Fix & Flip Loan for Single-Family Residence in Charlotte, North Carolina

Funded by RCN Capital


Deal Details

Private Loan Type

Residential Rehab

Approx. Funding Date


Property Type
Single Family Residence
Property City


Property State


Loan Term (months)


Lien Type

1st and 2nd

Payment Type

Interest Only

Purchase Price


Loan-to-Purchase Price


Renovation Budget


Renovation Budget Funded


After-Repair Value


Loan-to-After-Repair Value


Renovation Project Scope

Light Rehab

Property Neighborhood


Location Type


Property Condition

Newly Renovated

Occupancy at Closing


Borrower's Plan

Rehab and Sell

Exit Strategy


Borrower Credit Rating


Interest Rate


Origination Points


Deal Highlights

Borrower is a very experienced investor who has over 35 investment properties within last 3 years
Repeat client with multiple flips in his portfolio
Borrower was looking to purchase property and renovate, exit strategy was to sell upon completion
Significant experience of 30+ properties qualified borrower for 100% financing on purchase

Deal Summary

RCN Capital, a national direct private lender, funded a $430,750 fix and flip loan for a single-family residence in Charlotte, North Carolina. The purchase price was $330,000 and the rehab budget was $100,000. RCN Capital funded 100% of the purchase price in 1st and 2nd lien positions. The Borrower was a very experienced investor with multiple successful flips in his portfolio and over 35 investment properties within the last 3 years. They had an excellent credit rating with mid scores of 777 and bank statements that reflected sufficient assets. This qualified them for our platinum program, meaning they qualified for 100% financing on the acquisition, 100% of rehab costs, and up to 75% of the ARV. The after-repair value (ARV) was estimated to be $610,000 which evidenced a solid ROI of 38.42% for the borrower. They were very mindful of the market they wanted to invest in, and we had closed about 4-5 projects within 2 miles of the subject property before acquisition. Their style of work is very up-to-date to the desire of an eager home buyer looking for modern finishes and crisp lines. Due to how active this borrower is within the market, property values increased in this neighborhood because of their completed projects. The initial advance was 100% LTC and 85.91% LTV. The interest rate was 9.99% and the loan term was set at 12 months. We charged 1% origination point. The Borrower plans to sell upon completion. This SFR fix and flip loan was funded in October 2022.

Funded By

RCN Capital

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


Senior Loan Officer

Serena DeStefani

Serena joined RCN Capital in 2020. She enjoys developing new relationships with brokers and borrowers to ensure their professional goals are met. She brings with her a good sense of communication and is willing to do the work wherever it is needed. She uses her experience from accounting by being detail-oriented.

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