DSCR Equity Cash-Out Loan for Duplex in Tacoma, Washington

Funded by RCN Capital


Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date


Property Type
2-4 Units Residential
Property City


Property State


Loan Term (months)


Lien Type

1st Mortgage

Payment Type


Property Value





30 years

Rate Type


Debt Service Coverage Ratio


Location Type


Property Condition

Newly Renovated

Occupancy at Closing

All Units Occupied

Number of Units


Building Square Footage


Borrower's Plan

Continue Rental

Borrower Credit Rating


Interest Rate


Deal Highlights

New borrower with RCN looking to cash-out refinance a free-and-clear investment property.
Property is a 2-unit rental in Tacoma, Washington.
Property worth 858k (appraised value); 68.5% LTV on cash-out for loan amount of 588k.
Both units currently leased above estimated market rent for the area.

Deal Summary

RCN Capital, a national direct private lender, funded a $588,026 1st lien position equity cash-out loan secured by a duplex in Tacoma, WA. The property value was estimated to be $858,000 so our loan-to-value was 68.5%. This new Client with RCN wanted to cash out on a free-and-clear duplex property which was purchased for $365,000 in February 2021 and completed about $260,000 in rehab. The property is now appraised at $858K As-Is (Collateral Desktop Analysis confirmed) and both units were leased for a total of $6,195/month, which is above the total market rent of $5,000/month. The subject property is approximately 3,220 square feet, and both units were occupied at closing. The Sponsor had good credit and liquidity to close this deal. The loan was structured at 68.5% loan-to-value presenting 1.10 DSCR. The Borrower plans to continue leasing the property. The interest rate was fixed at 7.3% with amortized payments. The loan term was set at 30 years. This DSCR equity cash-out loan was funded in February 2023.

Funded By

RCN Capital

Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans


Chris Conklin

Team Loan Officer

Chris Conklin, Team Loan Officer, began his relationship with RCN Capital as a Lead Development Specialist in Fall of 2021. He quickly made an impact, hitting the top LDS goal six months in a row at one point, while developing an understanding of the products and policies here at RCN Capital. He takes pride in providing the best customer service he can to his customers, brokers, and clients. Prior to joining RCN Capital, Chris graduated from Northeastern University with a Bachelor’s degree in Economics, while minoring in Chinese. He got a job at W.B. Mason after college, rising up to Corporate Purchasing Manager over the next 5 years.

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