Size a refinance the way a lender does, the new loan is the lower of the LTV cap and the DSCR cap, then see the cash you pull out after paying off the old loan. Updates as you type.
New max loan—
Constraint that binds—
New annual debt service—
New DSCR—
Cash-out before costs—
Net cash-out—
New loan = min( Value × LTV , NOI ÷ DSCR ÷ loan constant ) · Net cash-out = New loan − Payoff − Costs
Educational tool only. Not financial, investment, tax, or legal advice. A cash-out refinance is generally not a taxable event, but loan proceeds must be repaid; confirm sizing, rate, and closing costs with your lender.
Want to underwrite a refinance properly? CRE Finance covers loan sizing, DSCR, debt yield, and the capital stack.