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Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
10/15/2024
Property Type
Property City
Saint George
Property State
UT
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$450,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Term
30 years
Debt Service Coverage Ratio
1.20
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,354
Borrower's Plan
Long-Term Rental
Borrower Credit Rating
Good
Interest Rate
6.00%
Origination Points
4%
Deal Summary
RCN Capital, a national direct private lender, funded a $360,000 1st lien position long-term rental loan for the acquisition of a single-family home in Saint George, UT. We funded 80% of the $450,000 purchase price, while the Borrower contributed 20% cash to the purchase at closing. The Borrower expects a monthly rent of approximately $2,600 which results in a 1.20 DSCR (debt service coverage ratio). They had good credit and sufficient liquidity. The subject property was in excellent condition and vacant at closing. It is approximately 1,354 square feet. The interest rate was 6% and we charged 4% origination points. The loan term was set at 30 years. This DSCR rental property loan was funded in October 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.