With no rental history and weak projected income, we rebuilt the income model and closed a $1.3M DSCR refinance in just 7 days.
asset type
4 Units / STR
Structure
10-Year IO
LOAN AMOUNT
$1,366,000
time to close
7 Days
The challenge
Why This Deal Was at Risk
The borrower owned a newly renovated four-unit short-term rental in one of Fort Lauderdale's most active STR corridors. Despite the strong location and pristine asset quality, the appraisal concluded the property would generate only $15,000 per month in STR income.
Appraisal Shortfall
Appraisal projected only $15k/mo STR income
No trailing STR history
Loan amount at risk of $500k reduction
This figure was materially below market comparables and insufficient to support the requested loan amount. Most lenders would have accepted the appraisal at face value and reduced proceeds, forcing the borrower to bring significant cash to close. Brick City Capital took a different approach.
How the Income Model Was Rebuilt
Rather than disputing the appraisal outright which consumes valuable time, the team supplemented it with verifiable, granular market evidence. We constructed a parallel income thesis:
Same-Day Income Letters
Obtained formal estimates from a top local STR property manager and a specialized Fort Lauderdale broker.
Rate Documentation
Documented expected weekly and monthly rates based on live bookings of identical units nearby.
Validating Projections
This allowed underwriting to reflect realistic earning potential (~$25k/mo) rather than conservative long-term rental estimates.
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