Refinancing new construction single-family rentals in a tertiary market while facing construction loan maturity and appraisal challenges.
asset type
13 SFRs
Structure
Bulk Submission
LOAN AMOUNT
$2,213,250
time to close
30 Days
The Borrower's Goal
Timing was critical. Several construction loans were nearing maturity, and delays could have triggered defaults or forced distressed exits.
The borrower needed to:
Pay off existing construction debt
Avoid maturity default
Pull cash-out to fund the next phase of development
The challenge
Why This Deal Was at Risk
The borrower owned newly constructed single-family rentals in Duson, LA—a tertiary market. Timing was critical as several construction loans were nearing maturity, and delays could have triggered defaults.
Complexity & Risk Factors
Pending maturities: Several construction loans were nearing maturity.
Appraisal Variance: Appraisals came in lower on 4 of the 13 assets.
Parcelization Issues: Properties sat on a single parcel, requiring coordination with the county tax assessor before year-end deadlines.
Traditional lenders struggled with the lack of parcelization, appraisal variance, and time pressure.
How Brick City Capital Executed
Rather than killing the entire deal due to a few low appraisals, the team structured a bulk submission that allowed for asset-by-asset adjustments.
Flexible Structure
Structured the deal as a bulk submission rather than a portfolio loan. This allowed for individual asset adjustments without jeopardizing the whole transaction.
Leverage Adjustments
Reduced leverage to 80% LTV on the 4 properties with low appraisals to preserve viability, while still delivering $5K cash-out per adjusted asset.
Tax Assessor Coordination
Coordinated directly with the county tax assessor. Parcel numbers were finalized within 7 days—beating the annual assessment cutoff.
Need certainty on your next BTR deal?
If you have a complex build-to-rent portfolio facing maturity, we can help.
Identified parcelization risks and decided on bulk submission structure.
Parcels Finalized
County tax assessor numbers secured, clearing title hurdles.
Appraisal Adjustment
LTV adjusted on 4 units; loan viability preserved.
Loan Funded.
Construction debt paid. Cash-out deployed.
the outcome
Data-Driven Approval
13 units closed in 30 days
Maturity defaults avoided
Full refinance proceeds preserved
Cash-out deployed for development
transaction summary
Loan Amount
$2,213,250
Location
Duson, LA
Loan Type
DSCR Portfolio Refinance
Property Type
Single-Family Rentals
Term
30-Year Fixed
LTV
76.55%
Meet the Loan Officer
"This deal came down to racing the tax assessor's clock while structuring individual leverage adjustments across 13 new construction properties. They were also facing maturity default in a tertiary market."
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