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Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
10/20/2022
Property Type
Property City
Dayton
Property State
OH
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$185,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.86
Property Neighborhood
Dayton
Location Type
Suburban
Property Condition
Good
Number of Units
4
Borrower's Plan
Long-Term Rental
Exit Strategy
Pay Down
Borrower Credit Rating
Excellent
Interest Rate
6.6%
Origination Points
4%
Deal Summary
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.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Ryan Taft
Loan Officer
Ryan puts a premium on giving clients at RCN a customer experience that will lead to a long-lasting relationship. Ryan goes above and beyond to make sure brokers & borrowers alike reach their financial and professional goals through clear & concise communication.