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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
12/20/2023
Property Type
Property City
Willingboro
Property State
NJ
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Amortized
Property Value
$345,000
Previous Loan Balance
$200,200
Loan-to-Value
65%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.19
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
1,684
Borrower's Plan
Continue Rental
Borrower Credit Rating
Excellent
Interest Rate
7.15%
Origination Points
4%
Deal Summary
RCN Capital, a national direct private lender, funded a $224,250 DSCR refinance loan for an SFR long-term rental in Willingboro, NJ. The property value was appraised at $345,000 so our loan-to-value was 65%. We paid off a previous loan balance of $200,200 and provided some cash-out. The property was receiving a monthly rent of $2,600 which was $250 below the market rates per the appraiser’s estimate ($2,850). The 1,684-square-foot subject property was in excellent condition and tenant-occupied at closing. The Borrower had excellent credit with a mid-score of 752 and bank statements that reflected sufficient funds to meet our reserve requirement. The loan was structured and priced in accordance with our qualification model. The DSCR was 1.19. The interest rate was fixed at 7.15% with amortized payments, and we charged 4% origination points. The loan term was set at 30 years. This DSCR refinance loan was funded in December 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Chris Cardenas
Loan Officer
Christopher Cardenas, Loan Officer, joined RCN Capital in May of 2021. As a loan officer, he concentrates on building relationships and ensuring product guidelines are met along with efficient processes to help the entire team from the start of a loan to the closing. Chris has past experience in wealth management, being an account manager at Raymond James. He graduated from Central Connecticut State University earning his BS in Finance in 2018 and his MBA in 2020.