North Carolina Fix and Flip Lenders

Easy Street Capital, a direct private real estate lender, funded a $276,500 1st lien position fix and flip loan for a single-family home in Monroe, NC. We funded 80% of the $25,000 renovation budget and 80% of the $321,500 purchase price, while the Borrower contributed 20% cash to the entire project costs at closing. The after-repair value was estimated at $395,000 so our loan-to-value was 70%. The Borrower had good credit. They will be doing a cosmetic rehab of the subject with some servicing of the utility systems and some demolition. The interior of the home will be getting new drywall, paint, flooring, updated kitchen, and new shower tile before the home is listed on the market to sell. The subject property is approximately 1,776 square feet set in a 16,553-square-foot lot. The interest rate was 10.9% and we charged 2% origination points. The loan term was set at 6 months. This SFR fix and flip loan was funded in April 2024. 

RCN Capital, a national direct private lender, funded a $598,500 1st lien position fix and flip loan for a single-family home in Charlotte, NC. We funded 100% of the $95,740 renovation budget and 77% of the $565,000 purchase price, while the Borrower contributed 23% cash to the purchase at closing. The after-repair value was $855,000, evidencing solid returns to Borrowers of just under 26.16%. Our loan-to-after-repair value was 70%. This repeat and experienced Borrower plans to add a second story to the home. They plan to sell the property as an exit strategy. The 1,737-square-foot subject property was appraised for $650k As-Is. The Guarantor had excellent credit and bank statements that reflected sufficient liquidity to meet the reserves required for this loan. The Initial advance was 88.987% loan-to-cost. The interest rate was 10.99% and we charged 0.5% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in November 2023.

RCN Capital, a national direct private lender, funded a $455,000 1st lien position fix and flip loan for a single-family home in Charlotte, North Carolina. We funded 76% of the $380,000 purchase price and 100% of the $113,000 renovation budget, while the Borrower contributed 24% cash to the purchase at closing. The after-repair value was estimated at $655,000, and the loan-to-after-repair value was 69.50%. The Borrower was a repeat and highly experienced investor (30+ Rental and 5+ Flipped). They plan to sell the property upon completion of the light rehab. The subject property is approximately 1,689 square feet. It was appraised for $450,000 As-Is and the $655,000 after-repair value evidenced a return on investment of 29.86%. The 4 Borrowers on the loan each have 25% ownership. Bank statements reflected substantial liquidity to close the loan. The interest rate was 10.74% and we charged a 1% origination point. The loan term was set at 12 months. This SFR fix and flip loan was funded in April 2023.

RCN Capital, a national direct private lender, funded a $512,500 fix and flip loan in 1st and 2nd lien position for a single-family residence in Charlotte, NC. The purchase price was $405,000 and the renovation budget was $148,000. We funded 90% of the purchase and 100% of the renovation, while the Borrower contributed 10% cash at closing. The Borrower is a repeat and highly experienced investor (30+ Verified). High experience qualifies Borrowers for RCN’s platinum program to get 90% loan-to-purchase price. The subject property was appraised for $425,000 As-Is and an after-repair value of $735,000 evidenced a 30% return on investment. Four Sponsors on the loan each had 25% ownership and good expired credit reports on file. Bank statements reflected sufficient assets to close this deal. The loan was structured at 90/100/69.7. The 1,893-square-foot property was in condition and needed foundation repair. The Borrower plans to sell the property upon completion of the light rehab. The loan term was set at 12 months. The interest rate was 10.74% and we charged a 1% origination point. This SFR fix and flip loan was funded in January 2023.