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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
07/28/2023
Property Type
Property City
Austin
Property State
TX
Loan Term (months)
360
Payment Type
Amortized
Property Value
$2,850,000
Previous Loan Balance
$1,069,142
Loan-to-Value
65%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.30
Building Square Footage
3,687
Interest Rate
8.75%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $1,852,500 1st lien position rental refinance loan secured by a single-family home in Austin, Texas. Our loan-to-value was 65%. This cash-out refinance was not the first for this investor. He has over 15 years of experience. This property is his 19th. The newly constructed home is now being used as a short-term rental. It is expected to cash-flow $27,000 per month! The interest rate was fixed at 8.75% and the DSCR was 1.30. The loan term was set at 30 years. This DSCR rental refinance loan was funded in July 2023.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals