Ohio DSCR Loan Lenders for Long-Term Rental Homes

RCN Capital, a national direct private lender, funded a $166,786 1st lien position equity cash-out loan secured by a single-family home in Beavercreek, Ohio, which is part of the Dayton metro area. The property value was estimated at $275,000 so our loan-to-value was 61%. An as-is and Collateral Desktop Analysis confirmed that the appraised value was acceptable. The house is currently leased for $1,825 per month which was below the market rate per the appraiser’s estimate of $1,950. The Sponsor on the loan had mid-scores of 778 and bank statements that reflected sufficient liquidity to close. The total loan amount was 60.6% LTV with a 1.10 DSCR. The subject property was in excellent condition. It is approximately 1,712 square feet. The Borrower plans to hold the property as a long-term rental. The interest rate was fixed at 6.9% and we charged 2.5% origination points. The loan term was set at 30 years. This DSCR equity cash-out loan was funded in June 2023. 

RCN Capital, a national direct private lender, funded a $176,267 1st lien position equity cash-out DSCR loan for a single-family home in Dayton, Ohio. The property value was estimated at $240,000 and the CDA (Collateral Desktop Analysis) confirmed that the appraised value was acceptable. Our loan-to-value was 73% with a 1.10 DSCR. The property is currently leased for $1,850 per month which is below the market rate per the appraiser’s estimate of $2,000. The Borrower had mid-scores of 778 and bank statements that reflected sufficient liquidity. The subject property was in excellent condition and tenant-occupied at closing. It is approximately 1,493 square feet. The interest rate was fixed at 7.3% with amortized payments and we charged 2.5% origination points. The loan term was set at 30 years. This DSCR equity cash-out loan was funded in June 2023.

RCN Capital, a national direct private lender, funded a $131,250 1st lien position DSCR rental loan for the purchase of a single-family residence in Fairborn, OH. We funded 73% of the $175,000 purchase price while the Borrower contributed 27% cash at closing. The subject property was appraised for $180K As-Is (Collateral Desktop Analysis confirmed) with an estimated market rent of $1,400/month. The Sponsor had good credit and liquidity to close. The loan was structured at 73% of the purchase price presenting 1.22 DSCR which indicated a cash-flowing investment property. The subject property was in excellent condition. It was approximately 1,506 square feet. The Borrower plans to continue leasing the property long-term. The interest rate was fixed at 6.86% with amortized payments, and we charged 4% origination points. The loan term was set at 30 years. This SFR DSCR rental purchase loan was funded in March 2023.

RCN Capital, a national direct private lender, funded a $120,000 DSCR long-term rental refinance loan secured by a newly renovated duplex in West Carrollton, OH. The subject property’s value was approximately $160,000 as-is, so the loan-to-value for our first mortgage was 75%. We paid off a previous loan balance of $117,000. The Borrower was a repeat and experienced investor looking to refinance existing debt on a subject property and hold it to a long-term loan. The 2-unit family residence was being leased for $1,035 per month which was below the market rates as per the appraiser’s estimate ($1,400). The Sponsor had good credit with a mid-score of 735 and bank statements that reflected solid liquidity sufficient to meet our reserve requirement. The debt service coverage ratio was 1.25. The fixed interest rate was 7.17%. We charged 2% origination points. The loan term was set at 30 years. This DSCR rental refinance loan was funded in December 2022.

RCN Capital, a national direct private lender, funded a $148,000 loan for the purchase of a 4-unit residential property in Dayton, Ohio. The purchase price was $185,000. RCN Capital funded 80% of the purchase in 1st lien position, and the Borrower contributed a 20% cash down payment at closing. The Borrower is an experienced investor with over 20 rental properties in their portfolio, looking to take on another 30-year deal under contract to acquire the subject property with intentions of holding it long-term as a rental/income property. They had good credit with a mid-score of 718 and bank statements evidenced over $131,418 in total assets. The loan was structured and priced in accordance with RCN’s qualification model. The Appraiser’s estimated combined market rent is $2,400 per month, which resulted in a 1.86 DSCR. The fixed interest rate was 6.6% and the loan term was set at 30 years. The subject property was in good condition, and we charged 4% origination points. Two out of four leases were in place at the time of closing. This DSCR rental loan was funded in October 2022.

i Fund Cities, an alternative lending platform built for investors, funded a $271,600 DSCR rental loan for the purchase of a single-family residence in New Albany, Ohio, about 15 miles northeast of Columbus. The purchase price was $388,000. I Fund Cities funded 70% of the purchase in 1st lien position, and the Borrower contributed a 30% down payment of $116,400 plus closing costs. The loan term was 30 years with a fixed interest rate. The property was in excellent condition and ready for a tenant. The loan term was set at 30 months.

This client came to us through a Google search after her lender had significantly reduced her leverage by over 30% on the pending loan for her investment property. To make matters worse, this had happened within days of closing, and she could not get an extension on her contract. iFC’s highly skilled loan officer, Caitlin Davis, rose to the challenge! She quickly put together an accurate loan quote for the borrower and worked tirelessly. Moving seamlessly through iFC’s straightforward loan process, she and the borrower were able to close the loan in just 10 days – right on time! The borrower was incredibly grateful, and now knows they have a lender they can rely on for life. This DSCR residential long-term rental loan was funded in September 2022.

RCN Capital funded a private mortgage in the amount of $151,000 for a residential real estate investor in Columbus, OH. The investor purchased a single-family house for $45,000 in June. The house was quite dilapidated and needed a lot of work. The investor did $55,000 worth of renovation using their own cash over a 4-month period and planned to hold it as a long-term rental for cash flow. Once the rehab project was completed, they were able to lease the property for $1,500/month which was slightly higher than the market rent. Post renovation, the property was appraised at $202,000. RCN Capital was able to provide a 30-year fixed-rate loan at a 6.24% interest rate. The loan-to-value is 75% of the completed value. This SFR private mortgage loan was funded in October 2020.