)
Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/30/2022
Property Type
Property City
Laurel
Property State
MD
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$365,000
Loan-to-Purchase Price
70%
Borrower's Contribution to Purchase
30%
Source of Borrower's Contribution
Cash
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.10
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Building Square Footage
1,520
Borrower's Plan
Long-Term Rental
Exit Strategy
Pay Down
Borrower Credit Rating
Good
Interest Rate
6.42%
Origination Points
2.75%
Broker Commission
$3,200
Deal Summary
RCN Capital, a national direct private lender, funded a $256,014 loan for the purchase of a single-family residence in Laurel, Maryland, a mostly residential suburban community conveniently located 20 miles from both Washington D.C. and Baltimore. The purchase price was $365,000. RCN Capital funded 70% of the purchase in 1st lien position and the Borrower contributed a 30% cash down payment at closing. The Borrower was an experienced investor looking to purchase and hold a long-term, cash-flowing rental property. They had an average credit with a mid-score of 688 and bank statements that reflected a balance of $592,962.03 in assets/liquidity. The loan was structured and priced in accordance with RCN’s qualification model. The Appraiser’s estimated combined market rent is $2,325/month, which resulted in a 1.10 DSCR. The fixed interest rate was 6.42% and the loan term was set at 30 years. We charged 3% origination points, and the broker earned a $3,200 commission. The property was in good condition with an approximate square footage of 1,520. It was already tenant-occupied at the time of funding. This DSCR rental property loan was funded in September 2022.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Tommy Kaye
Loan Officer
Tommy joined RCN Capital in 2019. He strives to ensure that investors find a product that best fits their financial goals and livelihood. Tommy’s main goal is to build and maintain positive professional relationships with brokers and borrowers alike.