)
Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
07/15/2016
Property Type
Single Family Residence
Property City
Bluffton
Property State
SC
Lien Type
1st Mortgage
Payment Type
Interest Only
Occupancy at Closing
Tenant-Occupied
Building Square Footage
1,700
Exit Strategy
Conventional Loan
Deal Summary
RCN Capital, a national direct private lender, funded a $95,000 1st lien position equity cash-out loan secured by a single-family home in Bluffton, Beaufort County, South Carolina. The Borrower is a real estate investor who needed some funds to use for the purchase of another investment property. The property is tenant-occupied. The size is approximately 1,700 square feet. The Borrower’s exit strategy will be to refinance the property with a conventional loan within one year. This hard money loan was funded in July 2016.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans