Fix & Flip Loan for Triplex in Halifax, Massachusetts

Funded by RCN Capital


Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date


Property Type
Single Family Residence
Property 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


Borrower's Contribution to Budget


After-Repair Value


Loan-to-After-Repair Value


Property Neighborhood


Location Type


Property Condition


Borrower's Plan

Rehab and Sell

Exit Strategy


Borrower Credit Rating


Interest Rate


Origination Points


Deal Highlights

Repeat, experienced investor looking to purchase, renovate, and sell property upon completion.
Single family property, borrower looking to put 140k into the property for an ARV of 410k.
Borrower has a good credit with mid-score of 701 and bank statements reflect sufficient assets.
Qualified for 80% of the purchase price funded and entire renovation financed.

Deal Summary

RCN Capital, a national direct private lender, funded a $268,520 fix and flip loan for a triplex in Halifax, MA. The Borrower is a repeat and experienced investor looking to take on another project under contract to acquire the subject property for $151,200 with intentions of spending $140,000 on renovations before listing the property for sale. We funded 100% of the renovation costs. The subject was appraised for $160,000 As-Is and an after-repair value (ARV) of $410,000 evidenced an ROI of over 38.64%. The Sponsor had decent credit with a mid score of 701 and bank statements that reflected sufficient assets to cover our liquidity requirement. The loan was structured and priced in accordance with the guidelines with an initial advance of 85.00% LTC & 80.30% LTV. They contributed 20% to the purchase at closing. The total loan amount was 65.50% of ARV. The subject property was in fair condition. The loan term was set at 12 months. The interest rate was 9.99%. We charged 2% origination points. This SFR fix and flip loan was funded in November 2022.

Funded By

RCN Capital

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


Rich DeVito

Senior Loan Officer

Richard is always looking to help people fund their great real-estate investment ideas, from seasoned veterans in the space to first-time investors. Richard is known for his strong customer service and ability to develop long-term relationships with borrowers and brokers. He has a background in financial services/sales and has experienced great success by being knowledgeable, and professional, and understanding the investor’s experience is the number one priority. Richard attended Iona College and graduated from the Hagan School of Business with a degree in Finance.