Your rental property has been a great investment, steadily building equity. But now you’ve found your next deal, and all your capital is tied up. This is a common roadblock for investors looking to scale their portfolios. Instead of waiting years to save up another down payment, you can leverage the asset you already own. A DSCR cash-out refinance lets you pull liquid funds from your property’s equity without the headache of personal income verification. Understanding how does a dscr cash out refinance work is the first step to unlocking that trapped value. This guide will break down the entire process, from qualification to closing.
Key Takeaways
- Qualify with property cash flow, not personal income: A DSCR cash-out refinance approves your loan based on the property’s rental income, which is a great option for investors who are self-employed or want to avoid personal income verification.
- Understand the key approval metrics: Lenders focus on three main factors: your property’s Debt Service Coverage Ratio (ideally 1.0 or higher), your equity (you’ll usually need to keep 20-25% in the property), and your personal credit score.
- Use the funds to grow your portfolio: The cash you receive is a strategic tool that can be used as a down payment on another property, to fund value-add renovations, or to pay off high-interest debt, all of which can strengthen your financial position.
What Is a DSCR Cash-Out Refinance?
A DSCR cash-out refinance is a powerful tool for real estate investors. It lets you pull cash out of an investment property’s equity, but with a twist. Instead of scrutinizing your personal income, lenders focus on the property’s cash flow. This is a game-changer if you’re self-employed or want to scale your portfolio without getting bogged down in personal paperwork. The loan is approved based on the asset’s performance, making it a popular choice for growing your real estate business.
DSCR vs. Traditional Refinancing
With a traditional refinance, you’re handing over tax returns, pay stubs, and W-2s. Lenders want to see your personal ability to pay the mortgage. A DSCR loan flips the script. It’s a type of rental property financing where the property itself does the qualifying. Lenders are more concerned with its rental income than your W-2. This makes the approval process much more straightforward for investors, allowing you to leverage your asset’s performance instead of your personal balance sheet. For many investors, this means a faster and less invasive path to accessing capital.
Understanding the Debt Service Coverage Ratio (DSCR)
So, what exactly is this magic ratio? The Debt Service Coverage Ratio (DSCR) is just a simple way to measure your property’s cash flow against its debt. The formula is your property’s gross rental income divided by its total mortgage payment, which includes principal, interest, taxes, and insurance (PITI). A DSCR of 1.0 means the rent exactly covers the mortgage payment. Anything above 1.0 means the property generates positive cash flow. Most lenders look for a DSCR of at least 1.0, and a higher ratio can often get you better loan terms.
How Lenders Calculate Your DSCR
When you apply, lenders will verify two key numbers to find your DSCR: your property’s rental income and its proposed monthly debt. To confirm income, they’ll typically use your current lease agreement or order a market rent appraisal to determine what the property could realistically rent for. For the debt portion, they calculate the proposed principal, interest, taxes, and insurance (PITI) for the new loan. By focusing on these property-specific figures, experienced lenders can quickly assess the investment’s viability without digging into your personal tax returns, making it an ideal solution for savvy investors.
Do You Qualify for a DSCR Cash-Out Refinance?
A DSCR cash-out refinance is a fantastic tool for real estate investors, but it’s not a free-for-all. Lenders still have specific criteria you’ll need to meet to get approved. The good news is that these qualifications are quite different from a conventional loan. Instead of digging through your personal tax returns and pay stubs, lenders focus almost entirely on the investment property’s ability to generate income. This makes the process much more straightforward for seasoned investors and those with complex personal finances.
Think of it as the property applying for the loan, not you. Lenders will look at a few key areas to make sure the deal makes sense for everyone involved. They’ll check your credit history to see if you’re a reliable borrower, confirm you have enough equity in the property, and, most importantly, calculate your Debt Service Coverage Ratio (DSCR) to ensure the rent covers the mortgage payment. They’ll also verify the property type and your ownership structure. Understanding these requirements ahead of time will help you prepare a strong application and get your cash faster. Asteris Lending offers a variety of rental property financing options designed for investors just like you.
Minimum Credit Score
Even though a DSCR loan centers on your property’s income, your personal credit history still plays a role. Lenders want to see that you have a track record of managing debt responsibly. Generally, you’ll need a minimum credit score of around 620 to qualify for a DSCR cash-out refinance.
Think of your credit score as a sign of your financial reliability. A solid score gives the lender confidence that you’ll handle your obligations, even if the rental market has a slow month. While 620 is often the starting point, keep in mind that a higher credit score can help you secure a better interest rate and more favorable loan terms.
Equity and Loan-to-Value (LTV) Requirements
Before you can take cash out, you need to have a solid amount of equity built up in your property. Lenders measure this using the loan-to-value (LTV) ratio. For most DSCR cash-out refinances, you can borrow up to 80% of the property’s appraised value.
This means you need to leave at least 20% equity in the property after the new loan is in place. For example, if your property is worth $500,000, the maximum new loan amount would be $400,000 (80% LTV). This requirement ensures you still have significant skin in the game, which reduces the lender’s risk and keeps your investment secure.
DSCR Ratio Thresholds
This is the most important metric for a DSCR loan. Your Debt Service Coverage Ratio (DSCR) proves that your property’s rental income is sufficient to cover its debt obligations. Lenders have specific thresholds you’ll need to meet.
Typically, you’ll need a DSCR of at least 0.75, but to get the best terms, like an 80% LTV, lenders will want to see a ratio of 1.0 or higher. A DSCR of 1.0 means your monthly rental income is exactly equal to your monthly mortgage payment (including principal, interest, taxes, and insurance). A ratio above 1.0 indicates a positive cash flow, which is exactly what lenders love to see.
Property Eligibility
It’s important to remember that DSCR loans are designed exclusively for business purposes, not for personal housing. This means the property you’re refinancing must be a non-owner-occupied investment property. You can’t use a DSCR cash-out refinance on your primary residence.
Eligible properties typically include single-family rentals, condos, townhomes, and multi-family buildings with two to four units. If you’re looking to pull equity from a portfolio of properties, you might explore options like institutional portfolio lending to streamline the process. The key is that the property must be used to generate rental income.
Ownership Seasoning Requirements
“Seasoning” refers to the amount of time you’ve owned a property. Some lenders require you to own a property for a certain period, often six to 12 months, before they will let you do a cash-out refinance. This rule is meant to prevent risky, rapid-fire flipping.
However, this isn’t a universal rule. Many modern lenders have no seasoning requirements at all. This is a huge advantage for investors using strategies like the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method. It allows you to access the equity you’ve created through renovations much faster. If you’ve recently used a bridge loan for a fix-and-flip, finding a lender with no seasoning requirement is key to moving on to your next project.
Borrowing as an LLC or Entity
One of the biggest perks of DSCR loans is their flexibility for serious investors. Many conventional mortgage programs make it difficult, if not impossible, to secure a loan if the property is held in a Limited Liability Company (LLC) or corporation.
DSCR lenders, on the other hand, are built for this. They understand that investors use business entities to protect their personal assets and organize their portfolios. You can absolutely get a DSCR cash-out refinance on a property owned by your LLC or another corporate entity. This flexibility makes it much easier to structure your investments in a way that makes financial and legal sense for your business goals.
How Does a DSCR Cash-Out Refinance Work?
A DSCR cash-out refinance is a straightforward way to tap into your property’s equity. The process involves replacing your current mortgage with a new, larger loan. After paying off the original loan and any closing costs, the remaining funds are yours to use, cash in hand. This financial tool is based on your property’s income potential, not your personal W-2s, making it a powerful option for real estate investors. Let’s break down exactly how it works, from how much cash you can get to the costs involved.
How Much Cash Can You Access?
The amount of cash you can pull from your property depends on its current value. With a DSCR cash-out refinance, you can typically borrow up to 80% of your property’s appraised value. For example, if your investment property is valued at $500,000, you could secure a new loan for up to $400,000. After your existing mortgage and closing costs are paid, the rest is your cash-out amount. Generally, a loan is considered “cash-out” if you walk away with more than $2,000. This makes it an effective strategy for investors looking to fund their next move, which is why it’s a core part of our rental property financing options.
What Happens to Your Existing Equity?
When you take cash out of your property, you are essentially converting a portion of your equity into liquid funds. This means your ownership stake in the property will decrease. Lenders want to ensure you still have skin in the game, so you’ll usually need to maintain at least 25% equity after the new loan is finalized. Think of it as a strategic trade-off: you reduce your locked-up equity in one property to gain flexible capital you can use for other investments. It’s about making your assets work harder for you, rather than letting that value sit dormant.
Fees and Closing Costs to Expect
Just like with any mortgage, a DSCR cash-out refinance comes with closing costs. Being prepared for these expenses will help the process go smoothly. You can expect to see standard fees, such as origination fees for processing the loan, appraisal fees to confirm the property’s value, and recording fees. You’ll also cover prepaid expenses like property taxes and homeowners insurance. It’s also good to know that cash-out refinances may have slightly different loan-to-value (LTV) limits than other loan types. Our capital advisory team can help you review a detailed breakdown of costs so you know exactly what to expect.
The DSCR Cash-Out Refinance Process, Step by Step
Getting a DSCR cash-out refinance is often more straightforward than a conventional loan because the focus is on your property’s income, not your personal finances. While every lender’s process has slight variations, you can generally expect to move through these five key stages. Think of it as a clear roadmap to accessing your property’s equity.
Step 1: Calculate Your Property’s DSCR
First things first, you need to run the numbers on your property’s Debt Service Coverage Ratio (DSCR). This simple calculation compares your property’s gross rental income to its total debt obligations, including the new proposed mortgage payment. Lenders use this ratio to confirm the property can pay for itself. A DSCR of 1.0 means the income exactly covers the debt, but most lenders look for a ratio of 1.2 or higher. Calculating this upfront gives you a clear idea of where you stand and helps you determine if your property’s cash flow is strong enough to support the rental financing you’re seeking.
Step 2: Get Your Documents in Order
One of the biggest perks of a DSCR loan is the simplified paperwork. You can forget about digging up years of personal tax returns or W-2s. Instead, you’ll focus on documents related to the property itself. You should be prepared to provide copies of current lease agreements, recent bank statements showing rental deposits, and a rent roll if you own a multi-unit property. You will also need to provide details on the property’s insurance and documentation for the business entity, like an LLC, that holds the title. Gathering these items ahead of time will make the application process feel smooth and efficient.
Step 3: Submit Your Application
Once your documents are ready, it’s time to formally apply. Most lenders, including us at Asteris Lending, offer a simple online application that you can complete in just a few minutes. During this stage, you’ll provide information about yourself and the property and give consent for a credit check. While your personal income isn’t a factor, a solid credit history is still important for securing favorable terms. Our capital advisory team can offer guidance here, ensuring your application is positioned for success from the very beginning. This step officially gets the ball rolling with the lender.
Step 4: Complete the Appraisal and Underwriting
After you submit your application, the lender will order a third-party appraisal to determine your property’s current market value. This is a critical step, as the appraised value establishes how much equity you have and the maximum loan amount you can receive. At the same time, your file will move into underwriting. An underwriter reviews the appraisal, your DSCR calculation, credit report, and all other documentation to make a final decision. They ensure the investment is sound for both you and the lender before giving the green light to close.
Step 5: Close and Receive Your Funds
This is the final step where everything comes together. Once your loan is approved, you’ll schedule a closing to sign the final paperwork. At closing, your new DSCR loan officially pays off and replaces your old mortgage. The remaining funds, which represent the equity you’ve cashed out minus closing costs, are then transferred directly to you. With cash in hand, you’re free to reinvest in another property, fund renovations, or pursue other opportunities. Many investors use these funds to finance their next project, like a ground-up build supported by new construction loans.
Smart Ways to Use Your Cash-Out Funds
Once you’ve successfully completed a DSCR cash-out refinance, you’ll have a fresh infusion of capital at your disposal. This is where the strategic part of being an investor really comes into play. The funds are yours to use as you see fit, giving you the flexibility to advance your portfolio, strengthen your financial standing, or tackle new opportunities. The best path forward depends entirely on your unique goals.
Think of this cash as a tool. You can use it to build something new, like acquiring another property to expand your portfolio. You could also use it to reinforce your current foundation by renovating an existing property to increase its value and cash flow. For some investors, the smartest move is to play defense by paying off high-interest debt or simply building a substantial cash reserve for future opportunities and unexpected expenses. There’s no single right answer, but a clear strategy will help you make the most of your newly accessed equity. Let’s walk through some of the most effective ways to put your cash-out funds to work.
Acquire More Investment Properties
For many investors, the primary motivation for a cash-out refinance is growth. Using the funds as a down payment on another rental property is one of the most powerful ways to scale your portfolio. This strategy allows you to leverage the equity you’ve built in one asset to acquire another income-producing asset. It’s a classic method for accelerating wealth creation in real estate.
By tapping into your existing equity, you can expand your holdings without having to save up for a down payment from scratch. This can significantly shorten the time it takes to reach your portfolio goals. Once you have the capital in hand, you can start exploring new markets and find your next deal. Our rental property financing is designed to help you do just that, providing the support you need to continue growing.
Fund Property Improvements and Renovations
Another excellent use for your cash-out funds is reinvesting them directly into your existing properties. Funding strategic improvements and renovations can lead to a significant return. You could undertake a major kitchen and bath remodel, add a bedroom, or simply make cosmetic updates that allow you to increase rent and attract higher-quality tenants.
These improvements not only enhance the property’s monthly cash flow but also increase its overall market value, a concept known as forced appreciation. This creates a positive cycle where your investment becomes more valuable and generates more income, which in turn improves its DSCR for future financing opportunities. For larger-scale projects, a bridge loan can also be a great tool for your renovation needs.
Pay Off High-Interest Debt
Sometimes, the most effective move is a defensive one. If you’re carrying high-interest debt, such as credit card balances or personal loans, using your cash-out funds to pay them off can be a brilliant financial decision. The interest rates on unsecured debt are almost always higher than on a mortgage-backed loan, so this strategy can save you a substantial amount of money in the long run.
By consolidating your debts into a single, lower-interest payment, you can simplify your finances and improve your monthly cash flow. This frees up capital that you can redirect toward savings, other investments, or your cash reserves. Eliminating expensive debt strengthens your personal balance sheet and gives you a more stable financial foundation to build upon.
Build Your Cash Reserves
Never underestimate the power of liquidity. Using your cash-out funds to build a healthy cash reserve is a wise and prudent strategy. In the world of real estate investing, unexpected expenses are a matter of when, not if. Having a substantial cash cushion means you can handle a sudden vacancy, a major repair, or a market downturn without stress or having to sell assets at a bad time.
This financial safety net provides peace of mind and operational stability. Plus, a key benefit is that the cash you receive from a refinance is typically not taxed as income because it’s loan proceeds. Our Capital Advisory services can help you think through how to best structure your reserves as part of your broader investment strategy.
Pros and Cons of a DSCR Cash-Out Refinance
A DSCR cash-out refinance can be a powerful tool for growing your portfolio, but it’s not the right move for every situation. Like any financial strategy, it comes with a distinct set of advantages and potential drawbacks. Understanding both sides helps you make an informed decision that aligns with your investment goals and financial health. Let’s break down the key pros and cons you should consider before moving forward.
Pros
One of the biggest draws of a DSCR loan is that lenders focus on the property’s income potential, not your personal salary. This can make it much easier for full-time real estate investors to qualify. Since you don’t need to supply personal tax returns or pay stubs, the approval process is often faster than with a traditional loan. You also get to hold onto your property while accessing its equity. The funds you receive are flexible; you can use the cash to acquire more rental properties, renovate existing ones, or pay down other debts. Plus, the cash you pull out is generally not taxed as income, though it’s always a good idea to confirm with your tax advisor.
Cons
On the flip side, there are a few trade-offs to keep in mind. Because these loans are underwritten based on property performance rather than personal income, lenders view them as having slightly more risk. As a result, you can expect higher interest rates, often 0.25% to 0.50% higher than a standard DSCR loan without a cash-out component. Taking cash out also means you reduce your equity in the property, which is a key consideration. Lenders will also have standards for the property itself; it needs to be in good condition and demonstrate a solid history of rental income. Finally, you may encounter higher closing costs or fees compared to other types of refinancing.
Common DSCR Cash-Out Refinance Myths, Busted
DSCR loans are a fantastic tool for real estate investors, but they’re also surrounded by a lot of confusion. Because they work differently from traditional mortgages, it’s easy for myths to spread. When you’re trying to grow your portfolio, the last thing you need is bad information holding you back. You might hear things from other investors or read something online that makes you second-guess whether a DSCR cash-out refinance is the right move.
Let’s clear the air and bust some of the most common misconceptions about DSCR cash-out refinancing. Understanding the truth behind these loans can help you make smarter, more confident decisions for your investment strategy. This way, you can focus on what really matters: finding your next great opportunity.
Myth: “You need to verify personal income to qualify.”
This is one of the biggest and most persistent myths out there. The core benefit of a DSCR loan is that it focuses on the property’s income, not your personal finances. Lenders use the property’s rental income to determine if it generates enough cash flow to cover the mortgage payments. This means you generally won’t need to provide personal tax returns, pay stubs, or W-2s. This approach makes the rental property financing process much more streamlined, especially for self-employed investors or those with complex income structures.
Myth: “The cash you receive is taxable income.”
It’s easy to see why this myth exists, but thankfully, it’s not true. The money you get from a cash-out refinance is not considered taxable income. Why? Because it’s not profit from a sale or money you’ve earned; it’s a loan. You are simply borrowing against the equity you’ve already built in your property. This is a major strategic advantage, as it allows you to access a significant amount of capital without creating a taxable event. You can then use those funds for other investments or projects, all while the cash remains tax-free.
Myth: “You need a perfect DSCR ratio to get approved.”
While a DSCR ratio above 1.25 is often seen as ideal, you don’t need a perfect ratio to qualify. Many lenders offer flexible programs. Some lenders will approve loans with a DSCR of 1.0, meaning the rent exactly covers the debt service. There are even “no-ratio” DSCR loans available for certain properties, where the lender doesn’t require the property’s rent to cover the payment at all. These options show just how versatile DSCR loans can be, providing pathways for investors with different property performance levels.
Myth: “Higher interest rates always make it a bad deal.”
It’s true that interest rates on DSCR loans can be slightly higher than those for conventional, owner-occupied mortgages. However, calling it a “bad deal” misses the bigger picture. This type of financing is a strategic tool designed for investors. The ability to qualify based on property income and pull out tax-free cash for new opportunities often outweighs the slightly higher cost. When you calculate the potential return from a new investment property you acquire with the funds, the interest rate becomes just one part of a much larger, and often very profitable, equation.
How to Prepare Your DSCR Refinance Application
A smooth DSCR cash-out refinance process starts long before you fill out an application. Taking a few key steps to prepare can make a world of difference, helping you secure better terms and get your funds faster. Think of it as setting the stage for success. By getting your financial house in order, you present yourself as a reliable borrower and put yourself in the best position to get exactly what you need from the refinance. Here’s a straightforward guide to what you should focus on.
Review and Strengthen Your Credit Score
Even though a DSCR loan focuses on your property’s income, your personal credit score still plays a big role. Lenders use it to gauge your reliability as a borrower. A higher credit score, generally 700 or above, often translates to a lower interest rate, which can save you a significant amount of money over the life of your loan. Before you apply, pull your credit report from all three bureaus. Check for any errors that might be dragging your score down and dispute them. Paying down high-balance credit cards can also give your score a quick lift.
Document Your Rental Income
With a DSCR loan, your property’s income is the star of the show. Lenders need to see clear, consistent proof that the rent collected can cover the mortgage payment. This is why meticulous record-keeping is non-negotiable. Gather all your documentation, including current lease agreements, a detailed rent roll, and bank statements showing rental deposits. Having these documents organized and ready to go proves your property is a profitable asset and can speed up the underwriting process considerably. It’s the most direct way to demonstrate the strength of your rental property financing application.
Confirm Your Equity Position
A cash-out refinance is all about tapping into your property’s equity, so you need to know exactly how much you have. Equity is the difference between your property’s current market value and what you owe on it. Most lenders will let you borrow up to a certain loan-to-value (LTV) ratio, often around 75% to 80%. This means you’ll typically need to leave at least 20% to 25% equity in the property after the refinance. Get a realistic idea of your home’s value by looking at recent comparable sales in your area. This will help you estimate how much cash you can actually access.
Compare Your Lending Options
Don’t just accept the first loan offer you receive. Interest rates, fees, and terms can vary widely between lenders, so it pays to shop around. When comparing offers, look beyond the interest rate. Pay close attention to origination fees, closing costs, and any prepayment penalties, as these factors make up the total cost of the loan. Finding a lender who understands real estate investing is also crucial. A good partner can offer guidance and structure a loan that truly fits your goals. Our capital advisory services are designed to help investors find the right financing solutions for their unique strategies.
Is a DSCR Cash-Out Refinance Right for You?
Deciding whether a DSCR cash-out refinance is the right move for your portfolio comes down to your goals, your property’s performance, and the current market. This financing tool is specifically designed for real estate investors, offering a way to access your property’s equity without the hassle of personal income verification. Instead, the focus is entirely on the asset’s ability to generate income and cover its own debt. It’s a powerful strategy, but it isn’t a one-size-fits-all solution.
Before you move forward, it’s important to weigh the benefits against the potential costs. Think about what you plan to do with the funds, how a new loan will affect your monthly cash flow, and whether your property is in a strong position to pass a lender’s review. By looking at the complete picture, you can determine if this is the best path for growing your real estate business or if another financing option might be a better fit for your current situation.
Key Factors to Consider
A DSCR cash-out refinance allows you to pull cash from your investment property’s built-up equity. Lenders qualify you based on the property’s income, not your personal salary, which is a major advantage for many investors. Typically, you can borrow up to 80% of the property’s appraised value. The new loan pays off your existing mortgage, and you receive the remaining difference in cash after closing costs. You can use these funds for anything, whether it’s acquiring another property, renovating an existing one, or consolidating higher-interest debt. It’s a flexible way to make your assets work for you and fund your next big move in real estate.
When to Explore Other Financing Options
This strategy isn’t always the perfect fit. If interest rates are on the rise, your new loan could come with a higher monthly payment, which might squeeze your cash flow. It’s essential to do the math and see if the benefits of accessing tax-free cash outweigh the long-term costs of a new loan. If your property’s rental income just barely covers its expenses or if you’re facing a soft rental market, you might want to hold off. In these cases, exploring other options through a capital advisory service could help you find a more suitable path that doesn’t put unnecessary strain on your portfolio.
How Asteris Lending Can Help
If a DSCR cash-out refinance sounds like the right strategy, working with a lender who specializes in real estate investment loans is key. At Asteris Lending, we understand what makes a rental property a solid investment. We look closely at its location, condition, and rental history to ensure the numbers work. Because we focus on rental property financing, our process is streamlined for investors like you, with closings often happening in just a few weeks. We’re here to help you assess your property’s potential and guide you through every step, making sure you have the information you need to make a confident decision.
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Frequently Asked Questions
What if my property is currently vacant? Can I still qualify for a DSCR loan? Yes, you absolutely can. Lenders understand that vacancies happen, especially after a renovation or between tenants. Instead of relying on a current lease, the lender will order a market rent appraisal. An appraiser will determine the fair market rent for your property based on comparable rentals in the area. This appraised rental income is then used to calculate your DSCR, allowing you to qualify for the loan even without a tenant in place.
How quickly can I close on a DSCR cash-out refinance? The timeline for a DSCR loan is typically much faster than for a conventional mortgage. Because the lender is focused on the property’s performance instead of your personal income, there is significantly less paperwork to gather and verify. While every deal is unique, many investors are able to close and receive their funds in just a few weeks, allowing you to put your capital to work on your next project without long delays.
Will my interest rate be higher than a conventional loan? Interest rates for DSCR loans can be slightly higher than those for a conventional, owner-occupied mortgage. It’s helpful to think of this not as a penalty, but as the cost of a specialized financial tool. You are paying for the significant benefits of qualifying without personal income verification, closing faster, and the ability to borrow as a business entity. For most investors, the strategic advantage of accessing capital quickly and easily far outweighs the modest difference in rate.
Can I get a DSCR loan if the property is in my LLC’s name? Yes, and this is one of the biggest advantages of a DSCR loan. Unlike many conventional lenders who are hesitant to lend to business entities, DSCR lenders are designed specifically for real estate investors. They expect and welcome applications from LLCs, corporations, and other entities. This allows you to keep your assets properly structured for liability protection and business organization while still accessing the financing you need to grow.
Is there a limit to how many properties I can finance with DSCR loans? Generally, no. This is a key reason why DSCR loans are so popular with investors looking to scale their portfolios. Conventional mortgage guidelines often cap the number of properties an individual can finance (typically around ten). DSCR loans do not have these same limitations. As long as each property meets the lender’s DSCR and LTV requirements, you can continue to use this type of financing to expand your real estate holdings.
