Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
Loan Term (months)
Borrower's Contribution to Purchase
Construction Budget Funded
Construction Project Scope
Number of Units
Building Square Footage
Borrower Credit Rating
RCN Capital, a national direct private lender, funded a $991,300 1st lien position ground-up construction loan for a single-family residence in Closter, NJ. We funded 100% of the $685,300 construction budget and 52% of the $626,000 purchase price, while the Borrower contributed 48% to the purchase at closing. The existing property was being demolished to make way for a new build of approximately 4,300 square feet. The completed value was estimated at $2,100,000 so our loan-to-completed-value was 47.2%, projecting a solid return on investment of 57.89%. The Borrower plans to sell the property upon completion of the vertical construction. They had a mid-FICO of 684 and sufficient liquidity. The interest rate was 12.49%, and we charged 3% origination points. The loan term was set at 18 months. This SFR ground-up construction loan was funded in March 2023.
Taylor Brawley, Loan Officer, joins RCN Capital in 2021. He enjoys creating new relationships with brokers and borrowers to ensure their professional goals are met. He works hard at communicating efficiently and effectively in order to achieve the best possible results. He uses his experience from his finance background by being detail-oriented and organized. Prior to joining RCN Capital, Taylor graduated from the University of North Carolina at Charlotte earning his Bachelor of Arts in Finance.