Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
04/03/2023
Property Type
Property City
Medford
Property State
OR
Loan Term (months)
360
Lien Type
1st Trust Deed
Payment Type
Amortized
Property Value
$465,000
Previous Loan Balance
$242,148
Loan-to-Value
75%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.24
Property Neighborhood
Medford
Location Type
Suburban
Occupancy at Closing
Tenant-Occupied
Number of Units
3
Building Square Footage
2,208
Borrower's Plan
Continue Rental
Interest Rate
8.3%
Deal Summary
RCN Capital, a national direct private lender, funded a $348,750 1st lien position equity cash-out loan secured by a triplex in Medford, OR. The property value was estimated at $465,000 As-Is and a Collateral Desktop Analysis was ordered to confirm the value was acceptable. The total loan amount was 75% LTV with a 1.24 DSCR. We paid off a previous mortgage balance of $242,148. The subject property is currently leased for $3,950 per month which is equal to the market rates per the appraiser’s estimate ($3,950). It is approximately 2,208 square feet and was tenant-occupied at closing. The Borrower had excellent credit with a mid-score of 766; Bank statements reflected solid liquidity which was sufficient to meet the reserve requirement. They plan to hold the property long-term. The interest rate was fixed at 8.3% with amortized payments. The loan term was set at 30 years. This DSCR equity cash-out loan was funded in April 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Peter Rusconi
Team Loan Officer Lead
Peter Rusconi, Team Loan Officer Lead, develops working relationships with brokers and borrowers to ensure their professional goals are met. By using unparalleled attention to detail, tenacity, and superior customer service he manages loans through the origination and underwriting processes. Peter joins RCN Capital in the summer of 2019 after graduating from the University of Connecticut with a B.S. in Finance and a minor in Real Estate.