Question 1

Can I use projected rent to qualify?

Accepted Answer

Yes. Most lenders accept an appraisal with market rent analysis. You don't need a signed lease at closing, but the rent must support a 1.0 DSCR minimum.

Question 2

Do I need investor experience?

Accepted Answer

No. First-time investors qualify, though experienced landlords get better rates. Some lenders require 6-12 months reserves if you own fewer than four properties.

Question 3

How do lenders view Cal Poly student rentals?

Accepted Answer

Positively. Consistent enrollment means predictable demand. Lenders know the market and price accordingly, especially for properties near campus with multi-year tenant histories.

Question 4

What loan amounts work in San Luis Obispo?

Accepted Answer

Investor loans start around $150K and go past $3M for multi-unit properties. Most single-family rentals near Cal Poly run $600K-$1.2M, well within DSCR program limits.

Question 5

Can I refinance an existing rental property?

Accepted Answer

Yes. Cash-out refinances work if the property has 12+ months seasoning. We pull rent comps and calculate DSCR based on current market rates.

Investor Loans in San Luis Obispo — Finance Your Cal Poly Rental or Coastal Property