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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
08/21/2024
Property Type
Property City
Chicago
Property State
IL
Loan Term (months)
360
Payment Type
Amortized
Property Value
$315,000
Previous Loan Balance
$191,951
Loan-to-Value
75%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.21
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
1,035
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Excellent
Interest Rate
7.35%
Origination Points
0%
Deal Summary
RCN Capital, a national direct private lender, funded a $236,250 1st lien position DSCR refinance loan secured by a single-family home in Chicago, IL. The property value was estimated at $315,000 so our loan-to-value was 75%. We paid off a previous loan balance of $191,951 and provided the rest as cash out to the Borrower. The property was purchased in July 2023 for $107,000 and was appraised at $315,000 as-is. A Collateral Desktop Analysis confirmed the value was acceptable. The 1,035 square foot home was leased, generating $2,600 per month, which matched the appraiser’s estimated market rent. The debt service coverage ratio was 1.21. The experienced Borrower had excellent credit and sufficient liquidity to close. The interest rate was fixed at 7.35% with amortized payments. The loan term was set at 30 years with a 3-year prepayment penalty. This DSCR equity cash-out refinance was funded in August 2024.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Ryan Taft
Loan Officer
Ryan puts a premium on giving clients at RCN a customer experience that will lead to a long-lasting relationship. Ryan goes above and beyond to make sure brokers & borrowers alike reach their financial and professional goals through clear & concise communication.