The borrower is an experienced investor who holds two other rental properties in the area. This property is also currently held as a rental unit as well. The borrower is looking to take cash out of this property to put towards the purchase of another investment property. The borrower has good income, excellent experience and average credit. The borrower also plans to refinance through a stated program. The term for this loan is 12 months.
This property deal is a cash out refinance. Funds will be used for the purchase of another investment property. The borrower’s exit strategy will be to refinance the property with a conventional loan. The home is 1,710 square feet and was built in 2006.
Repeat borrowers and experienced investors who have been acquiring rental properties in Florida over the past several years. RCN Capital closed a few loans to these investors in 2015 which have since been paid off. Borrowers anticipate on spending about $10K on rehab and RCN Capital was able to provide a loan at 65% of the After-Repair-Value. The borrowers will refinance the property to hold as a rental investment property.
Borrower is looking to acquire funding to purchase the multi-family property with no renovations are needed. The borrower wanted to purchase the property quickly to then refinance with a conventional lender in the near future. RCN Capital was able to provide a loan at 70% LTV for this investor.
For this purchase of a beautiful single-family home the borrower was looking to acquire the property as a long term rental investment. No renovations were needed for the property thus RCN Capital was able to provide the borrower with funding for the acquisition.
The borrower was looking to purchase the single family house to utilize as a rental property. Since the borrower had experience with owning and operating other rental properties, RCN Capital was able to provide a loan for 69% of the After-Repair-Value of the property. The borrower plans to refinance traditionally once this project is complete.
© RCN CAPITAL 2023
©RCN Capital, LLC. 2023 All Rights Reserved. NMLS #1045656
RCNCapital.com is a website operated by RCN Capital, LLC. By accessing this site and any pages thereof, you agree to be bound by our terms of use and privacy policy. The use of this website does not constitute an application for a mortgage loan or an offer by RCN Capital, LLC to lend.
RCN Capital, LLC is licensed in AZ (License #: 0932325), CA (Loans made or arranged by RCN Capital, LLC pursuant to a California Finance Lenders Law license # 60DBO-46258), MN (MN-MO-1045656), and OR (ML-5571). Please visit www.nmlsconsumeraccess.org for more licensing information.
This is not an offer to lend. All offers of credit are subject to due diligence, underwriting and approval. Not all borrowers will qualify and not all borrowers that qualify will receive the lowest rate or best terms. Actual rates and terms depend on a variety of factors and are subject to change without notice.
