Purchase Bridge Loan for Single-Family Residence in North Fort Myers, Florida

Funded by RCN Capital


Deal Details

Private Loan Type


Approx. Funding Date


Property Type
Single Family Residence
Property City

North Fort Myers

Property State


Loan Term (months)


Payment Type

Interest Only

Purchase Price


Loan-to-Purchase Price


Borrower's Contribution to Purchase


Property Neighborhood

North Fort Myers

Location Type


Property Condition


Number of Units


Building Square Footage


Borrower's Plan

Rehab and Sell

Exit Strategy


Borrower Credit Rating


Interest Rate


Origination Points


Deal Highlights

Experienced Borrower is looking for a bridge loan on a SFR in North Fort Myers, Florida.
Plan is to secure the property on a short-term loan and do light rehab to eventually sell.
Borrower had excellent FICO and sufficient liquidity leading to favorable terms.

Deal Summary

RCN Capital, a national direct private lender, funded a $318,953 1st lien position bridge loan for the acquisition of a single-family home in North Fort Myers, Florida. We funded 75% of the $425,270 purchase price, while the Borrower contributed 25% cash at closing. The property appraised for $490,000 As-Is, so our loan-to-value was 65%. The experienced Borrower (5+ Verified) plans to renovate the home to stabilize before listing the property for resale, but they will self-fund the rehab budget. The guarantor on the loan had excellent credit with a middle score of 796 and a background history without any issues. Their bank statements reflected sufficient liquidity to close this deal and the deal was structured in accordance with the guidelines. The loan-to-value was 65.1% and the loan-to-cost was 75%. The subject property was in excellent condition. It is approximately 1,981 square feet. The interest rate was 10.99% and we charged 4% origination points. The loan term was set at 12 months. This SFR purchase bridge loan was funded in June 2023.

Funded By

RCN Capital

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


Georgette Fletcher

Team Loan Officer

Georgette joined RCN Capital in 2019. She enjoys building positive relationships with brokers, customers, and Correspondent Lenders to ensure that their success in this marketplace is met. Using experience in sales, social skills, and marketing, Georgette is versed in being hard-working, diligent in her work, and empathic. Prior to joining RCN Capital, she attended the University of Connecticut and earned a Bachelor of Arts in Human Development and Family Studies with a communications minor.