The Challenge
An experienced Texas-based developer and investor came to Encore Finance seeking to refinance a 56-asset scattered-site single-family rental portfolio in the Dallas metropolitan area.
The portfolio consisted of 55 SFR homes and one leasing center/community space. The portfolio operates as a fully affordable housing asset subject to a Land Use Restriction Agreement (LURA), which requires the properties to meet long-term affordable housing standards.
The borrower focuses on the acquisition, development, and operation of affordable and workforce housing throughout major Texas markets. With a growing portfolio, they needed a lending partner to help them execute quickly and efficiently across multiple markets.
The Solution
Encore Finance structured a long-term portfolio loan to refinance the entire 56-asset portfolio.
The financing included more than $4.65 million across the 55 single-family rental homes and leasing center/community space at 60% LTV with a 1.27x DSCR and a 6.87% rate.
The Outcome
The borrower was looking for a lender that could execute with certainty and efficiency across multiple markets while understanding the nuances of its affordable and workforce housing business model.
By demonstrating the ability to work within the requirements of a scattered-site affordable housing portfolio, Encore Finance established itself as a lending partner capable of supporting the borrower’s continued growth.
Contact Encore Finance
Are you interested in learning more about our long-term portfolio loans? Reach out today to start the conversation.
