Exit DSCR Calculator

Exit DSCR tests whether projected NOI supports refinance debt service. This calculator models the takeout metric.

Projected exit NOI

Projected refi loan

Projected rate %

Amortization years

Exit DSCR

1.35

Annual debt service

$1,329,949

Cushion vs 1.20x

12.79%

How the math works

DSCR = NOI ÷ annual debt service at projected rate and amortization.

Under 1.20x: expect cash-in refi or higher-coupon mezz layer to fill the gap. Over 1.35x: refi floats on top of lender floor, preserving cash-out capacity.

How to Use

Enter projected exit NOI.
Enter projected refi loan balance.
Enter projected rate.
Enter amortization years.
Read exit DSCR.

Frequently Asked Questions

DSCR floor by asset?

Multifamily 1.20-1.25x, industrial 1.25x, office 1.30-1.35x, retail 1.30-1.40x. Credit-quality tenant can flex office/retail floors up to 1.15x; weak tenancy tightens requirements.

Rate assumption?

Use current forward curve + 25 bps stress. If today's 10-year Treasury is 4.00%, model at 5.25-5.75% with spread. Never underwrite exit DSCR at today's rate if maturity is 5+ years out.

Margin of safety?

Target exit DSCR 10-20% above the lender floor. A 1.25x required gives you room if NOI underperforms or rates hold near the top. Thin margins force cash-in refis.

How often should I rerun this?

Rerun this calculator whenever inputs change materially — new rent roll data, rate moves, loan balance updates, or quarterly operating data. For active deals, monthly refresh is typical. For stabilized assets under monitoring, quarterly is fine. Treat the output as a decision tool, not a one-time answer — market conditions evolve and so should your analysis.