Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
01/10/2019
Property Type
Single Family Residence
Property City
Atlanta
Property State
GA
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$350,000
Loan-to-Value
55%
Deal Summary
RCN Capital, a national direct private lender, funded a $190,000 1st lien position equity cash-out loan secured by a single-family home in Atlanta, Georgia. A new investor purchased the subject property with cash in 2016 and completely renovated it. The Borrower listed the property for sale and was looking to pull cash out of the property while it is listed. The property has an as-is value of $350k and RCN was able to make a loan for 55% of the current value.