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Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
08/19/2024
Property Type
Property City
Charlotte
Property State
NC
Loan Term (months)
360
Payment Type
Amortized
Purchase Price
$350,000
Loan-to-Purchase Price
74%
Borrower's Contribution to Purchase
26%
Term
30 years
Debt Service Coverage Ratio
1.05
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,491
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Excellent
Interest Rate
6.00%
Origination Points
4%
Deal Summary
RCN Capital, a national direct private lender, funded a $262,923 1st lien position DSCR long-term rental purchase loan for a single-family home in Charlotte, NC. We funded 74% of the $350,000 purchase price, while the Borrower contributed 26% cash to the purchase at closing. This experienced Borrower plans to secure a long-term tenant after closing since they intend to hold the property long-term. The Borrower having excellent credit and financials helped them qualify for 74% loan-to-purchase price. The 1,491-square-foot subject property was in good condition and vacant at closing. It is expected to cash flow with a DSCR of 1.05. The interest rate was 6% with amortized payments, and we charged 4% origination points. The loan term was set at 30 years. This DSCR loan was funded in August 2024.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Serena DeStefani
Senior Loan Officer
Serena joined RCN Capital in 2020. She enjoys developing new relationships with brokers and borrowers to ensure their professional goals are met. She brings with her a good sense of communication and is willing to do the work wherever it is needed. She uses her experience from accounting by being detail-oriented.