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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
12/19/2023
Property Type
Property City
Tampa
Property State
FL
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Amortized
Property Value
$750,000
Loan-to-Value
75%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.53
Location Type
Rural
Property Condition
Excellent
Occupancy at Closing
Tenant-Occupied
Number of Units
4
Building Square Footage
2,268
Borrower's Plan
Continue Rental
Borrower Credit Rating
Excellent
Interest Rate
8.94%
Origination Points
.5%
Deal Summary
RCN Capital, a national direct private lender, funded a $562,500 1st lien position equity cash-out refinance loan secured by a 4-unit residential property in Tampa, FL. The property value was estimated at $750,000 so our loan-to-value was 75%. The debt service coverage ratio (DSCR) was 1.53. The subject property was acquired for $650,000 in March 2022 and had completed $25,000 in renovations. It was in excellent condition and was appraised for $750,000 as-is. All four units were leased above market rents for a total of $8,150/month. The property is approximately 2,268 square feet. The Borrower had good credit and sufficient liquidity to close. The interest rate was fixed at 8.94% with amortized payments, and we charged 0.5% origination points. The loan term was set at 30 years. This DSCR equity cash-out refinance loan was funded in December 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Rich DeVito
Senior Loan Officer
Richard is always looking to help people fund their great real-estate investment ideas, from seasoned veterans in the space to first-time investors. Richard is known for his strong customer service and ability to develop long-term relationships with borrowers and brokers. He has a background in financial services/sales and has experienced great success by being knowledgeable, and professional, and understanding the investor’s experience is the number one priority. Richard attended Iona College and graduated from the Hagan School of Business with a degree in Finance.