Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
01/19/2023
Property Type
Property City
Deerfield Beach
Property State
FL
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Amortized
Purchase Price
$582,500
Loan-to-Purchase Price
70%
Borrower's Contribution to Purchase
30%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.12
Property Condition
Newly Renovated
Occupancy at Closing
Tenant-Occupied
Number of Units
2
Building Square Footage
2,585
Lot Square Footage
7,400
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Good
Interest Rate
7.37%
Origination Points
2%
Deal Summary
RCN Capital, a national direct private lender, funded a $407,750 1st lien position long-term rental loan for the acquisition of a duplex in Deerfield Beach, FL. We funded 70% of the $582,500 purchase price, while the Borrower contributed 30% cash at closing. The subject property was in excellent condition and was appraised for $583,000 As-Is which is in line with the collateral desktop analysis (CDA). The total loan amount was 70.00% LTC & 69.93% LTV with a 1.12 DSCR. The Borrower had good credit with a mid score of 772 and bank statements that reflected sufficient liquidity. They plan to continue leasing the property long-term. The subject property was approximately 2,585 square feet set in a 7,400-square-foot lot. It was tenant-occupied at closing. The interest rate was fixed at 7.37% with amortized payments. We charged 2% origination points. The loan term was set at 30 years. This DSCR rental purchase loan was funded in January 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Eric Shaw
Lead Loan Officer
Eric Shaw, Lead Loan Officer, specializes in building long-term relationships with both brokers and investors. Eric believes that working together with his clients to ensure they receive the best service and products ensures mutual success. Prior to working in the lending field, Eric’s experience selling, trading, and managing portfolios of mortgage-backed securities give him a unique perspective and insight on the products and industry. He holds a BA from Wake Forest University, an MBA from the UCLA Anderson School of Management, and is a CFA charter holder.