The Short Answer
No. A DSCR refinance does not require an executed lease. Many DSCR lenders, including Get Brick Capital, qualify on the appraiser's projected market rent instead. This single fact changes the timeline for every BRRRR investor.
Why This Misconception Exists
Most conventional lenders require an executed lease before refinancing a rental property. Fannie Mae guidelines use the lease income to calculate qualifying rental income on Schedule E. Without a lease, there is no documented income, and without income, the loan doesn't qualify.
Many DSCR lenders carried this same requirement over from conventional underwriting even though it isn't required under DSCR guidelines. The result: investors assume all lenders need a lease, when in fact the requirement varies significantly by lender.
How Market Rent Schedule Qualification Works
When you refinance with a DSCR lender that doesn't require a lease, the appraiser plays a more significant role. As part of the standard appraisal, the appraiser completes a market rent schedule, Form 1007 for single-family properties, that estimates what the property would rent for on the open market based on comparable rentals nearby.
The lender uses that projected rent figure to calculate DSCR:
DSCR = Monthly Market Rent ÷ Monthly PITIA
If DSCR ≥ 0.75, you qualify.
No lease. No tenant. No rental history required.
What This Means for BRRRR Investors
For BRRRR investors, the no-lease requirement is a cycle-time advantage. The standard BRRRR flow is: Buy → Rehab → Rent → Refinance. The “Rent” step, finding a tenant, signing a lease, potentially waiting 30–60 days, is required only if your lender needs a lease.
With a no-lease-required DSCR lender, the flow becomes: Buy → Rehab → Refinance. You can submit your deal the week renovation is complete. The appraiser confirms the ARV and market rent. The loan closes in 28 days. You redeploy capital into the next deal weeks or months ahead of schedule.
The Risk of Qualifying on Market Rent
There is one risk worth understanding: the appraiser's market rent estimate may come in lower than expected. If it does, your DSCR calculation and loan sizing will be based on that lower figure. You can reduce this risk by:
- Providing the appraiser with current local rental comps before the appraisal
- Ensuring the property is in rent-ready condition at time of appraisal
- Running conservative DSCR projections before submitting your deal
Does the Requirement Vary by Lender?
Yes: significantly. Some DSCR lenders require a signed lease. Others accept market rent. Others have hybrid requirements (lease preferred but market rent accepted at lower LTV). Ask your lender directly before assuming either way.
At Get Brick Capital, no executed lease is required on any refinance program. We qualify on the appraiser's market rent schedule on all loans.
No Lease? You Still Qualify.
Submit your deal. Rates within 24 hours. No credit pull.
Submit Deal Summary →Common Scenarios Where This Matters
- Hard money balloon due before a tenant is found
- BRRRR rehab complete, haven't listed the rental yet
- Between tenants: old lease expired, new tenant not signed
- Refinancing a vacant property held free and clear
- Converting a property to rental: want to refi before first occupancy
The Bottom Line
A DSCR refinance does not require a lease. The requirement depends on the lender, and choosing a lender that qualifies on projected market rent can meaningfully shorten your BRRRR cycle and eliminate one of the most common stall points in the refinance process.