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SFR Cash-Out Refinance Long-Term Rental

Funded By: RCN Capital

Borrower looking to cash out on existing debt on subject property located in Rome, GA and hold it to long term loan. Subject is an SFR currently leased for $1,000 per month which is below the market rates per the appraiser’s estimate $1,450/month. Subject appraised for $161k As-Is and a CDA confirmed the value was acceptable. Major sponsor on the loan with excellent credit with a mid-score of 760; Bank statements reflect sufficient liquidity to meet the reserve requirement. Loan structured and priced in accordance with the qualification model. Total loan amount 69.10% LTV with 1.10 DSCR.

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