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Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
08/08/2024
Property Type
Property City
Jeffersonville
Property State
IN
Loan Term (months)
30
Payment Type
Interest Only
Purchase Price
$194,900
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Rate Type
Fixed
Debt Service Coverage Ratio
1.10
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,323
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Excellent
Interest Rate
7.4%
Origination Points
1%
Deal Summary
RCN Capital, a national direct private lender, funded a $155,920 1st lien position long-term rental loan for the acquisition of a single-family home in Jeffersonville, IN. We funded 80% of the $194,900 purchase price, while the Borrower contributed 20% cash at closing. The property was appraised at $196,000 as-is, with a market rent of $1,500 per month, presenting a 1.10 DSCR. The Borrower had excellent credit, with a mid-score of 782, and bank statements that reflected sufficient funds to meet our liquidity requirement. The property was in excellent condition and vacant at closing. It is approximately 1,323 square feet. The interest rate was fixed at 7.4% and we charged 1% origination points. The loan term was set at 30 months. This DSCR rental purchase loan was funded in August 2024.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Bailey Jenkins
Team Loan Officer
Bailey Jenkins, Team Loan Officer, joined RCN Capital in 2023. Bailey specializes in fostering long-term mutually beneficial relationships with brokers and borrowers to ensure their mission-critical priorities are achieved. His previous experience in adjacent industries allows him to bring a portfolio of skills such as concise communication and consultative problem-solving that will be instrumental in better serving his clientele. Prior to joining RCN Capital, Bailey graduated from Appalachian State University earning a BSBA with a focus of marketing and sales.