Available now · Iowa rental cash-out

At 65% leverage, cash-out is nearly free.

Most investors assume cash-out is punitively expensive, because on owner-occupied loans it is. On a DSCR loan at moderate leverage it costs about an eighth of a point — and unlike a purchase, you are not competing with three other offers to get it.

See what my property supports → Where the cost sits
Up to $1M cash out at ≤65% LTV Six months seasoning Use of proceeds: your business
What cash-out costs vs. a purchase
≤ 60% LTVNothing
61–65% LTV≈ ⅛ point
66–70% LTV≈ ⅛ point
71–75% LTVMeaningful
Above 75%Not available
As of August 10, 2026. Cash-out capped at $1,000,000 at ≤65% LTV and $500,000 above 65%. Illustrative, not an offer or commitment to lend.
The cheapest capital you have

Your down payment is already in the walls.

For most Iowa landlords with two or three seasoned rentals, a cash-out refinance is the cheapest source of a down payment they will ever find — and it is usually cheaper than a partner.

LeverageCost versus a purchaseMaximum cash out
60% and belowNothing — same rate as a purchase$1,000,000
61–65%About an eighth of a point — the sweet spot$1,000,000
66–70%About an eighth of a point$500,000
71–75%Meaningful — several eighths. This is where it starts to hurt$500,000
Above 75%Not available—
The pattern worth internalizing: the cost of taking cash is small until it isn't. Choosing between $180,000 at 70% leverage and $195,000 at 75%? The extra $15,000 is more expensive than it looks, because the higher rate applies to the entire balance for thirty years — not just the incremental money.
Qualifying

What the cash-out requires.

Seasoning
Six months of ownership, from the purchase date. Bought with cash or hard money, renovated and leased since? Six months from the day you closed the acquisition is the gate.
Lease
Signed lease in place, or appraiser-supported market rent on a rent-ready property.
Value
Current appraised value, not what you paid. On a renovated property that is the whole point — the appraisal converts the work into borrowable equity.
Coverage
1.25× targeted at the new, larger payment. Taking more cash raises the payment and lowers coverage — usually the real cap on the deal, before the leverage limit is.
Credit
700 minimum, 720+ preferred. No mortgage lates in twelve months.
Proceeds
Your business. Business-purpose loans carry no restriction — the next property, a renovation, a partner buyout, or your operating account.
Property
Non-owner-occupied SFR, 2–4 unit, or condo including non-warrantable, in an Iowa metro. Not rural.
The BRRRR exit · our most common file

We fund the exit, not the rehab.

Buy distressed with cash or hard money, renovate, lease — then we refinance on the stabilized appraised value, pay off the short-term money, and ideally hand your capital back for the next one.

The trap: the six-month clock runs from your purchase date, not from completion. Close the acquisition in March, finish the work in May — you are eligible in September, not May. Plan the hard money term around that, or you pay bridge rates four months longer than you budgeted.

Bring us the deal before you buy it →
Cash-out, or a second mortgage? If your existing first is materially below today's rates, do not refinance it — a second leaves the cheap debt alone and prices only the new money, and on a typical Iowa rental that difference runs more than a hundred dollars a month for thirty years. Cash-out wins when the existing loan is near current rates, when you need more than $500,000, when a balloon is coming due, or when the property is a condo — seconds are not available on condos. See the second mortgage math →
Straight answers

Cash-out questions, answered.

01

How much cash can I take out of an Iowa rental?

Up to $1,000,000 at 65% loan-to-value or below, and up to $500,000 above 65%. The hard leverage ceiling is 75%. In practice the binding constraint is usually coverage rather than leverage — taking more cash raises the payment, which lowers your DSCR.
02

How long do I need to have owned the property?

Six months, measured from your purchase date. This is the rule that most often surprises BRRRR investors: the clock runs from acquisition, not from when the renovation finished or the tenant moved in.
03

Will the appraisal use what I paid or what it is worth now?

Current appraised value. On a renovated property that is the whole point of the transaction — the appraisal is what converts the work you did into equity you can borrow against.
04

Does a cash-out cost more than a purchase?

At 65% loan-to-value and below, roughly an eighth of a point — close enough to nothing that it rarely changes a decision. Between 71% and 75% it costs meaningfully more, because the higher rate applies to the entire balance for thirty years rather than only to the money you are taking out.
05

What can I use the money for?

Anything. These are business-purpose loans and there is no restriction on the use of proceeds — another property, a renovation, paying off a partner, or your operating account.
06

Should I refinance or take a second mortgage?

If your existing first mortgage is materially below current rates, take a second — refinancing reprices every dollar you already borrowed rather than only the new money. Refinance when your existing loan is near current rates, when you need more than $500,000, when the first has a balloon coming, or when the property is a condominium.
07

Do you need my tax returns?

No. No income documentation, no tax returns, no employment verification, and no debt-to-income calculation. We pull credit and verify reserves.
Ready when you are

See what the property will support.

Send the address, the rent, what you owe, and roughly what you think it is worth. That is enough to tell you how much cash the deal will actually produce.

Talk to EquityBoost → Or keep your first — see seconds