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Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
11/06/2024
Property Type
Property City
Saint Louis
Property State
MO
Loan Term (months)
360
Payment Type
Amortized
Purchase Price
$210,000
Loan-to-Purchase Price
79%
Borrower's Contribution to Purchase
21%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.18
Location Type
Urban
Occupancy at Closing
Tenant-Occupied
Number of Units
2
Building Square Footage
1,722
Borrower's Plan
Long-Term Rental
Interest Rate
7.32%
Origination Points
0%
Deal Summary
RCN Capital, a national direct private lender, funded a $168,000 first-lien position long-term rental loan for the acquisition of a duplex in Saint Louis, MO. We funded 79% of the $210,000 purchase price, while the Borrower contributed 21% cash at closing. One unit was leased for $765 per month, and the other was vacant at closing. The property size is approximately 1,722 square feet. The total market rent for the property was $1,900, providing a DSCR (debt service coverage ratio) of 1.18. The Borrowers had solid credit and sufficient liquidity. They opted for a 30-year fixed-rate, amortized mortgage with a 3-year declining prepayment penalty. The interest rate was 7.32%. This DSCR rental property loan was funded in November 2024.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Mathew Gasparini
Team Loan Officer
Mathew Gasparini, Team Loan Officer, puts a premium on giving clients at RCN a customer experience that will lead to a long-lasting relationship. Mat goes above and beyond to make sure brokers & borrowers alike reach their financial and professional goals through clear & concise communication. Mat received his Bachelor of Science from Westfield State University as a Business major in 2021. He is fully committed to turning clients' real estate ideas and dreams into reality. His passion for real estate started in high school when he was helping remodel flip houses.