.png?width=234&height=80&name=logo-white-1%20(2).png "RCN Capital"){kind=logo}
Borrower is an experienced investor looking to rate/term refinance on a subject property located in Merrillville, IN. Subject is an SFR, which borrower acquired for $260K in November 2022 and a completed rehab of $100K. Property is currently leased for $3,400 per month which is slightly above rate per the appraiser's estimate ($3,100). Subject appraised for $395k As-Is. Two Sponsors on the loan have excellent credit with a mid-score of 785 and bank statements reflect just sufficient liquidity to meet the reserve requirement. Total loan amount 73.6% LTV and with DSCR 1.11.