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Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
02/02/2024
Property Type
Property City
Perry
Property State
GA
Loan Term (months)
30
Payment Type
Amortized
Purchase Price
$147,500
Loan-to-Purchase Price
76%
Borrower's Contribution to Purchase
24%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.15
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,247
Borrower's Plan
Continue Rental
Borrower Credit Rating
Excellent
Interest Rate
8.71%
Origination Points
.75%
Deal Summary
RCN Capital, a national direct private lender, funded a $118,000 1st lien position long-term rental loan for the acquisition of a single-family home in Perry, GA. We funded 76% of the $147,500 purchase price, while the Borrower contributed 20% cash to the purchase at closing. The 1,247-square-foot subject property was in good condition and was appraised at $155,000. It was vacant at the time of closing but the Borrower anticipates having a lease in place within 30 days, with a market rent of $1,350 per month. This repeat Client was self-employed. They had good credit and liquidity to close this deal. The loan was structured at 76.1% loan-to-value and 80% loan-to-cost, presenting a 1.15 DSCR with a 3-year prepayment penalty. The interest rate was fixed at 8.71% with amortized payments, and we charged 0.75% origination points. The loan term was set at 30 years. This DSCR rental purchase loan was funded in February 2024.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Chyna Jean-Baptiste
Loan Officer
Chyna is a dedicated and detail-driven professional who specializes in building lasting relationships in the finance industry. Prior to entering the lending space, Chyna held over 9+ years of experience in service, financial advisory, investments, and working with clients to find the most suitable, customized solutions to their goals. She prides herself in working side-by-side with brokers and investors alike, specializing in the Southern California market, to bring the best deals to the forefront. Chyna is a Pepperdine University graduate, where she earned a bachelor’s degree in Business Management with an emphasis in Finance.