Hard Money Loan for SFR Fix & Flip in Briarcliff Manor, New York

Funded by RCN Capital

$307,500

Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date

01/14/2019

Property Type
Single Family Residence
Property City

Briarcliff Manor

Property State

NY

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-After-Repair Value

54%

Exit Strategy

Sale

Deal Summary

RCN Capital, a national direct private lender, funded a $307,500 1st lien position fix and flip loan for a single-family home in Briarcliff Manor, New York. The Borrower was an experienced investor with four verified flips under their belt and had the subject property under contract for $250k with an as-is value of $300k. RCN was able to provide a loan for 54% of the After-Repair Value. The investor plans to add $120k in renovations prior to reselling the property. Once sold, the investor anticipates a 50% return-on-investment. This SFR fix and flip loan was funded in January 2019.

Funded By

RCN Capital

Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans