Rates are 7.4% — the highest since November 2023 — and it's changing how deals get financed. When a property's day-one rent can't produce the 1.20–1.25x debt-service coverage ratio (DSCR) that conventional DSCR lenders require, borrowers increasingly reach for a workaround: the no-ratio DSCR loan. What it actually is A no-ratio DSCR loan drops the coverage requirement entirely. Instead of qualifying the property on its rental income, the lender qualifies you: credit profile,