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Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
12/16/2022
Property Type
Property City
Stafford
Property State
VA
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Amortized
Purchase Price
$305,000
Loan-to-Purchase Price
62%
Borrower's Contribution to Purchase
38%
Source of Borrower's Contribution
Cash
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.11
Location Type
Suburban
Property Condition
Excellent
Number of Units
1
Building Square Footage
1,780
Lot Square Footage
2,935
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Good
Interest Rate
7.5%
Origination Points
0%
Deal Summary
RCN Capital, a national direct private lender, funded a $217,781 1st lien position long-term rental loan for the acquisition of a single-family residence in Stafford, VA. We funded 62% of the $305,000 purchase price, while the Borrower contributed $38% cash at closing. The subject property was appraised for $352,000 As-Is and a collateral desktop appraisal (CDA) was ordered to confirm the appraised value. The Borrower had a mid-score of 724 and bank statements that reflected sufficient assets/liquidity. The total loan amount was 61.9% LTV & 71.4% LTC with a 1.11 DSCR. The property was in excellent condition, consisting of approximately 1,780 square feet set in a 2,935 square foot lot. The Borrower plans to hold the property as a long-term rental loan. The fixed interest rate was 7.5% with amortized payments. The loan term was set at 30 years. This DSCR rental loan was funded in December 2022.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Jonathan Gras
Team Loan Officer
Jonathan Gras, Team Loan Officer, joined RCN Capital in 2022. He enjoys connecting with brokers and borrowers to create long-lasting relationships that will cultivate successful business. His customer service skills allow him to effectively and efficiently communicate with clients. Prior to joining RCN Capital, Jonathan graduated from Appalachian State University earning his Bachelor of Science in Business Administration with a focus in Finance and Banking.