DCSR Loan- $3.125M

This is a refinance loan we originated for one of our more experienced borrowers.  Our borrower originally purchased this property back in 2022 for $1,999,999.  Source Realty Capital also originated the Fix and Flip loan for the purchase.  He then completed a very high-end renovation of the property, investing over $1m for the renovation.   All three units were completely gut renovated and finished with top-of-the-line finishes.  Additionally, our borrower added outdoor spaces to all of the units.

Once completed, our borrower leased up the property and then came to use for the DSCR rental loan.  After the renovation and subsequent lease up, this property generated over $25,000/month in NOI and had a value close to $6,000,000.  Talk about adding value!  Despite the higher rates and declining market, we were able to get our borrower a significant cashout at closing.  Our borrower was then able to purchase another fix and flip deal, which we also originated. Press Release for this deal.

Have a deal like this for us?  Please reach out to John Femenia.

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