DSCR Rental Purchase Loan for 9-Unit Multifamily Property in Rahway, New Jersey

Funded by RCN Capital


Deal Details

Private Loan Type

Commercial Long Term

Approx. Funding Date


Property Type
Property City


Property State


Loan Term (months)


Payment Type


Purchase Price


Loan-to-Purchase Price


Borrower's Contribution to Purchase



30 years

Rate Type


Debt Service Coverage Ratio


Location Type


Property Condition


Occupancy at Closing

All Units Occupied

Number of Units


Building Square Footage


Borrower's Plan

Long-Term Rental

Borrower Credit Rating


Interest Rate


Origination Points


Deal Highlights

Strong Borrowers w/ excellent liquidity looking to purchase the subject 9 unit MF property to hold.
Borrowers have great FICOs and liquidity to qualify for the loan at 65% LTV.
All 9 units are currently leased and rents hit DSCR requirement of 1.20.
Borrowers did 3.5 point buydown to bring rate down to 7.89%.

Deal Summary

RCN Capital, a national direct private lender, funded a $975,000 1st lien position long-term rental loan for the acquisition of a 9-unit multifamily property in Rahway, NJ. We funded 65% of the $1,500,000 purchase price, while the Borrower contributed 35% cash to the purchase at closing. The Borrowers are under contract to acquire the property with intentions of adding it to their existing rental portfolio. The property was fully occupied at closing. They intend to bring a few units above market rent once the property is acquired (currently, the owner is collecting rent under market figures). The Borrowers have excellent credit with a mid-score of 752 and bank statements that evidenced solid assets/liquidity. All credit reports are free from issues/derogatory, accounts/liens, and judgments. All background reports were clear of issues. The subject property is approximately 5,200 square feet. The interest rate was fixed at 7.89% with amortized payments and we charged 4.5% origination points. The DSCR was 1.20. The loan term was set at 30 years. This DSCR rental loan was funded in October 2023. 

Funded By

RCN Capital

Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans


Michael Vivenzio

Loan Officer

Michael joined the RCN Capital team in the summer of 2020. Michael strives to develop meaningful long-lasting relationships with brokers and borrowers to help them achieve their financial goals. Michael comes into this position with a passion for real estate born from experience with his family-run Real Estate investment business over the past 5 years. Michael is from Massachusetts and earned a Bachelor’s Degree from Merrimack College in 2018.