DSCR Rental Refinance Loan for SFR in Vero Beach, Florida

Easy Street Capital, a direct private real estate lender, funded a $1,105,000 1st lien position DSCR refinance loan secured by an SFR short-term rental home in Vero Beach, Florida. The loan-to-value was 58.2, and the interest rate was 8.875% fixed for a 30-year term. It was cash-flow positive with a healthy debt service coverage ratio. This trophy vacation home features a sizable in-ground pool and surrounding patio, first-story and second-story balconies, and a screened-in porch. Outside the house, the property includes an oversized driveway with room for up to five cars in the front and a three-car garage in the rear. The housing market in Vero Beach is strong with stable values, a shortage in housing supply, and under three months of marketing time. Vero Beach is about equal distance from West Palm Beach and Orlando and is on the eastern front of the Florida panhandle, making it an excellent spot for long-term beach-loving tenants with medical, recreational, and professional amenities. This STR refinance loan was funded in October 2023.