DSCR Refinance Loan for 4-Unit Property in Tampa, Florida

Funded by RCN Capital


Deal Details

Private Loan Type

Equity Cash Out

Approx. Funding Date


Property Type
2-4 Units Residential
Property City


Property State


Loan Term (months)


Lien Type

1st Mortgage

Payment Type


Property Value





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

Borrower is an experienced investor seeking to cash out subject property.
Property consists of 2 concrete brick buildings each with 2 units, 4 units in total.
Borrower has great credit, and qualified for 75% LTV on the cash out refinance.
All 4 units are tenant occupied and cash flowing, DSCR of 1.53.

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


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.