Deal funded

26-Unit New-Build Refinance in Texas

Brick City Capital delivers certainty for a 26-unit Houston portfolio with no stabilized income history.

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portfolio

26 Units

product

DSCR Refinance

LOAN AMOUNT

$2,300,000

prepay

30 Years

The challenge

Refinancing a New Construction Portfolio Without Stabilized Income

The borrower had successfully delivered 26 units in a desirable Houston submarket, but timing was critical. The construction loan was maturing, yet the property was physically complete but operationally empty. Lease-up had barely begun, creating a disconnect between the asset's value and its current income.

Roadblocks

For most lenders, this combination results in an automatic decline. Traditional banks require a "seasoning" period—usually 90 days of 90% occupancy—before they will refinance construction debt. With the loan maturity approaching, the borrower didn't have the runway to stabilize.

Standard approach

Wait for 90% occupancy and 3-6 months of seasoning on the rent roll.
Result: Borrower defaults on construction loan maturity.

Our approach

Underwrite based on market-supported rents and asset quality, not historical collections.
Result: Loan closes in 30 days.

Have a stalled construction project?

Don't wait for stabilization. Get liquidity now.

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Execution timeline

Appraisal

We utilized stabilized rent projections from the appraisal rather than the empty rent roll, validating rates via comps.

Unified Model

Consolidated underwriting for all 26 units into a single operating model, saving roughly 2 weeks of processing time.

Funding

Loan funded ahead of maturity, providing the borrower a 30-year runway to lease up at their own pace.

Meet the loan officer

"We didn’t wait for the asset to stabilize. We built the model it was moving toward and delivered capital on that basis. If you size this on in-place numbers, there is no loan."

Jack Bergen

VP, Originations

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Our headquarters

50 Park Place, Suite 301 

Newark, NJ 07102

Contact

(973) 705-7725

sales@brkcty.com

assets

Single-Family Residential

Single-Family Portfolios

Short-Term Rentals

Non-Warrantable Condos

Multi-Family

Mixed-Use

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¹ All loans are for business purposes only and subject to Brick City Capital's underwriting, due diligence, and approval. Terms, amounts, and timelines may vary by borrower, property, and structure. Not all products are available in every date. Past results do not guarantee future outcomes.  
² Representative examples are for illustrative purposes only. Past closings are not a guarantee of future results. Actual closing timelines and amounts will vary by transaction and borrower qualifications.

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