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Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
08/24/2023
Property Type
Property City
Brigantine
Property State
NJ
Loan Term (months)
360
Payment Type
Amortized
Purchase Price
$663,000
Loan-to-Purchase Price
51%
Borrower's Contribution to Purchase
49%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.1
Property Neighborhood
Brigantine
Location Type
Vacation Area
Property Condition
Excellent
Number of Units
2
Building Square Footage
1,884
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Excellent
Interest Rate
7.14%
Origination Points
1.5%
Deal Summary
RCN Capital, a national direct private lender, funded a $373,193 1st lien position long-term rental loan for the acquisition of a 2-unit rental property in Brigantine, New Jersey. We funded 51% of the $663,000 purchase price, while the Borrower contributed 49% cash at closing. The Borrower is an experienced investor (self-employed). The duplex is eligible to get monthly market rates as per the appraiser’s estimate of $3,600/Month. The major Sponsor on the loan had excellent credit with a mid-score of 773 and bank statements that reflected sufficient liquidity to close the deal. The loan was structured and priced in accordance with the qualification model. The total loan amount is 50.8% loan-to-value and 56.3% loan-to-cost with a 1.10 DSCR. The subject property, located in a vacation area, was in excellent condition and is approximately 1,884 square feet. The interest rate was fixed at 7.14% with amortized payments, and we charged 1.5% origination points. The loan term was set at 30 years. This DSCR long-term rental loan was funded in August 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Christine Naidoo
Loan Officer
Christine looks forward to building strong relationships with brokers and investors and helping them achieve their financial goals through excellent service and communication. Christine joins RCN Capital with a background in business development and client management. Originally from Massachusetts, Christine graduated from the University of Connecticut with a bachelor’s Degree in Consumer Behavior.