pieces. A French Lick landlord draws the closing minimum, draws the rest as each phase bills, and keeps the first mortgage where it is.

Consolidation

Consolidate business debt at the property level

A French Lick landlord carrying repair cards, a contractor note, or a short-term loan can draw once against the rental’s equity and retire them. The line replaces several payments with one, and the first mortgage is not refinanced to do it.

Rental Available-Equity Calculator

Estimate your French Lick rental’s available credit line before requesting a quote.

The calculator below sizes a DSCR HELOC on a French Lick rental the way the program does: the value times the ceiling for your credit tier and lien position, minus the balance already on the property, capped at the maximum line. It shows the valuation path and the closing draw, and it names the rent test the lender applies without pretending to run it, because the qualifying payment is set in underwriting.

Editable rental equity scenario

French Lick rental available-equity calculator

Value, balance, credit tier, and lien position in; the ceiling, the cap, the available line, the closing draw, and the valuation path out. The rent test is the lender’s.

—Max combined loan-to-value at this tier and lien position.
—Program line cap at this tier, and the valuation it takes.

Illustrative starting assumptions: a $150,000 rental value (the lowest value the example uses, which sits above French Lick’s median owner-occupied home value) and a $70,000 modeled remaining first-mortgage balance (U.S. Census Bureau). Combined loan-to-value ceilings and line caps follow the current program tables for the lien position and credit tier selected and update from Lendmire’s centralized guideline source on the live page. The rent test is the lender’s: the gross rent must cover the qualifying payment on the whole line at the program’s coverage minimum. Every field is editable.

Estimated available credit line
—
Value × the combined loan-to-value ceiling − current balance, capped at the program’s maximum line for the lien position.
—Total equity position (value minus balance)
—Combined loan-to-value today
—Combined loan-to-value if fully drawn
—Minimum draw at closing
—Remaining to draw later
—Valuation path for this line
—Rent test the lender applies
—Where the file lands

Illustrative estimate only — not a credit decision, approval, quote, or commitment to lend. The actual line amount, combined loan-to-value, and eligibility depend on the automated valuation or appraisal, the lease and the rent, the credit profile, the vesting, documentation, and full underwriting by the selected wholesale lender; the rate, the payment, and any costs are provided in writing by a licensed loan officer. Minimum score, line-size, coverage, and draw requirements follow the current program snapshot shown on this page. Licensed in sixteen states for consumer mortgages.

DSCR HELOC vs. the Alternatives

Same rental equity, four very different ways to reach it.

A rent-qualified line, an income-qualified line, a cash-out refinance, and a deposit-qualified line are four different files on the same French Lick rental. Which fits depends on the owner’s tax returns, the first-mortgage rate, the entity on title, and how the money will be used.

Structure Comparison

A rent-qualified line, an income-qualified line, a cash-out refinance, or a bank statement line.

DSCR HELOC (qualified on the rent)

Qualified on the rental’s rent, vested personally or in an LLC, and written behind the first mortgage you keep or first on a paid-off rental. The owner’s tax returns and debt-to-income ratio stay out of the file. The trade: a lower ceiling and a higher credit floor than the income-qualified line, and a rent that must cover the qualifying payment.

Investment property HELOC (qualified on your income)

Qualified on the owner’s documented income and debt-to-income ratio, vested in the owner’s own name, and written behind the first mortgage. It reaches a higher ceiling than the rent-qualified line and starts at a lower credit floor, at the cost of the full income file. For the income-qualified route, see Lendmire’s investment property HELOC.

DSCR cash-out refinance of the first mortgage

For the French Lick owner whose first-mortgage rate is no longer worth keeping, or who needs more of the equity than a second-lien line can reach. The refinance resets the whole loan; the line adds to it. Compare the blended cost of the two before choosing. For the refinance route, see the investment property cash-out refinance.

Bank statement HELOC (qualified on deposits)

Deposits as income, a ratio, personal vesting: the bank statement line is the alt-doc route for the owner. The DSCR HELOC is the alt-doc route for the property. A French Lick landlord with both options compares the ceiling, the floor, and the paperwork of each. For the deposit-qualified route, see the bank statement HELOC.

Typical File Components

What to prepare for a French Lick scenario review.

Prepare the rental’s paperwork, not yours. The list below is what a French Lick landlord typically gathers; the selected lender may ask for more depending on the entity, the property type, and the lien position.

Association informationFor a condominium or a planned community: the dues, the contact, and any special assessment, which the valuation and the warrantability review read.
Title and vestingHow the deed reads today, whether a trust or an entity holds it, and who on title will not be a borrower; a non-borrowing title holder signs an acknowledgment.
First mortgage statementThe most recent statement on the mortgage ahead of the line, showing the balance, the payment, and the servicer; a first-lien line on a paid-off rental shows the release instead.
InsuranceThe hazard policy at replacement cost or updated to cover both liens, and flood coverage where the property sits in a flood zone, with the declarations pages.
Entity documentsWhen the rental is held in an LLC: the articles, the operating agreement, the certificate of good standing, and the member list; the members sign as guarantors on the line.
Listing and improvement historyWhether the rental has been listed for sale recently, and any solar agreement or lien, which the program reads before the valuation is ordered.

This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the lease, the entity, the property, the lien position, and the credit profile. Nothing here is legal or tax advice.

French Lick File Considerations

Local details that can change the line.

The program is simple on paper and particular in practice. These are the particulars that move French Lick files: what the lender reads, what it waits on, and what it declines.

Before You Move Forward

Use these checks to keep the French Lick file clean and fundable.

Think of the details in two groups. Some size the line: the tier, the valuation, the lien position, the rent. Others decide eligibility outright: the property type, the seasoning, a recent listing, a solar lien, the entity papers. A French Lick file clears the second group before the first matters.

  • Confirm the vesting: Which title holders and first-mortgage borrowers will sign as non-borrowing owners.
  • Confirm the dates: The date of the most recent purchase or refinance of the property, note date to note date.
  • Confirm the valuation path: What comparable sales in the French Lick submarket support, before relying on a listing-based estimate.
i.

Title in your name or your LLC

Anyone on title who is not a borrower signs a non-borrowing owner acknowledgment and the security instrument; the borrowers on the line need not be the borrowers on the first mortgage. The French Lick file lists every name on the deed before closing, not after.

ii.

The seasoning clock on purchases and refinances

A rental bought or refinanced inside the program’s seasoning window is not eligible yet, measured note date to note date, and ownership seasons on its own clock from the purchase settlement. A French Lick investor who closed this spring plans the line for after the window.

iii.

The valuation sets the value the ceiling applies to

A declining-market flag on the valuation trims the ceiling, and a rural designation on the appraisal takes the rental off a program that does not write rural property. The value, in short, is settled by the valuation, and the line follows it.

iv.

The credit tier decides the ceiling and the cap

Leverage steps with the tier. A French Lick owner just under a floor sees the next cell down on a first-lien line and may see no cell at all on a second lien; the owner just above it sees the full ceiling. Every tier on the ladder is at or above the score where the tradeline-depth rules are waived.

v.

How many financed properties the program allows

The program limits the loans and the dollars one borrower can carry with it. A French Lick investor with a large portfolio already financed through the same program reaches that limit before the equity on the next rental runs out.

A Clear Process

From a French Lick rental prequalification to a funded line.

Four steps, one file: review, prequalify, verify, close. Each one below says what the lender reads and what the French Lick owner provides, and none of them promises a timeline, because the valuation, the title search, and the entity review set their own.

i.

Scenario review

Before any application, the scenario is read against the program: lien position, tier, valuation path, seasoning, the property list, and the entity. A French Lick owner leaves the review knowing the line the tables support and the gates the file must clear.

ii.

Prequalification

Prequalification is where the file becomes real: the report replaces the estimate, the lease replaces the owner’s rent figure, and the entity’s papers are read. What comes out is a line amount, a lien position, and a short list of items to verify.

iii.

Verification and valuation

The automated valuation and inspection, or the full interior appraisal on larger lines, set the value; the title search confirms the vesting, the liens, and any solar agreement; insurance is updated to cover both liens; and the lease and rent schedule are matched. The French Lick line is re-sized on the verified value.

iv.

Closing and funding

The last step is the simplest: signatures, recording, the closing draw. A French Lick landlord leaves closing with a recorded line behind the first mortgage, a draw in hand, and the balance of the line available on request through the draw period.

Why Lendmire

A brokerage that matches the line to the rental.

What Lendmire brings to a French Lick rental line is comparison and placement: the rent-qualified line beside its alternatives, the tier read against every column, and the file placed with the wholesale lender whose program writes it.

i.

Four routes, the right one quoted

A landlord whose returns are clean may do better on the income-qualified line; one whose first-mortgage rate is poor may do better on a refinance. The comparison is made on the file, not on the product, and the French Lick owner sees it.

ii.

The entity stays on title

Vesting in an entity is the first question a portfolio owner asks. The program answers it with yes, and the file is built around it from the first call: the operating agreement, the good standing, the guarantors, and the non-borrowing acknowledgments, in order.

iii.

Licensed, in writing, the lender never named

Lendmire arranges a rental line under its consumer licensing even on an investment property: the disclosures and the written terms that attach to a licensed home equity line travel with the file, in every state the program is written.

Client Experiences

Trusted by landlords & investors alike.

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Cori on the Lendmire team was phenomenal! She was two steps ahead through the entire process of purchasing an investment property. She was solving problems before anyone knew there could have been a problem. Great communication, great availability, all around a great person to work with. She is the reason our deal closed. We look forward to working with her again in the very near future!
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Alayna Pack is very knowledgeable, helpful, communicative, and transparent. Highly recommend.
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Leigh is absolutely the best! Professional yet personable, diligent, and incredibly responsive. She was with us throughout the process and helped us secure a competitive rate. Leigh went above and beyond to make sure all of our questions were answered, and offered deep explanations for questions that arose. We felt supported through the entire process and trust her expertise completely. 5 stars!
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Anna Hernandez
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Curt Galbraith was a Great Loan Originator and goes above and beyond for his clients, working with him on this transaction was so easy. I would recommend him for any Buyers looking to Buyer or Refinance. Great Service all around
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Brenda is absolutely one of the most professional hardworking lenders we have ever dealt with; she’s helped clients of ours and now us personally. Her communication is top notch, you never feel like you’re forgotten or left to figure things out on your own, great to answer questions and explain each step. Definitely recommend Brenda to walk along beside you in your purchase process!
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As a first time home buyer Curt Galbraith was a wonderful man, he explained everything i had questions about and took time out of his day to meet up late at nights after my night shift, to explain things to me .Over all Curt was really helpful all through closing and always there when you needed him. Thank you so much Curt for helping me through out the whole process.
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Questions French Lick Landlords Ask

French Lick DSCR HELOC FAQs

Short answers to the questions a DSCR HELOC raises in French Lick: what it is, who it fits, what qualifies, and what it costs the owner in paperwork.

What is a DSCR HELOC?

It is the DSCR idea applied to a line of credit: the rental qualifies itself. A French Lick landlord keeps the first mortgage, opens a revolving line behind it sized by value, balance, and credit tier, and proves only that the rent covers the line’s qualifying payment. Vesting in an entity is allowed.

Can the rental stay in my LLC?

Yes. Vesting in a limited liability company is allowed on investment property, and the line is recorded in the entity’s name with the members as guarantors. The entity’s articles, operating agreement, and good standing go in the file, and a member on title who is not a borrower signs a non-borrowing owner acknowledgment. The deed does not move.

How is the rent test calculated?

Gross rent over the qualifying payment. The lender uses the lesser of the lease rent and the market rent, stresses the rate, amortizes the full line, and reads the ratio against the program minimum. Where the rent falls short, the line is reduced until the ratio clears, or the file does not qualify.

Is an appraisal required?

Not always a full one. Smaller lines are valued by an automated model with a property inspection; larger lines take a full interior appraisal. The valuation, whichever path, sets the value the ceiling applies to, and the appraiser’s rent schedule travels with it on a French Lick file.

How do the draw period and repayment work?

Two periods on one line: draw years, when the line is open and payments are interest-only, and repayment years, when the balance amortizes. The snapshot carries both. Plan for the closing draw, which is most of the line, and for the payment change at the end of the draw period.

Can I open a line if the rental was recently listed for sale?

A recent listing blocks the line for a set number of months after the listing came down. A French Lick owner who tested the market and withdrew the listing waits out the window before the file is eligible; a listing that is older than the window is not a problem.

How much can I borrow against a rental?

The line is the rental’s value times the combined loan-to-value ceiling for your credit tier and lien position, minus the balance already on the property, capped at the program maximum and limited by what the rent will carry. The snapshot shows the ceiling, the floor, and the caps; the calculator on this page runs the arithmetic on your figures.

What credit history does the program expect?

Clean recent housing history and a seasoned credit event if there was one. A French Lick landlord whose personal credit is thin because the business carries the debt is read the same way as anyone else, on the score and the history, since the depth rules are waived at every tier the program offers.

What is the rate on a DSCR HELOC?

The line carries a variable rate, set in writing at the time for the specific French Lick file. No rate, index, payment, or fee appears on these pages by policy; what the pages carry is the program’s structure and its eligibility parameters.

Can the line be a first lien on a paid-off rental?

Yes. With no first mortgage the line stands first and the program reads it on its own column: lower credit floor, higher ceiling, larger cap, full title policy. The rent still has to cover the qualifying payment on the whole line.

Get Started

Your French Lick, IN rental can qualify itself.

A licensed loan officer reads the French Lick rental’s value, the balance, the tier, the lease, and the vesting against the current tables and tells you the line the file supports and the gates it must clear. No commitment, no tax returns.