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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
01/10/2024
Property Type
Property City
Corpus Christi
Property State
TX
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Amortized
Property Value
$235,000
Previous Loan Balance
$122,670
Loan-to-Value
68%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.10
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
2
Building Square Footage
1,302
Borrower's Plan
Continue Rental
Borrower Credit Rating
Good
Interest Rate
7.91%
Origination Points
2%
Deal Summary
RCN Capital, a national direct private lender, funded a $160,000 1st lien position equity cash-out loan secured by a single-family rental home in Corpus Christi, TX. The property value was appraised at $235,000 so our loan-to-value was 68%. The subject property received a monthly rent of $2,115 where the market rate per the appraiser’s estimate was $1,600. The Sponsor on the loan had good credit with a mid-score of 756 and bank statements that reflected sufficient funds to meet our reserve requirement. The subject property was in good condition and tenant-occupied at closing. It is approximately 1,302 square feet. The interest rate was fixed at 7.91% with amortized payments, and we charged 2% origination points. The debt service coverage ratio was 1.10. The loan term was set at 30 years. This DSCR equity cash-out refinance loan was funded in January 2024.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Austin Pallone
Team Loan Officer
Austin joined RCN Capital in 2019. Austin started his RCN career as a Lead Development Specialist, working closely with loan officers to help vet out new deals and provide pricing for all incoming and current deals in their pipelines. Austin takes pride in his communication skills, being straightforward and setting expectations upfront for all parties involved. He believes it is one of the biggest keys to his success in this industry. Austin graduated from Central Connecticut University with a Bachelor of Science. He then when on to be a certified occupational assistant until finding his passion in real estate.