DSCR Refinance for Two Multi-Unit Residential Properties in Converse, Texas

Funded by RCN Capital


Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date


Property Type
2-4 Units Residential
Portfolio of Residential Properties
Property City


Property State


Loan Term (months)


Lien Type

1st Mortgage

Payment Type


Property Value





30 years

Rate Type


Debt Service Coverage Ratio


Property Neighborhood


Location Type


Property Condition


Occupancy at Closing


Number of Units


Borrower's Plan

Continue Rental

Borrower Credit Rating


Interest Rate


Origination Points


Deal Highlights

Investor seeking to cash-out refinance a 2 property portfolio in TX at 55% LTV.
Properties located in Schertz, TX and Converse TX. Both are 2-4 unit residential properties.
Property 1: valued at 884k; Property: 2 valued at 640k. Total collateral approx. $1.52M.
55% LTV for a loan amount of $838,200.

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


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.