)
Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
12/08/2020
Property Type
Single Family Residence
Property City
Austin
Property State
TX
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
75%
Term
30 years
Property Condition
Good
Interest Rate
4.8%
Deal Summary
RCN Capital funded a $268K private mortgage secured by a single-family home in Austin, TX. The Borrower had already held the property as a rental. The property was in good condition, leased, and generating income of $1,790/month. RCN was able to provide a 30-year loan term with a 10-year interest-only period. The loan-to-value was 75% of the as-is value. The interest rate was 4.8%. The Borrower intends to continue to hold the property long-term. This SFR private mortgage was funded in December 2020.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans