)
Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
04/26/2024
Property Type
Property City
Duson
Property State
LA
Loan Term (months)
360
Payment Type
Amortized
Property Value
$150,000
Previous Loan Balance
$58,617
Loan-to-Value
75%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.83
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
4
Building Square Footage
4,000
Borrower's Plan
Continue Rental
Borrower Credit Rating
Excellent
Interest Rate
8.29%
Origination Points
0%
Deal Summary
RCN Capital, a national direct private lender, funded a $112,500 1st lien position equity cash-out loan secured by a 4-unit property in Duson, LA. The property value was appraised at $150,000 so our loan-to-value was 75%. We paid off a previous loan balance of $58,617 and the balance was made available for the Borrower to use for other investments. The property is a 4,000-square-foot fourplex which they have owned since early 2019. It was in good condition and all units were rented for a combined total of $2,250 per month which is above market rent per the appraiser’s estimate. The Borrower had excellent credit and sufficient assets. The interest rate was fixed at 8.29% with amortized payment. The DSCR was 1.83. 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
Chris Conklin
Team Loan Officer
Chris began his relationship with RCN Capital as a Lead Development Specialist in Fall of 2021. He quickly made an impact, hitting the top LDS goal six months in a row at one point, while developing an understanding of the products and policies here at RCN Capital. He takes pride in providing the best customer service he can to his customers, brokers, and clients. Prior to joining RCN Capital, Chris graduated from Northeastern University with a Bachelor’s degree in Economics, while minoring in Chinese. He got a job at W.B. Mason after college, rising up to Corporate Purchasing Manager over the next 5 years.