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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
12/01/2023
Property Type
Property City
Forty Fort
Property State
PA
Loan Term (months)
360
Payment Type
Amortized
Property Value
$315,000
Loan-to-Value
65%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.19
Number of Units
1
Building Square Footage
2,500
Borrower's Plan
Continue Rental
Borrower Credit Rating
Excellent
Interest Rate
8.99%
Origination Points
1.5%
Deal Summary
RCN Capital, a national direct private lender, funded a $204,750 1st lien position DSCR equity cash-out loan for a single-family home in Forty Fort, PA. The Borrower is a repeat foreign national investor. The subject property at that time was leased for $2,500 per month which was above the market rent amount per the appraiser’s estimate ($2,200). It was appraised at $315,000 As-Is value. We had to dispute the initial appraisal, and get a new 1007, and we still were able to close in under a month. The total loan amount was 65% loan-to-value with a 1.19 DSCR. The property is approximately 2,500 square feet. The Borrower had excellent credit with a mid-score of 737 and bank statements that showed sufficient liquidity. The interest rate was fixed at 8.99% with amortized payments and we charged 1.5% origination points. The DSCR was 1.19. The loan term was set at 30 years. This DSCR equity cash-out loan was funded in December 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Tommy Kaye
Loan Officer
Tommy joined RCN Capital in 2019. He strives to ensure that investors find a product that best fits their financial goals and livelihood. Tommy’s main goal is to build and maintain positive professional relationships with brokers and borrowers alike.