Deal Details
Private Loan Type
Refinance
Approx. Funding Date
12/01/2022
Property Type
Property City
West Carrollton
Property State
OH
Loan Term (months)
360
Lien Type
1st Mortgage
Property Value
$160,000
Previous Loan Balance
$117,000
Loan-to-Value
75%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.25
Property Neighborhood
West Carrollton
Location Type
Suburban
Property Condition
Newly Renovated
Occupancy at Closing
Tenant-Occupied
Number of Units
2
Borrower's Plan
Continue Rental
Interest Rate
7.17%
Origination Points
2%
Deal Summary
RCN Capital, a national direct private lender, funded a $120,000 DSCR long-term rental refinance loan secured by a newly renovated duplex in West Carrollton, OH. The subject property’s value was approximately $160,000 as-is, so the loan-to-value for our first mortgage was 75%. We paid off a previous loan balance of $117,000. The Borrower was a repeat and experienced investor looking to refinance existing debt on a subject property and hold it to a long-term loan. The 2-unit family residence was being leased for $1,035 per month which was below the market rates as per the appraiser’s estimate ($1,400). The Sponsor had good credit with a mid-score of 735 and bank statements that reflected solid liquidity sufficient to meet our reserve requirement. The debt service coverage ratio was 1.25. The fixed interest rate was 7.17%. We charged 2% origination points. The loan term was set at 30 years. This DSCR rental refinance loan was funded in December 2022.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Andrew Husson
Loan Officer
Andrew Husson, Loan Officer, is dedicated to building strong and productive relationships with both investors and borrowers, so they can achieve their financial goals. He strives to provide clear & insightful communication to help individuals understand all the options available to them and assist them in reaching the most profitable outcome. Andrew graduated cum laude from George Washington University with a Bachelor of Science in Economics. He is fully committed to turning clients’ real estate dreams into financial successes.