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Funded DSCR Rental Loans in San Antonio
DSCR Refinance for Two Multi-Unit Residential Properties in Converse, Texas
RCN Capital, a national direct private lender, funded a $838,200 1st lien position equity cash-out loan secured by 2 multi-unit residential properties in Converse, a suburb of San Antonio, TX. One property consists of four units, while the other comprises three units, and all were leased. The value of both properties was estimated at $1,524,000 so our loan-to-value was 55%. The total rental income for all 7 units was $10,650 per month. The market rate per the appraiser’s estimate was $10,080. The Sponsor had excellent credit with a mid-score of 793 and bank statements that reflected sufficient funds to meet our reserve requirement. The loan was structured and priced in accordance with the qualification model. The subject properties were in excellent condition and tenant-occupied at closing. The Borrower plans to hold them for a long term. The interest rate was fixed at 7.98% and we charged a 1% origination point. The DSCR (debt service coverage ratio) was 1.15. The loan term was set at 30 years. This DSCR cash-out refinance was funded in October 2023.
Easy Street Capital, a direct private real estate lender, funded a $526,850 1st lien position rental refinance loan secured by a single-family home in San Antonio, Texas. The property value was estimated at $755,000 so our loan-to-value was 69.8%. We paid off a previous mortgage balance of $293,426. The loan was structured with a fixed interest rate of 8.875% and required interest-only payments for the first 10 years of the term, amortized on a 20-year schedule thereafter. The loan carries prepayment protection of annual step-down penalties from 3% to 1% for the first 36 months with the remaining 324 months open without penalty prior to maturity. The subject property is a 2,644-square-foot single-family home built in 2022. It was vacant at closing and had a DSCR of 0.75. The home has four bedrooms, four bathrooms, two laundry rooms, an inground pool, and many other desirable features and high-end finishes. It is in pristine condition (C1 rating per the third-party appraisal) as it is a new construction home. The home also features five fireplaces, a wet bar, an outdoor terrace, an outdoor kitchen, and a two-car garage. The Borrower had good credit. We charged 3.63% origination points. The loan term was set at 30 years. This SFR rental refinance loan was funded in June 2023.
RCN Capital, a national direct private lender, funded a $237,250 1st lien position equity cash-out DSCR loan secured by a fourplex in San Antonio, TX. The property value was estimated to be $365,000 so our loan-to-value was 65%. The Borrowers were looking to refinance the subject property. The fourplex was leased for $3,430 per month which was below the appraiser’s estimate ($3,480), and it resulted in a 1.35 DSCR. It was appraised for $365k As-Is, and the collateral desktop analysis (CDA) confirmed the appraised value was acceptable. The Sponsors had mid-scores of 698/700 and bank statements that reflected sufficient liquidity to meet the reserve requirement. The loan was structured and priced in accordance with our qualification model. The subject property was in good condition. It was approximately 2,418 square feet set in a 7,553-square-foot lot. The Borrower plans to continue leasing the property. The fixed interest rate was 8.09% with amortized payments. The loan term was set at 30 years. This equity cash-out DSCR loan was funded in December 2022.