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.