New Construction Refi. No Debt Service. Closed in 5 Days.

THE GOAL

Exit the Construction Loan. Don't Bring Cash to Close.

The borrower completed a new construction SFR at 22 Ebrook in Lexington, Massachusetts. The construction loan hit maturity. They needed a rate-and-term refinance, cash neutral at the closing table, with a lower rate locked in.

Market rents in Lexington run around $8,000/month. At a $1,837,500 loan amount, the property didn't debt service. DSCR was never going to work.

The goal was to find a framework that made the math work, before the maturity default clock hit zero.

22 Ebrook, Lexington, Massachusetts — completed new construction SFR

THE CHALLENGE

DSCR Doesn't Work When Rent Can't Cover the Loan

At $8,000/month market rent against a $1.84M loan, the DSCR ratio came in below what any program requires. Layered on: 696 FICO at 75% LTV with a pending certificate of occupancy. The only path forward was a bank statement underwrite.

Other Lenders

DSCR-only underwrite

Market rent $8K — doesn't cover debt
New construction + pending CO: declined
696 FICO at 75% LTV: flagged

Resulting Income Model

DSCR: Deal Declined

Brick City Capital

Bank statement underwrite

12-month deposits, DTI sub-40%
New construction navigated
CPA letter confirmed expense ratio

Resulting Income Model

Bank Statement: Closed

New construction or bank statement file with a maturity clock running?

Submit a Deal Scenario

HOW WE EXECUTED

Speed & Underwriting Precision

INTAKE

Framework Decision at Intake

Identified bank statement underwrite before any processing began. DSCR was never considered. DTI path confirmed from the first conversation.

DAY 1

Transferred Appraisal + Same-Day Analysis

Accepted transferred appraisal — eliminated the appraisal queue. Bank statement analysis returned same day. Two parallel tracks, one business day.

DAYS 2–4

CPA Letter + DTI Locked

CPA letter from tax preparer confirmed lower expense ratio. DTI confirmed sub-40%. File moved through underwriting complete.

DAY 5

Funded & Closed

$1.84M closed, 30-year fixed, rate-and-term.
✓ Cash neutral at closing, no funds out of pocket
✓ Construction loan paid off
✓ Lower rate locked in
✓ Maturity default avoided

Why This Matters

New construction refinances in high-value markets have a structural tension: the asset is worth significantly more than what the rent market can support at a DSCR ratio. This isn't a property problem, it's a lender framework problem. Most shops only have one underwriting tool.

Bank statement lending exists precisely for borrowers whose income profile justifies the loan even when market rent doesn't. Knowing when to apply it — and being able to execute it in five days — is the difference between a maturity default and a clean exit.

Meet the Loan Officer

"This deal came down to underwriting expertise and speed of execution. The property couldn't debt service at market rent, that was never going to change. What changed was applying the right framework from the moment the file hit intake."

Julien Hill

Work with Julien

Loan Officer

MORE DEALS LIKE THIS

Who Should Bring Us Deals Like This?

New construction borrowers approaching maturity — where asset value outpaces what market rent supports under DSCR.
Bank statement borrowers with strong deposit history — whose income doesn't appear conventionally on tax returns.
Brokers with high-value SFR clients in premium markets — where purchase price and rent don't scale together.
Borrowers with sub-700 FICO at 75% LTV — who need DTI optimized to stay within underwriting tolerance.