DSCR Loan for 4-Unit Rental Property Purchase in Ironwood, Michigan

Funded by RCN Capital


Deal Details

Private Loan Type

Residential Long-Term Rental

Approx. Funding Date


Property Type
2-4 Units Residential
Property City


Property State


Loan Term (months)


Payment Type


Purchase Price


Loan-to-Purchase Price


Borrower's Contribution to Purchase



30 years

Rate Type


Location Type


Occupancy at Closing


Number of Units


Building Square Footage


Borrower's Plan

Long-Term Rental

Borrower Credit Rating


Interest Rate


Origination Points


Deal Highlights

Borrower looking to purchase 4-unit investment property with the plan to rent out long-term.
Property appraised for 183k but purchased at 170k for a slight discount.
Borrower is an experienced property manager who owns multiple properties.
Market rent expected to be around $3450 a month per appraisal.

Deal Summary

RCN Capital, a national direct private lender, funded a $136,000 1st lien position long-term rental loan for the acquisition of a 4-unit rental property in Ironwood, MI. We funded 74% of the $170,000 purchase price, while the Borrower contributed 26% cash at closing. The subject property was appraised for $183,000 as-is and was vacant when we funded the loan. A Collateral Desktop Analysis (CDA) was ordered and the value was confirmed with an appraisal. The appraiser estimated the market rent to be $3,450 per month. The property is approximately 3,475 square feet. The Borrower had excellent credit with a mid-score of 787 and bank statements that evidenced sufficient liquidity. The total loan amount was 80% loan-to-cost and 74.3% loan-to-value. The interest rate was 7.63% with amortized payment. and we charged 2.25% origination points. The loan term was set at 30 years. This DSCR rental purchase loan was funded in March 2024. 

Funded By

RCN Capital

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


Chris Cardenas

Loan Officer

Christopher Cardenas, Loan Officer, joined RCN Capital in May of 2021. As a loan officer, he concentrates on building relationships and ensuring product guidelines are met along with efficient processes to help the entire team from the start of a loan to the closing. Chris has past experience in wealth management, being an account manager at Raymond James. He graduated from Central Connecticut State University earning his BS in Finance in 2018 and his MBA in 2020.