DSCR loans in Florida — what actually changes?

THE NUMBERS

ILLUSTRATIVE — published program floors, not a quote or a commitment to lend. Subject to underwriting, appraisal and final credit approval.

What exactly is taxed at a Florida closing?

Three separate things. The Department of Revenue levies documentary stamp tax on the deed at $0.70 per $100 of consideration outside Miami-Dade, where the rate is $0.60 per $100 with an additional surtax on transfers other than a single-family residence. The same doc stamp tax hits written obligations to pay money — your note — at $0.35 per $100. And Chapter 199 imposes the nonrecurring intangible tax on obligations secured by a mortgage on Florida real property, at 2 mills, due even if the mortgage is not recorded in Florida. Your title company computes all three.

How much does that add on a real loan?

Take a $300,000 loan: note doc stamps at $0.35 per $100 are $1,050, and the intangible tax at 2 mills is $600 — about $1,650 before the deed tax and recording fees. On a $400,000 purchase the deed stamps add roughly $2,800 outside Miami-Dade. It is real money and it belongs in your cash-to-close model from the first underwriting call, not as a surprise on the settlement statement. It does not touch the DSCR calculation, which is driven by rent against PITIA.

Will my property taxes reset when I buy?

Expect them to. The Save Our Homes 3% cap is a homestead benefit and does not apply to a rental. Non-homestead residential property has its own assessment limitation — capped at 10% a year, excluding school district levies — but a change of ownership or use resets the base year, so the seller's capped assessment does not travel with the property. Underwrite from the likely reassessed value, not from last year's bill, or your DSCR will be flattered by a number you will never actually pay.

Why does insurance decide so many Florida files?

Because it is often the second-largest line in PITIA. Wind is priced separately in much of the state, flood is a separate policy driven by the FEMA map rather than the lender, and Citizens Property Insurance — the state-backed insurer many investors end up with — requires inspections depending on the age, type and location of the property, including four-point and roof inspection forms. On anything with an older roof, get the inspection and a real binder before the appraisal comes back. A quoted premium and a bound premium are frequently different numbers.

What about foreclosure, entities and short-term rentals?

Florida is a judicial-foreclosure state, so remedies are slower than Texas or Tennessee; that shapes lender appetite generally but does not change Silt's grid. An out-of-state LLC transacting business in Florida registers with the Division of Corporations, and title will want good standing. On short-term rentals, the state licenses vacation rentals while cities set the harder limits — Miami Beach's minimum-stay enforcement is the well-known example. Where the ordinance does not clearly allow nightly use, the desk underwrites long-term market rent.

Which Florida markets do investors bring us?

Tampa and its Pasco and Polk fringes give the best rent-to-price posture of the major metros, and are the most common Florida portfolio submissions here. Jacksonville trades lower per door with steady long-term rental demand and less coastal insurance load away from the beaches. Orlando is dominated by short-term and mid-term strategies, so the ordinance and HOA work matters most there. South Florida — Miami-Dade, Broward, Palm Beach — is the tightest on yield and the heaviest on insurance and condo association reserves. Qualitative posture, not a forecast.

Worked example — a Tampa-area single-family rental

Illustrative only, from published program floors — not a quote, an approval, or a commitment to lend. At 1.03 the file sits in the 1.00–1.19 band and prices at +25 basis points. Trimming leverage to 70% or buying the rate down are the two levers that move it back above 1.20.

WHAT WE NEED FROM YOU

• Entity documents — articles or certificate of formation, operating agreement, EIN letter. Every Silt loan closes in an LLC or corporation, never a personal name.
• Leases or a rent roll — current leases where the units are occupied; on a vacant unit the appraiser's rent schedule (Form 1007) carries the income.
• Insurance — a binder naming the borrowing entity, with the lender's mortgagee clause.
• Bank statements — two months, showing reserves and the source of the down payment.
• Contract or payoff — the purchase contract if buying, the payoff statement if refinancing.
• Florida add-on — a bound insurance quote including wind, plus the flood determination; on an older roof, the four-point and roof inspection reports the carrier will require.
• Florida add-on — the property appraiser's record, so taxes can be underwritten at the reassessed value rather than the seller's capped assessment.
• Florida add-on — for a condo, the association's budget, reserve position and any special assessment.

FREQUENT QUESTIONS

Does Silt lend in Florida?

Yes. Silt is headquartered in North Miami Beach and lends statewide, on the same programs and grid as the rest of the footprint.

What are Florida doc stamps on a mortgage?

Documentary stamp tax on the note is $0.35 per $100, and the nonrecurring intangible tax on the mortgage is 2 mills of the obligation secured.

Does the homestead cap protect my rental?

No. Save Our Homes is a homestead benefit. Non-homestead residential property has a separate 10% annual assessment cap that resets on a change of ownership or use.

Do I need to be a US citizen?

No. Silt lends to US citizens, permanent residents, non-permanent residents and foreign nationals; foreign-national files cap at 70% LTV and price 75 basis points higher.

Will you pull my credit to quote?

No. Quoting is free and takes no credit pull. Credit is pulled only when you want a written term sheet, and it sets the pricing tier.

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