DSCR Long-Term Rental Loan for SFR in New Albany, Ohio

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.