The short version: Canadians who own US property can refinance it — including cash-out — without a US credit score, without US income, and without a US banking relationship. Foreign national and DSCR refinance programs underwrite from your Canadian credit bureau or from the property's own rental income. The equity you built in Florida, Arizona, or anywhere else in the US is accessible. Most refinance files I see fall into one of four scenarios below.
The Four Refinance Scenarios
1. You paid cash and want your capital back
Many Canadian buyers pay cash to win the deal, planning to "figure out financing later." Two mechanisms recover that capital. Delayed financing places a mortgage on a recent cash purchase and returns a large portion of the purchase price shortly after closing. After a longer ownership period (commonly six months or more), a standard cash-out refinance uses the current appraised value — which matters when you bought below market or the property has appreciated.
2. You're stuck in a hard money or private loan
Canadians land in hard money loans when a closing deadline forces it or when they believe a bank decline was the end of the road. Hard money is a bridge, not a home — the double-digit carry and balloon dates make the exit urgent. A DSCR or foreign national refinance replaces it with institutional long-term financing. Start before the balloon date, not after; a forced refinance is always more expensive than a planned one. I've written more on this: the hard money trap and the exit roadmap.
3. Your bank declined the refinance
Bank cross-border programs apply the same narrow box to refinances as to purchases — US-style ratios on Canadian income, personal-name title, restricted property types. The decline rejects the program fit, not your equity. Rental property? A DSCR refinance qualifies on the rent alone. Personal-use? A foreign national program accepts your Canadian documents. If a bank cross-border program declined you, see the full decline-recovery guide.
4. You want equity out to buy the next property
A cash-out refinance on property #1 funds the down payment on property #2 — the standard portfolio-building move, and with DSCR qualification each property carries itself. Your personal debt ratios don't accumulate the way they would at a bank, which is why bank borrowers stall at one or two properties and DSCR borrowers don't. Related: Canadian investors in US rentals.
What Each Program Needs
| Program | Qualifies On | US Credit Needed? | LLC Title? | Best For |
|---|---|---|---|---|
| DSCR refinance | Property's rental income vs. payment | No | Yes | Rentals, STRs, portfolio building, hard money exits |
| Foreign national refinance | Canadian credit + Canadian income documents | No | Often | Personal-use and second homes, complex Canadian income |
| Delayed financing | Recent cash purchase documentation | No | Program-dependent | Recovering capital shortly after a cash close |
Frequently Asked Questions
Can a Canadian refinance a US property without US credit history?
Yes. Foreign national programs use your Canadian bureau and documents; DSCR programs qualify on the property's rental income. No US credit score or US banking relationship required.
I bought in cash — can I get my money back out?
Yes. Delayed financing recovers a large portion of the purchase price shortly after closing; after roughly six months of ownership, a standard cash-out refinance uses current appraised value.
How do I exit a hard money loan?
Refinance into a DSCR or foreign national program before the balloon or rate-adjustment date. This is one of the most common files I handle for Canadians.
My bank declined my US refinance — what now?
The decline rejected the program fit, not your equity. Rentals go DSCR (rent qualifies); personal-use goes foreign national (Canadian documents accepted).
Can I refinance a property held in an LLC?
Yes — DSCR and foreign national programs routinely refinance LLC-vested properties, and many allow moving title into an LLC at closing.
Have Equity in a US Property? Let's Look at the File
Tell me the property, what you owe (or that you own it outright), and what you're trying to accomplish — capital back, hard money exit, or the next purchase. I'll map the program that fits within one business day.
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