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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
04/15/2024
Property Type
Property City
Columbus
Property State
OH
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Amortized
Property Value
$247,000
Previous Loan Balance
$190,000
Loan-to-Value
75%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.17
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
1,053
Borrower's Plan
Continue Rental
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
6.44%
Origination Points
4%
Deal Summary
RCN Capital, a national direct private lender, funded a $185,250 1st lien position rental refinance loan secured by a single-family home in Columbus, OH. The property value was estimated at $247,000 so our loan-to-value was 75%. We paid off a previous loan balance of $190,000. The property was being leased for $1,685 per month, which aligned perfectly with the appraiser’s estimated market rent of $1,700. The “as-is” appraised value of the property was further confirmed by a commissioned appraisal (Collateral Desktop Analysis). This repeat Borrower is a foreign national who had excellent credit, while the bank statements showed good liquidity and met the reserve requirement. The loan structure boasts a strong debt service coverage ratio (DSCR) of 1.17. The subject property is approximately 1,053 square feet. It was in good condition and tenant-occupied at closing. The interest rate was fixed at 6.44% with amortized payments, and we charged 4% origination points. The loan term was set at 30 years. This DSCR loan was funded in April 2024.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Jonathan Gras
Team Loan Officer
Jonathan Gras, Team Loan Officer, joined RCN Capital in 2022. He enjoys connecting with brokers and borrowers to create long-lasting relationships that will cultivate successful business. His customer service skills allow him to effectively and efficiently communicate with clients. Prior to joining RCN Capital, Jonathan graduated from Appalachian State University earning his Bachelor of Science in Business Administration with a focus in Finance and Banking.