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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
08/16/2023
Property Type
Property City
Nashville
Property State
TN
Payment Type
Amortized
Loan-to-Value
75%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.27
Interest Rate
8.875%
Deal Summary
Easy Street Capital, a direct private real estate lender, funded a $787,500 1st lien position DSCR refinance loan secured by an SFR short-term rental property in Music City, Nashville, Tennessee. Our loan-to-value was 75%. The Borrower is a trio of well-versed real estate investors who have 20+ years of experience, and they own over 50 rental properties! This single-family residence was recently renovated from top to bottom. Less than 5 miles downtown, this vacation rental is the perfect stay for tourists looking to check out Broadway and live music Downtown. It has a solid annual income with a DSCR (debt service coverage ratio) of 1.27. The interest rate for the loan was fixed at 8.875% with amortized payments. The loan term was set at 30 years. This DSCR rental refinance loan was funded in August 2023.
Funded By
Easy Street Capital
Direct Lender for Residential Flips and Rentals