)
Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
09/30/2022
Property Type
Property City
Fresno
Property State
CA
Loan Term (months)
360
Lien Type
1st Mortgage
Purchase Price
$550,000
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
1.11
Property Neighborhood
Fresno
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
All Units Occupied
Number of Units
4
Building Square Footage
3,992
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Excellent
Interest Rate
7.14%
Origination Points
1.75%
Deal Summary
RCN Capital, a national direct private lender, funded a $436,000 loan for the purchase of a 4-unit residential property in Fresno, California. The purchase price was $550,000 which included a $5,000 seller credit. RCN Capital funded 80% of the purchase in 1st lien position, and the Borrower contributed a 20% cash down payment at closing. The Borrower had excellent credit and sufficient liquidity to close this loan, along with 2 years of property management/investment experience. The Appraiser’s estimated combined market rent is $4200/month which resulted in a 1.11 DSCR. The fixed interest rate was 7.14% and the loan term was set at 30 years. We charged 2% origination points. The subject property was in excellent condition and had an approximate square footage of 3,992. It was already fully occupied at the time of funding, although tenants were renting on a month-to-month basis. 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
Sam Duda
Loan Officer
Sam joined RCN Capital in 2020 with two years of agency underwriting experience. He brings with him an understanding of the mortgage industry, a strong work ethic, and a focus on attention to detail. Sam strives to create long-lasting and meaningful relationships with mortgage brokers and real estate investors through exceptional customer service and determination to meet his customer’s needs.