)
Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
01/09/2024
Property Type
Property City
Meridan
Property State
CT
Loan Term (months)
360
Payment Type
Amortized
Purchase Price
$267,000
Loan-to-Purchase Price
69%
Borrower's Contribution to Purchase
31%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.10
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,854
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Good
Interest Rate
7.86%
Origination Points
3%
Deal Summary
RCN Capital, a national direct private lender, funded a $193,177 1st lien position long-rental purchase loan for the acquisition of a single-family home in Meriden, CT. We funded 72% of the $267,000 purchase price, while the Borrower contributed 28% cash at closing. The subject property was appraised for $278,000 as-is. It was leased starting on January 1, 2024, for $2,750 monthly and the market rent would be $2,000/month. The loan was structured at a 1.10 DSCR. The Sponsor had good credit and sufficient liquidity. The subject property was in good condition and vacant at closing. It is approximately 1,854 square feet. The interest rate was fixed at 7.86% with amortized payments. We charged 3% origination points. The loan term was set at 30 years. This DSCR long-term rental purchase loan was funded in January 2024.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Connor Hibbs
Loan Officer
Connor joined RCN Capital in the Fall of 2019. He brings adept critical thinking skills, superior communication skills, and a desire to build and maintain strong customer relationships. Connor’s mission is to amplify RCN’s presence in local and national markets. He has had previous work experience in sales with AIL along with several years of customer service. Connor Hibbs graduated from the University of Connecticut with a degree in Economics and a Minor in Anthropology while also participating in the University’s Club Hockey and Club Lacrosse programs.