Can You Cash Out Without a Signed Lease?
Yes, on qualifying DSCR programs. A signed lease is not a universal requirement for a cash-out refinance. Get Brick Capital has capital-partner options that can use appraiser market rent instead of an executed lease, including Program 3 for qualifying completed- renovation refinances. Other programs do require a lease, so the correct answer depends on which wholesale program fits the file.
The important distinction:
"No lease required" is a feature of specific programs, not every DSCR loan. We match the scenario to a program that supports the occupancy and rent documentation actually available.
Program 3 Can Refinance a Completed Rehab Without a Lease
Program 3 is Get Brick Capital's completed-renovation no-seasoning option. Once the rehab is complete, it can use the new ARV immediately and does not require an executed lease. The program has a 660 minimum FICO, a $75,000 minimum loan amount, and a $100,000 minimum property value. In select states, qualifying borrowers with 680+ FICO can reach up to 80% cash-out LTV. Outside those states, the program is generally capped at 75% LTV.
The select-state 80% cash-out option is currently available in Alabama, Colorado, Georgia, Maine, Michigan, Mississippi, Missouri, North Carolina, New Hampshire, Pennsylvania, Tennessee, Texas, Virginia, and Washington. Final leverage still depends on the full file.
When a Lease Is Required
Program 1 works differently. It requires a lease. If that lease is less than 90 days old, the capital partner also requires proof of the security deposit and rent plus evidence that those funds were deposited into the landlord's bank account. Program 1 can be valuable for small-balance files because it can close loans as low as $50,000 on properties valued at $75,000 or more, but its documentation rules are different from the no-lease programs.
What Rent Is Used When There Is No Tenant?
On a qualifying no-lease program, the refinance can be evaluated using supportable market rent rather than an existing tenant's lease payment. The appraisal is important because the appraiser provides the property value and a market-rent opinion. The capital partner then uses the rent and loan payment under its own DSCR rules to determine eligibility and pricing.
This is especially useful for BRRRR investors who have completed the renovation but have not yet placed a tenant. It lets the investor compare a refinance based on the finished property rather than waiting solely for a lease to be signed.
Get a Quote Before You Place a Tenant
Send the property address, completed-renovation value, expected market rent, current payoff, and FICO range. We will match the file to the wholesale options that fit.
Get a Quote →No Lease Does Not Mean No Documentation
Even when a lease is not required, the file still needs normal loan documentation. Typical items can include:
- Property address and property type
- Estimated value or completed-renovation ARV
- Current mortgage or hard-money payoff
- Market rent support through the appraisal
- Approximate FICO range
- Most recent two months of bank statements for closing liquidity
- Reserve documentation when required
For the broader program comparison, see the DSCR cash-out refinance hub or the guide to DSCR refinance lease requirements.