The Quick Read: A foreign national refinancing several U.S. rentals into one loan submits five kinds of papers: identity, funds, entity, existing debt, and property and rent. DSCR (debt service coverage ratio) loans qualify primarily on property-level rental income covering the payment, subject to lender guidelines, so no U.S. pay stubs or traditional personal-income documentation is needed.
- Identity, funds, and entity papers are submitted once for the whole portfolio.
- Leases, appraisals, insurance, and payoff statements repeat for every property.
- Home-country credit scores rarely appear on a U.S. pull, so programs look at substitutes such as bank references.
- Every property is still reviewed individually, even though coverage is measured on the pool.
- The strongest files have clean names, traceable funds, and a complete ownership chain.
Key Terms Defined
You will see these words on every checklist, so here they are in plain English.
- ITIN: a nine-digit U.S. taxpayer ID number for people who need one but cannot get a Social Security number.
- EIN: a nine-digit federal ID number for a business entity, such as an LLC.
- Blanket loan: one note secured by several rentals. The terms portfolio DSCR loan and cross-collateralized loan mean the same thing here.
- Pooled coverage: total rent across the properties divided by total monthly debt service. Debt service here means principal, interest, taxes, insurance, and any HOA dues (PITIA).
- Funds seasoning: the history showing money sat in an account long enough to be treated as yours.
- Certified translation: a translation signed by the translator, attesting that it is complete and accurate.
What Does a Portfolio Refinance Packet Contain?
It has five layers. Identity and funds describe you. The entity papers describe who owns the properties. Existing-debt papers show what must be paid off. Property and rent papers show what the collateral earns. Underwriting reads all five together, and a gap in any layer stalls the whole file.
Across Lendmire’s wholesale network, two portfolio structures matter here.
- The 30-year portfolio DSCR loan covers 2 to 20 properties under one note. Loan sizes run roughly $300,000 to $5,000,000, with larger balances on review. Leverage goes up to 80% of value on a purchase or rate-and-term refinance. The coverage floor is 1.00, measured on the pool. Eligible property types are single-family, 2-4 unit, condo, and townhome.
- The rental portfolio term loan covers five or more rental properties or units under one loan. Loan sizes run roughly $500,000 to $50,000,000. Leverage goes up to 75% of value. Terms are fixed for 3, 5, 7, or 10 years with a balloon at maturity, and some versions are non-recourse. Small multifamily (five or more units) is eligible only on this structure.
These are program ceilings and floors, not quotes, and they are subject to lender guidelines. A cash-out on either structure never exceeds 75% of the pooled value. Credit floors on the portfolio programs start at 640 and rise to 680 or 720 on some structures.
For a foreign national, one more layer sits on top. Eligible countries, leverage, and credit substitutes are set by the specific program, so confirm them before you gather anything.
The Master Checklist
This table is the core of the packet. Your lender’s controlling list governs, but this is what the files we place usually require.
| Category | Typical documents | What it proves |
|---|---|---|
| Identity | Passport, second photo ID, visa if asked | You are who you say |
| Credit substitute | Bank reference letter, foreign credit report | Payment reliability |
| Funds | Bank statements, source of any large deposit | Reserves and cash to close |
| Entity | Formation papers, operating agreement, EIN letter, good standing | The borrower exists |
| Existing debt | Payoff or mortgage statement per loan | What the refinance retires |
| Property and rent | Leases, appraisal rent schedule, insurance, tax bills | What each asset earns |
Two details trip people up. Names and addresses must match across every document, down to spelling and order. Also, any non-English page needs a certified translation attached to the original.
How Do Underwriters Treat the File Step by Step?
Underwriting follows a fixed order, and knowing it tells you what to submit first.
1. Classification. The lender decides whether you are a nonresident foreign national, an ITIN holder, or a visa holder. Some borrowers with a green card or U.S. credit fall under the standard DSCR program instead.
2. Entity and ownership review. The lender traces ownership from the LLC down to the individuals.
3. Per-property review. Each property gets its own appraisal, title work, insurance, and rent support.
4. Pooled math. Total rent over total PITIA gives the pooled ratio, and stronger properties can offset weaker ones.
5. Funds review. Reserves and any cash to close are traced and checked.
6. Conditions and signing. Remaining items clear, and loan documents are signed by you personally.
Clearing 1.00 is not the same as positive cash flow. DSCR counts rent against PITIA only. Repairs, vacancy, management, utilities, and capital spending sit outside the ratio.
How Do You Document Foreign-Held Funds?
Treat the money like a trail the underwriter must walk without asking you a question. Statements should show your name, the account, and a clear balance history. Conversions to U.S. dollars should be shown with the exchange rate used.
Large deposits need a paper explanation, such as a sale agreement or a transfer from another account in your name. Consolidating money into one or two accounts well before applying makes the history easier to read.
Reserves usually have to be visible and verifiable. Money used at closing cannot also count as reserves. Reserve rules vary by lender, leverage, loan size, and transaction type, and the term loan holds reserves for taxes, insurance, and capital spending. Many files also open a U.S. bank account for closing and rent collection, though that depends on the program.
Sanctions screening is part of identity review. A match can end the file, so it helps to keep every name spelling consistent.
Which Tax ID Do You Need: ITIN, EIN, or Neither?
An EIN identifies the entity. An ITIN identifies you. They do not substitute for each other.
Per the IRS instructions for Form W-7, the ITIN exists for people who must have a U.S. taxpayer ID for federal tax purposes but cannot get a Social Security number. The form itself says the number is for federal tax use only. It is not an immigration document, and it is not a credit document.
That is why an ITIN holder can look stronger on paper. It shows a documented U.S. tax relationship. A nonresident with no U.S. filing history may have no ITIN at all, and some programs accept that file while others do not.
Tax treatment can depend on how the funds are used and how the property is held. Investors should keep clear records and speak with a qualified tax professional before relying on any deduction.
What Do the Entity Ownership Chains Look Like?
Most foreign nationals close in a U.S. LLC, subject to program terms. The papers differ depending on how ownership is stacked.
One U.S. LLC owns every property, and you own the LLC. This is the simplest chain. The file needs the formation papers, operating agreement, EIN letter, and good standing certificate. It also needs proof of your ownership and your passport.
Several LLCs hold different properties. Each LLC needs its own set of entity papers. A blanket structure may require one borrowing entity, so properties may need to be deeded into a single LLC before the refinance. Lendmire’s piece How a Portfolio Investor Transfers LLC Rentals for a Cash-Out Refinance walks through that step.
A foreign holding company sits above the U.S. LLC. This adds the foreign company’s formation papers, certified translations, and an ownership chart. Some lenders will not lend into a chain like this, so ask early.
A separate point causes confusion. A U.S.-formed LLC owned by a foreigner is not a foreign-registered entity. Per FinCEN’s beneficial ownership page, entities created in the United States and their owners are now exempt from beneficial ownership reporting. Under FinCEN’s quick reference, only entities formed under foreign law and registered to do business in a U.S. state still count as reporting companies.
What Existing-Loan Papers Does a Refinance Add?
A purchase has no old debt. A refinance has a payoff stack, and the stack is where portfolio files get messy.
Each existing loan needs a current statement or payoff request. The lender also needs the lien position, and any prepayment terms in the old note should be flagged up front. Mixed lien positions across properties can complicate who gets paid and in what order.
Cash-out and rate-and-term refinances are reviewed differently. A rate-and-term refinance pays off existing loans and nothing more. A cash-out puts proceeds in your hands, so the lender looks harder at where those funds will go and at how recently you bought.
On seasoning, the rule is simple. Inside the first six months of ownership, the loan is also capped at 90% of total cost (purchase price plus documented improvements). From six to twelve months, the cap is 100% of total cost. The leverage ceiling still applies, and the loan is the lower of the two. After twelve months, the appraised value alone is the basis. A rate-and-term refinance is not subject to the cost-basis cap.
What Repeats for Each Property and What Is Submitted Once?
| Item | Per property | Once for the pool |
|---|---|---|
| Lease or rent schedule | Yes | No |
| Appraisal | Yes | No |
| Insurance and tax bills | Yes | No |
| Payoff statement | Yes | No |
| Passport and ID | No | Yes |
| Entity papers | No | Yes |
| Funds and reserves | No | Yes |
The pooled ratio does not replace the property review. Every property still needs a lease or an appraiser-supported market rent. Single-family rent schedules and 2-4 unit income properties use the appraisal forms known as the 1007 and the 1025.
Ineligible collateral can sink a pool. Owner-occupied property, co-ops, mixed-use property, and commercial property are not eligible.
Manufactured homes are not reviewable on any of these programs.
A Worked Example: Six Rentals, One LLC
Picture an investor living abroad who owns six single-family rentals and one duplex through a single U.S. LLC. The seven properties are spread across several markets. The investor wants one note to replace the existing loans.
The packet is built in layers.
- Passport, a second ID, and a certified translation of a bank reference letter.
- The LLC formation papers, operating agreement, EIN letter, and good standing certificate.
- Foreign bank statements with a U.S. dollar conversion and an explanation of one large transfer.
- Seven current leases or appraisal rent schedules, with insurance and tax bills for each.
- Seven payoff statements.
Say the pooled coverage lands near 1.15x. One house has a vacant unit and covers its own payment at under 1.00. That property can sit in the pool because the stronger ones carry it, and underwriting tests the pooled coverage, the leverage, and the terms. The lender still appraises that house and still checks its title.
Where the General Rule Breaks
- ITIN holder versus no ITIN. Programs may treat these two borrowers differently, as covered above.
- Foreign-formed borrowing entity. Some programs will not lend to one. Where they do, extra owner documentation applies.
- Mixed pools. Different property types or vacancies can change eligibility and the blended ratio. Five or more units qualifies only under the rental portfolio term loan.
- Selling one property later. Partial releases, substitutions, and single-property sales follow the loan documents and the lender’s release terms. The remaining portfolio must still cover its debt service, so negotiate this before you sign.
- Remote signing. Whether a program accepts an embassy, consulate, or international notary depends on the lender.
- Foreign national with U.S. credit. This borrower may route to the standard DSCR program.
- No-ratio loans. The no-ratio option exists on single-property DSCR loans through select wholesale programs and is not the portfolio structure.
Why Do Files Stall?
Most stalls trace back to the checklist.
- Names or addresses do not match across documents.
- A page is untranslated or the translation is uncertified.
- A large deposit has no explanation.
- A statement is too old by the time the lender reviews it.
- The entity chain has a missing link.
- One property fails eligibility and holds up the pool.
Order the slow items first, usually translations, bank letters, and good standing certificates, and refresh anything with an expiration date last.
What Does the Decision Look Like in Practice?
Start with the consolidation trade-off. One note, one payment cycle, and one closing replace several. In return you accept cross-collateralization. A problem on one asset can put the whole pool at risk.
Next, check eligibility before assembling anything. Confirm the borrower classification, the entity chain, the property types, and the country screen. Then match leverage to your goal. A rate-and-term refinance can use the higher leverage. A cash-out stays at or under 75% of pooled value.
For a deeper foundation, the complete DSCR loans guide covers the base mechanics. If you hold the properties in LLCs, Lendmire’s piece Reset vs Recast vs Bank Statement Refinance for an LLC Portfolio Investor shows the alternatives.
Frequently Asked Questions
Do I need a U.S. credit score?
Not always. Credit bureaus generally do not share data across borders, so a home-country score does not appear on a U.S. report. Programs substitute bank reference letters, a foreign credit report where one exists, or payment history. Acceptance sits with the lender.
Can my reserves stay in an overseas account?
Often yes, if the statements are verifiable, translated, and converted to U.S. dollars. Some programs want funds moved to a U.S. account first. Money used for closing cannot also count as reserves.
Do I need an ITIN?
It depends on the program. An ITIN can strengthen a file because it shows a U.S. tax relationship, but the IRS issues one only to people with a federal filing need. Many nonresidents have none.
Does each property need its own file?
Yes for the property layer. Every rental needs its own appraisal, lease or rent schedule, insurance, tax bill, and payoff statement. Identity, entity, and funds papers are submitted once.
What if my LLC was formed in another state?
That is not a problem by itself. A U.S.-formed LLC in any state is a domestic entity. The lender will want good standing, and properties in other markets can sit under one loan when the program allows multi-market collateral.
Next Step
If you are buying or refinancing a rental property and want to see how the numbers work, Lendmire can help you compare DSCR loan options based on the property income, credit profile, leverage, and investor goals. Lendmire is a broker that arranges financing through select lenders in its wholesale network across 41 markets, including Washington, D.C. This is not a commitment to lend.
About Lendmire
Lendmire, NMLS# 2371349, is a mortgage brokerage focused on investor financing, arranging DSCR loans in 40 states plus Washington, D.C. — 41 markets total. Qualification is based on the property’s income rather than personal income documentation, subject to lender guidelines, making it a fit for LLC-held rentals and scaling portfolios. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. IRS Instructions for Form W-7
2. FinCEN beneficial ownership information page
This article is part of Lendmire’s DSCR loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Can a First-Time Investor Refinance a Rental Into a DSCR Loan? · Can an Owner Refinance on DSCR Soon After Converting From Airbnb? · Can You Buy a Rental With Hard Money and Refinance Into DSCR?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.