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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
12/14/2018
Property Type
Property City
Century
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget
$60,000
After-Repair Value
$200,000
Deal Summary
RCN Capital, a national direct private lender, funded a $115,500 1st lien position fix and flip loan for a single-family home in Century, Florida. A team of real estate investors were looking for the funds to purchase and renovate this single-family home in Century, a town in Escambia County, Florida. RCN Capital was able to provide 80% of the purchase price and 100% of the renovation costs, while the Borrower contributed 20% cash to the purchase at closing. The loan term was 12 months. The total rehab costs are $60,000. Upon completion, the property will have an appraised after-repair value of $200,000. The investors anticipate a 14% return on investment once complete and the property is sold. This SFR fix and flip loan was funded in December 2018.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans