)
Deal Details
Private Loan Type
Residential Long-Term Rental
Approx. Funding Date
10/15/2020
Property Type
Property City
Columbus
Property State
OH
Loan Term (months)
360
Lien Type
1st Mortgage
Payment Type
Interest Only
Renovation Budget
$55,000
Loan-to-After-Repair Value
75%
Term
30 years
Property Condition
Poor
Borrower's Plan
Long-Term Rental
Interest Rate
6.24%
Deal Summary
RCN Capital funded a private mortgage in the amount of $151,000 for a residential real estate investor in Columbus, OH. The investor purchased a single-family house for $45,000 in June. The house was quite dilapidated and needed a lot of work. The investor did $55,000 worth of renovation using their own cash over a 4-month period and planned to hold it as a long-term rental for cash flow. Once the rehab project was completed, they were able to lease the property for $1,500/month which was slightly higher than the market rent. Post renovation, the property was appraised at $202,000. RCN Capital was able to provide a 30-year fixed-rate loan at a 6.24% interest rate. The loan-to-value is 75% of the completed value. This SFR private mortgage loan was funded in October 2020.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans