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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
04/26/2024
Property Type
Property City
Stratford
Property State
CT
Loan Term (months)
360
Payment Type
Amortized
Purchase Price
$500,000
Loan-to-Purchase Price
64%
Borrower's Contribution to Purchase
36%
Loan-to-Value
64.40%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.29
Location Type
Suburban
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
2,036
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Excellent
Interest Rate
7.82%
Origination Points
2%
Deal Summary
RCN Capital, a national direct private lender, funded a $325,000 1st lien position long-term rental loan for the acquisition of a single-family home in Stratford, CT. We funded 64% of the $500,000 purchase price, while the Borrower contributed 36% cash at closing. The property was appraised for $505,000 as-is. It is currently vacant, but the market rent is $4,000/month according to the appraisal which presents a 1.29 DSCR (debt service coverage ratio). The Borrower had excellent credit with a mid-score of 753 and bank statements that reflected sufficient funds to meet our liquidity requirement. The subject property is approximately 2,036 square feet. The interest rate was fixed at 7.82% with amortized payments. We charged 2% origination points. The loan term was set at 30 years. This DSCR rental purchase loan was funded in April 2024.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Ryan Taft
Loan Officer
Ryan puts a premium on giving clients at RCN a customer experience that will lead to a long-lasting relationship. Ryan goes above and beyond to make sure brokers & borrowers alike reach their financial and professional goals through clear & concise communication.