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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
05/10/2024
Property Type
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 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.