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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
10/04/2022
Property Type
Property City
Florissant
Property State
MO
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$130,000
Loan-to-Purchase Price
69%
Borrower's Contribution to Purchase
31%
Source of Borrower's Contribution
Cash
Renovation Budget
$23,200
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$222,000
Loan-to-After-Repair Value
69%
Renovation Project Scope
Light Rehab
Property Neighborhood
Florissant
Location Type
Suburban
Property Condition
Poor
Occupancy at Closing
Vacant
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
9.99%
Origination Points
1.00%
Deal Summary
RCN Capital, a national direct private lender, funded a $153,200 fix & flip loan to a seasoned investor in Florissant, Missouri, a suburb of St. Louis. The property was appraised at an As-Is-Value of $173,000 but the Borrower was under contract to purchase the subject property at a discounted price of $130,000. RCN funded 69% of the purchase price and 100% of the renovation in 1st lien position, The Borrower contributed 31% cash for the purchase. The Borrower plans to incorporate $23,200 in rehab to bring the property to an after-repair value of $222,000. They are a repeat client who has completed 75+ projects in the past 3 years and is a top candidate for our platinum program, which offers higher leverage options. The interest rate was 9.99% and we charged a 1% origination point. The Borrower plans to sell the property within the 12-month loan term. 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
Dealmakers
Ben Molinari
Team Loan Officer
Ben joined RCN Capital in the summer of 2021. Beginning his career as a Lead Development Specialist, he learned how to communicate fluently with brokers and borrowers alike. He takes pride in his ability to form strong long-lasting relationships with his clients by always striving to provide the best customer service. Prior to joining RCN Capital, Ben graduated from the University of Connecticut earning his Bachelor of Arts in Economics. Ben enjoys summers in LBI, traveling to new places, and spending time with friends and family.
Ben Molinari
Loan Officer
The borrower is super selective in the market area he chooses to invest in, and we have closed about 25 projects within 3 miles of the subject property. Due to the borrower’s hard work and attention to detail, property values have had a steady increase in this market area and appreciation is projected to continue steadily into the future.