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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
10/05/2023
Property Type
Property City
Chicago
Property State
IL
Loan Term (months)
360
Payment Type
Amortized
Property Value
$285,000
Previous Loan Balance
$220,000
Loan-to-Value
74%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.20
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
1,034
Borrower's Plan
Continue Rental
Borrower Credit Rating
Good
Interest Rate
8.94%
Origination Points
0%
Deal Summary
RCN Capital, a national direct private lender, funded a $210,161 1st lien position refinance loan secured by a single-family rental home in Chicago, IL. The property value was estimated at $285,000 so our loan-to-value was 74%. The property was initially purchased in July 2022 for $217,000 with financing. The Borrower was looking to do a rate & term. We paid off the previous loan and did not provide any cash-out. The property was leased at a rental rate of $2,500 per month, which is the same as the market rent per the appraisal report. This resulted in a 1.20 DSCR (debt service coverage ratio). The property is approximately 1,034 square feet. The Borrower had good credit and sufficient liquidity to qualify for the loan. The interest rate was fixed at 8.94% with amortized payments. The loan term was set at 30 years. This DSCR rental refinance loan was funded in October 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Jonathan Gras
Team Loan Officer
Jonathan Gras, Team Loan Officer, joined RCN Capital in 2022. He enjoys connecting with brokers and borrowers to create long-lasting relationships that will cultivate successful business. His customer service skills allow him to effectively and efficiently communicate with clients. Prior to joining RCN Capital, Jonathan graduated from Appalachian State University earning his Bachelor of Science in Business Administration with a focus in Finance and Banking.