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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
12/12/2023
Property Type
Property City
Cincinnati
Property State
OH
Loan Term (months)
360
Payment Type
Amortized
Purchase Price
$120,970
Loan-to-Purchase Price
77%
Borrower's Contribution to Purchase
23%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.59
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Tenant-Occupied
Number of Units
2
Building Square Footage
1,720
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Good
Interest Rate
9.09%
Origination Points
0%
Deal Summary
RCN Capital, a national direct private lender, funded a $96,776 1st lien position DSCR long-term rental loan for the acquisition of a 2-unit residential property in Cincinnati, OH. We funded 80% of the $120,970 purchase price, while the Borrower contributed 20% cash at closing. The subject property was in excellent condition and tenant-occupied at closing. The subject property was approximately 1,720 square feet and was appraised for $125,000 As-Is. The Sponsor had good credit and bank statements that reflected sufficient balance to cover the liquidity. The rental income resulted in a debt service coverage ratio of 1.59. The interest rate was fixed at 9% with amortized payment. The loan term was set at 30 years. This DSCR rental purchase loan was funded in December 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Chris Conklin
Team Loan Officer
Chris began his relationship with RCN Capital as a Lead Development Specialist in Fall of 2021. He quickly made an impact, hitting the top LDS goal six months in a row at one point, while developing an understanding of the products and policies here at RCN Capital. He takes pride in providing the best customer service he can to his customers, brokers, and clients. Prior to joining RCN Capital, Chris graduated from Northeastern University with a Bachelor’s degree in Economics, while minoring in Chinese. He got a job at W.B. Mason after college, rising up to Corporate Purchasing Manager over the next 5 years.