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Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
01/09/2024
Property Type
Property City
Bakersfield
Property State
CA
Loan Term (months)
360
Payment Type
Amortized
Purchase Price
$359,900
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.13
Location Type
Suburban
Property Condition
Excellent
Number of Units
2
Building Square Footage
2,091
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Excellent
Interest Rate
7.27%
Origination Points
4%
Deal Summary
RCN Capital, a national direct private lender, funded a $287,920 1st lien position long-term rental loan for the acquisition of a duplex in Bakersfield, CA. We funded 80% of the $359,900 purchase price, while the Borrower contributed 20% cash at closing. The Loan-to-Value (LTV) and Loan-to-Cost (LTC) ratios stand at 80%, indicating a substantial investment. The Debt Service Coverage Ratio (DSCR) was 1.13, suggesting the property’s ability to generate sufficient income to cover debt obligations. The interest rate was fixed at 7.27% with amortized payment, accompanied by 4% points charged by RCN. The Borrower had good credit and assets. The 2,091-square-foot property was in excellent condition. The loan term spans 30 years with a prepayment penalty for the initial 5 years. This DSCR rental purchase loan was funded in January 2024.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Sam Duda
Loan Officer
Sam joined RCN Capital in 2020 with two years of agency underwriting experience. He brings with him an understanding of the mortgage industry, a strong work ethic, and a focus on attention to detail. Sam strives to create long-lasting and meaningful relationships with mortgage brokers and real estate investors through exceptional customer service and determination to meet his customer’s needs.