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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
12/29/2022
Property Type
Property City
San Antonio
Property State
TX
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Amortized
Property Value
$365,000
Loan-to-Value
65%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.35
Location Type
Urban
Property Condition
Good
Number of Units
4
Building Square Footage
2,418
Lot Square Footage
7,553
Borrower's Plan
Continue Rental
Borrower Credit Rating
Good
Interest Rate
8.09%
Origination Points
0%
Deal Summary
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.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Georgette Fletcher
Team Loan Officer
Georgette joined RCN Capital in 2019. She enjoys building positive relationships with brokers, customers, and Correspondent Lenders to ensure that their success in this marketplace is met. Using experience in sales, social skills, and marketing, Georgette is versed in being hard-working, diligent in her work, and empathic. Prior to joining RCN Capital, she attended the University of Connecticut and earned a Bachelor of Arts in Human Development and Family Studies with a communications minor.