Residential Hard Money Loan for 2-Unit Rental Property in Pearl River, New York

Funded by RCN Capital


Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date


Property Type
2-4 Units Residential
Property City

Pearl River

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

Location Type


Property Condition


Number of Units


Building Square Footage


Lot Square Footage


Borrower's Plan

Rehab and Rent

Exit Strategy


Interest Rate


Origination Points


Deal Highlights

New Investor is seeking financing for a purchase & rehab on a 2 unit in Pearl River NY.
Borrower intends to refinance and hold after completion of the rehab.
ARV of $550K evidences a good ROI for borrower of over 17.61%
Initial advance 73.20% LTC & 75.00% LTV. Total loan amount 62.80% of ARV.

Deal Summary

RCN Capital, a national direct private lender, funded a $345,355 1st lien position hard money loan for a 2-unit residential property in Pearl River, Rockland County, NY. We funded 75% of the $410,000 purchase price and 100% of the $45,355 renovation budget, while the Borrower contributed 25% cash to the purchase at closing. The subject property was appraised for $400,000 As-Is and an after-repair value of $550,000 evidenced a good ROI for the Borrower of over 17.61%. Initial advance was 73.20% LTC & 75.00% LTV. The total loan amount was 62.80% of the after-repair value (ARV). The subject property was approximately 1,312 square feet set in an 8,712-square-foot lot. The Sponsor had a mid score of 718 and bank statements that reflected sufficient assets. The Borrower plans to lease the property upon completion of the light rehab and eventually refinance as an exit strategy. The interest rate was 12.74%. We charged 3% origination points. The loan term was set at 12 months. This residential hard money loan was funded in February 2023.

Funded By

RCN Capital

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


Scott Evans

Regional Loan Operations

Scott Evans, Regional Loan Originations Director, joined RCN Capital in October 2022. Working from his satellite office in the Orlando market, he brings 4 years of private lending experience to help build and expand RCN’s preverbal footprint to the bourgeoning investor real estate industry in the Sunshine state. Scott has had the good fortune to attend over 100 conferences where he established a solid reputation and developed substantial relationships throughout the industry nationwide. He looks to strengthen and expand RCN’s involvement in those trade associations in the Southeast Region in the near future.

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