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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
08/28/2023
Property Type
Property City
Columbus
Property State
OH
Loan Term (months)
360
Payment Type
Amortized
Property Value
$294,676
Previous Loan Balance
$290,000
Loan-to-Value
73%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.37
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
All Units Occupied
Borrower's Plan
Continue Rental
Interest Rate
8.38%
Origination Points
0%
Deal Summary
RCN Capital, a national direct private lender, funded a $294,676 1st lien position long-term rental loan for a portfolio of 3 rental homes in Columbus, Ohio. The value of all 3 properties was estimated at $420,965 so our loan-to-value was 73%. We paid off a previous loan balance of $290,000. The 3 SFRs have a great overall cash flow of 1.37x and were in good condition. This repeat Borrower is very experienced and owns 65 units that are all fully occupied. Great deal overall. The interest rate was fixed at 8.38% with amortized payments. The DSCR was 1.37. The Borrower had good credit and solid liquidity. The loan term was set at 30 years. This DSCR rental refinance loan was funded in August 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Sam Duda
Loan Officer
Sam joined RCN Capital in 2020 with two years of agency underwriting experience. He brings with him an understanding of the mortgage industry, a strong work ethic, and a focus on attention to detail. Sam strives to create long-lasting and meaningful relationships with mortgage brokers and real estate investors through exceptional customer service and determination to meet his customer’s needs.