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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
11/08/2024
Property Type
Property City
Nashville
Property State
TN
Loan Term (months)
360
Payment Type
Amortized
Property Value
$501,000
Previous Loan Balance
$183,926
Loan-to-Value
70%
Term
30 years
Rate Type
Fixed
Debt Service Coverage Ratio
1.17
Property Neighborhood
Nashville
Number of Units
1
Building Square Footage
1,784
Borrower's Plan
Continue Rental
Borrower Credit Rating
Excellent
Interest Rate
7.05%
Origination Points
0%
Deal Summary
RCN Capital, a national direct private lender, funded a $350,000 DSCR long-term rental loan for a single-family home in Nashville, TN. The property value was appraised at $501,000 so our loan-to-value was 70%. We paid off a previous loan balance of $183,926. The Borrower acquired the property in February 2024 and rented it out for $3,000 per month, matching the appraiser’s market rent estimate. The debt service coverage ratio was 1.17. The property is approximately 1,784 square feet. The Borrower had good credit and solid liquidity, supporting the loan’s approval. The interest rate was fixed at 7.05% with amortized payments for a 30-year term. This DSCR refinance loan was funded in November 2024.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Chyna Jean-Baptiste
Loan Officer
Chyna is a dedicated and detail-driven professional who specializes in building lasting relationships in the finance industry. Prior to entering the lending space, Chyna held over 9+ years of experience in service, financial advisory, investments, and working with clients to find the most suitable, customized solutions to their goals. She prides herself in working side-by-side with brokers and investors alike, specializing in the Southern California market, to bring the best deals to the forefront. Chyna is a Pepperdine University graduate, where she earned a bachelor’s degree in Business Management with an emphasis in Finance.