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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
10/25/2023
Property Type
Property City
Converse
Property State
TX
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Amortized
Property Value
$1,524,000
Loan-to-Value
55%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.15
Property Neighborhood
Converse
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Tenant-Occupied
Number of Units
7
Borrower's Plan
Continue Rental
Borrower Credit Rating
Excellent
Interest Rate
7.98%
Origination Points
1%
Deal Summary
RCN Capital, a national direct private lender, funded a $838,200 1st lien position equity cash-out loan secured by 2 multi-unit residential properties in Converse, a suburb of San Antonio, TX. One property consists of four units, while the other comprises three units, and all were leased. The value of both properties was estimated at $1,524,000 so our loan-to-value was 55%. The total rental income for all 7 units was $10,650 per month. The market rate per the appraiser’s estimate was $10,080. The Sponsor had excellent credit with a mid-score of 793 and bank statements that reflected sufficient funds to meet our reserve requirement. The loan was structured and priced in accordance with the qualification model. The subject properties were in excellent condition and tenant-occupied at closing. The Borrower plans to hold them for a long term. The interest rate was fixed at 7.98% and we charged a 1% origination point. The DSCR (debt service coverage ratio) was 1.15. The loan term was set at 30 years. This DSCR cash-out refinance was funded in October 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Taylor Brawley
Loan Officer
Taylor joined RCN Capital in 2021. He enjoys creating new relationships with brokers and borrowers to ensure their professional goals are met. He works hard at communicating efficiently and effectively in order to achieve the best possible results. He uses his experience from his finance background by being detail-oriented and organized. Prior to joining RCN Capital, Taylor graduated from the University of North Carolina at Charlotte earning his Bachelor of Arts in Finance.