How DSCR underwriting works for apartment buildings and larger multifamily properties — NOI-based DSCR calculation, loan size ranges, agency vs. private-label programs, and what lenders review for 5+ unit investments.
When you cross the 5-unit threshold, DSCR financing shifts from residential to commercial underwriting. The core concept is the same — does the property's income cover the debt? — but how lenders calculate and apply DSCR changes significantly.
Multifamily lenders look at the full operating picture — not just rent vs. PITIA. They analyze rent rolls, operating statements, trailing financials, and market comparables. A property with strong NOI but a borderline gross-rent DSCR may still qualify well under commercial multifamily underwriting because expenses are properly accounted for.
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