)
Deal Details
Private Loan Type
Purchase
Approx. Funding Date
06/16/2023
Property Type
Property City
North Fort Myers
Property State
FL
Loan Term (months)
12
Payment Type
Interest Only
Purchase Price
$425,270
Loan-to-Purchase Price
65%
Borrower's Contribution to Purchase
35%
Property Neighborhood
North Fort Myers
Location Type
Suburban
Property Condition
Excellent
Number of Units
1
Building Square Footage
1,981
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
10.99%
Origination Points
4%
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
Dealmakers
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.