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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
06/02/2023
Property Type
Property City
Beavercreek
Property State
OH
Loan Term (months)
360
Payment Type
Interest Only
Property Value
$275,000
Loan-to-Value
61%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.10
Property Neighborhood
Beavercreek
Location Type
Suburban
Property Condition
Excellent
Number of Units
1
Building Square Footage
1,712
Borrower's Plan
Continue Rental
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
6.9%
Origination Points
2.5%
Deal Summary
RCN Capital, a national direct private lender, funded a $166,786 1st lien position equity cash-out loan secured by a single-family home in Beavercreek, Ohio, which is part of the Dayton metro area. The property value was estimated at $275,000 so our loan-to-value was 61%. An as-is and Collateral Desktop Analysis confirmed that the appraised value was acceptable. The house is currently leased for $1,825 per month which was below the market rate per the appraiser’s estimate of $1,950. The Sponsor on the loan had mid-scores of 778 and bank statements that reflected sufficient liquidity to close. The total loan amount was 60.6% LTV with a 1.10 DSCR. The subject property was in excellent condition. It is approximately 1,712 square feet. The Borrower plans to hold the property as a long-term rental. The interest rate was fixed at 6.9% and we charged 2.5% origination points. The loan term was set at 30 years. This DSCR equity cash-out loan was funded in June 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Patric Amar
Team Loan Officer
Patric Amar, Team Loan Officer, joined RCN Capital in January 2023. His main focus is to build new relationships with brokers and borrowers to work hand in hand to meet timelines and goals that are set. He has strong communication skills, and is efficient in his day to day tasks. Prior to working with RCN, Patric was a Mortgage Loan Processor for a company based in Los Angeles, where he became a Licensed Mortgage Loan Originator.