DSCR Refinance Loan for SFR Rental in Jacksonville, Florida

Funded by RCN Capital

$197,630

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

05/10/2024

Property Type
Single Family Residence
Property City

Jacksonville

Property State

FL

Loan Term (months)

360

Lien Type

1st Mortgage

Payment Type

Amortized

Property Value

$265,000

Previous Loan Balance

$194,000

Loan-to-Value

75%

Term

30 years

Debt Service Coverage Ratio

1.06

Location Type

Suburban

Property Condition

Good

Number of Units

1

Borrower's Plan

Long-Term Rental

Borrower Credit Rating

Excellent

Interest Rate

7.40%

Origination Points

2.75%

Deal Highlights

Repeat investor looking to refi rental property in Jacksonville, Florida.
Borrower initially purchased property in November 2023 for 128k put 90k worth of rehab into it.
Property appraised for 265k after repair and is leased with tenants.
Borrower has great credit and property cash flows with a 1.06 DSCR ratio.

Deal Summary

RCN Capital, a national direct private lender, funded a $197,630 1st lien position long-term rental loan secured by a single-family home in Jacksonville, FL. The property value was appraised at $265,000 so our loan-to-value was 75%. We paid off a previous loan balance of $194,000. The property was purchased for $128,128 in November 2023, and the Borrower spent over $90,000 on renovations before placing tenants in it. The property was generating a monthly rent of $1,745 which is slightly above the appraiser’s estimated market rent. The DSCR (debt service coverage ratio) was 1.06. The Borrower had excellent credit and liquidity to close the deal. The interest rate was 7.40% with amortized payments, and we charged 2.75% origination points. The loan term was set at 30 years with a 5-year prepayment penalty. This DSCR rental refinance loan was funded in May 2024. 

Funded By

RCN Capital

Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans

Dealmakers

Michael Mina

Loan Officer

Michael Mina, Loan Officer, joined RCN Capital in 2024. Known for developing strong partnerships and delivering exceptional customer service. With a proven track record, he consistently delivers effective communication, leading to successful outcomes. He possesses a wealth of experience in the industry, showcasing his deep understanding and expertise.