Deal Review: 13-Property Refi Closed in 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.

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execution timeline

Intake & Structure Strategy

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.”

Julien Hill

Loan Officer

Work with Julien

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Complex capital in a tight escrow window

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assets

Single-Family Residential

Single-Family Porfolios

Short-Term Rentals

Non-Warrantable Condos

Multi-Family

Mixed-Use

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About Us

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Our HeadQuarters

50 Park Place, Suite 301 Newark, NJ 07102

Contact

(973) 705-7725

sales@brkcty.com

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