DSCR Refinance Loan for SFR in Corpus Christi, Texas

Funded by RCN Capital


Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date


Property Type
Single Family Residence
Property City

Corpus Christi

Property State


Loan Term (months)


Lien Type

1st Mortgage

Payment Type


Property Value


Previous Loan Balance





30 years

Rate Type


Debt Service Coverage Ratio


Location Type


Property Condition


Occupancy at Closing


Number of Units


Building Square Footage


Borrower's Plan

Continue Rental

Borrower Credit Rating


Interest Rate


Origination Points


Deal Highlights

Experienced Borrower looking for cash out refinance on 2-unit property in Corpus Christi, TX.
Both units are leased bringing in a total of $2,115 between the two units.
Property is cash flowing with a 1.10 DSCR.
Loan structured at 68% LTV for a total loan amount of 160,000.

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


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.