Fix & Flip Loan for Duplex in Oklahoma City

Funded by RCN Capital


Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date


Property Type
2-4 Units Residential
Property City

Oklahoma City

Property State


Loan Term (months)


Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price


Loan-to-Purchase Price


Borrower's Contribution to Purchase


Source of Borrower's Contribution


Renovation Budget


Renovation Budget Funded


After-Repair Value


Loan-to-After-Repair Value


Renovation Project Scope

Light Rehab

Property Neighborhood

Oklahoma City

Location Type


Property Condition

Newly Renovated

Occupancy at Closing


Number of Units


Building Square Footage


Borrower's Plan

Rehab and Sell

Exit Strategy


Borrower Credit Rating


Interest Rate


Origination Points


Deal Highlights

Purchase price of 285k with rehab costs of 216k indicate a large scale plan for this property.
RCN Capital funded 70% of the purchase and 100% of the rehab costs.

Deal Summary

RCN Capital, a national direct private lender, provided a $454,650 fix and flip loan for a duplex property in a suburban neighborhood of Oklahoma City. The Borrower is an experienced investor and a repeat client of ours. They were under contract to acquire it for $285,000 (which includes $15,000 assignment fees). RCN Capital funded 70% of the purchase and 100% of the rehab costs, while the Borrower contributed 30% cash at closing. The 2-unit property with approximately 2,836 square feet appraised for $288,000 as-is, and an after-repair value (ARV) of $649,500 evidenced a decent return on investment of over 27%. The Sponsor had excellent credit with a mid score of 771 and bank statements that reflected sufficient assets to close this deal. There was an Initial advance of 83.74% LTC and 82.86% LTV. The total loan amount was 70% of the ARV. The interest rate was 10.49% and we charged 1.5% origination points. The loan term was set at 12 months. The Borrower intends to spend $216,000 (Light rehab) on renovations before listing the duplex property for resale. This residential fix and flip loan was funded in November 2022.

Funded By

RCN Capital

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


Sara Harris

Loan Officer

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