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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
11/08/2022
Property Type
Property City
Sarasota
Property State
FL
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$435,000
Previous Loan Balance
$327,000
Loan-to-Value
80%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.19
Property Neighborhood
Sarasota
Location Type
Suburban
Property Condition
Newly Renovated
Occupancy at Closing
Vacant
Number of Units
1
Lot Square Footage
9,147
Borrower's Plan
Long-Term Rental
Exit Strategy
Pay Down
Borrower Credit Rating
Excellent
Interest Rate
6.25%
Origination Points
4%
Deal Summary
RCN Capital, a national direct private lender, funded a $348,000 DSCR long-term rental loan secured by a single-family residence in Sarasota, Florida. The subject property’s value was $435,000 as-is so the loan-to-value for our first mortgage was 80%. The Borrower initially purchased the property for $275,000 and completed a $50,000 rehab. Our loan paid off the previous loan balance of $327,000. The Borrower was an experienced repeat investor and planned to hold it as a long-term rental. The deal closed with 6.2583% fixed interest rate and 4 points for origination. The loan term was set at 30 years with a 5-year prepayment period. They were delayed finding a tenant due to the hurricane at the time, but the market rent was estimated at around $3,000 which resulted in a debt service coverage ratio (DSCR) of 1.19. The Borrower had a mid-score of 758 and a bank statement that reflected sufficient liquidity. The approximately 9,147-square-foot subject property was newly renovated and vacant at closing. This DSCR rental refinance loan was funded in November 2022.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Peter Rusconi
Team Loan Officer Lead
Peter develops working relationships with brokers and borrowers to ensure their professional goals are met. By using unparalleled attention to detail, tenacity, and superior customer service he manages loans through the origination and underwriting processes. Peter joins RCN Capital in the summer of 2019 after graduating from the University of Connecticut with a B.S. in Finance and a minor in Real Estate.