What rent comps support San Antonio BTR underwriting today?

Detached three-bedroom BTR product in Schertz and Cibolo typically supports $1,950–$2,250 monthly rents. New Braunfels supports $2,000–$2,400. Lenders apply 2–3% trended growth with zero-growth stress cases. Pricing reflects the more conservative pace versus Austin.

Can you fund corridor BTR projects that straddle Comal and Guadalupe counties?

Yes. Most lenders treat the IH-35 corridor as a single underwriting universe and don't differentiate sharply by county. Sponsor track record and entitlement status matter more than county-specific positioning. We have closed corridor BTR projects working across both counties.

San Antonio, TX · Up to 85% LTC

Build-to-Rent in San Antonio, TX

BTR activity in San Antonio is concentrated in Comal County (New Braunfels, Schertz), Guadalupe County, and the IH-35 corridor extending toward Austin. Lower land basis than Austin makes the corridor among the more accretive BTR underwrites in Central Texas. We arrange construction-to-perm structures up to 85% LTC for community-scale BTR projects.

San Antonio Developer Market

San Antonio has been the most affordable large Sun Belt market and continues to absorb significant migration from Austin. Comal and Guadalupe counties (New Braunfels, Schertz, Cibolo) drive most of the high-growth permitting, with Bexar County itself anchored by production builds in the northwest and northeast quadrants.

The IH-35 corridor between San Antonio and Austin is one of the most actively developed stretches of land in the U.S. right now. Builders are sourcing lots from Buda to Schertz and treating it as one corridor market.

Permit Trends

Comal County permits have outpaced Bexar in some recent quarters thanks to New Braunfels' absorption. Bulverde, Boerne, and Spring Branch continue to add inventory at the higher end. Northeast Bexar (Schertz, Cibolo, Selma) leads production-builder activity.

Capital Climate

Local Texas banks remain active and competitive. Private credit picks up multifamily and BTR overflow, plus most deals above $25M. San Antonio capital pricing typically runs 25–50 bps inside Austin for comparable product.

San Antonio Submarkets We Place In

New Braunfels Schertz Cibolo Boerne Helotes Bulverde Selma Converse Stone Oak

Build-to-Rent Program Terms

Loan-to-Cost

Up to 85% (with mezz)

Loan Size

$10M – $250M

Structure

Construction-to-permanent or construction + take-out

Term (construction)

24 – 36 months

Term (permanent)

5 / 7 / 10 year, IO available

Recourse

Non-recourse, with standard carve-outs

Full Build-to-Rent Program Details

Representative San Antonio Deal

BTR construction-to-permanent

$48M

118-home detached BTR community in Schertz. Single facility with phased horizontal, vertical, and lease-up draws.

Frequently Asked Questions

Questions builders and developers ask about build-to-rent loans in San Antonio.

Land basis significantly lower than Austin, predictable entitlements, strong employment growth from Austin spillover, and competitive impact fees. Comal County has absorbed extraordinary growth and continues to attract BTR capital looking for corridor exposure without Austin pricing.