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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
01/20/2023
Property Type
Property City
Hamilton
Property State
OH
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$55,000
Loan-to-Purchase Price
63%
Borrower's Contribution to Purchase
37%
Source of Borrower's Contribution
Cash
Renovation Budget
$44,165
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$134,000
Renovation Project Scope
Light Rehab
Location Type
Suburban
Property Condition
Good
Number of Units
1
Building Square Footage
1,052
Lot Square Footage
2,940
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
12.09%
Origination Points
2%
Deal Summary
RCN Capital, a national direct private lender, funded an $84,290 1st lien position fix and flip loan for a single-family residence in Hamilton, OH. We funded 63% of the $55,000 purchase price and 100% of the $44,165 renovation budget, while the Borrower contributed 37% cash to the purchase at closing. The Borrowers were experienced investors. An after-repair value of $134,000 evidenced a solid ROI for the Borrower of just over 32%. They had a mid-score of 718/664 and bank statements that reflected sufficient assets. The initial advance was 73.00% LTC & 73.00% LTV. The total loan amount was 62.90% of the ARV. The lower purchase price was offset by charging a full balance interest on the advance and rehab budget rather than just the initial advance. The subject property was in good condition. It was approximately 1,052 square feet set in a 2,940-square-foot lot. They plan to sell the property upon completion of the light rehab. The interest rate was 12.09%. We charged 2% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in January 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Sam Duda
Loan Officer
Sam joined RCN Capital in 2020 with two years of agency underwriting experience. He brings with him an understanding of the mortgage industry, a strong work ethic, and a focus on attention to detail. Sam strives to create long-lasting and meaningful relationships with mortgage brokers and real estate investors through exceptional customer service and determination to meet his customer’s needs.