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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
08/03/2023
Property Type
Property City
Houston
Property State
PA
Loan Term (months)
12
Payment Type
Interest Only
Purchase Price
$175,000
Loan-to-Purchase Price
62%
Borrower's Contribution to Purchase
38%
Renovation Budget
$71,800
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$310,000
Renovation Project Scope
Light Rehab
Location Type
Suburban
Property Condition
Good
Number of Units
1
Building Square Footage
2,781
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
10.49%
Origination Points
2%
Deal Summary
RCN Capital, a national direct private lender, funded a $217,000 1st lien position fix and flip loan for a single-family home in Houston, Pennsylvania, a suburb of Pittsburgh. We funded 100% of the $71,800 renovation budget and 62% of the $175,000 purchase price, while the Borrower contributed 38% cash to the purchase at closing. The subject property was appraised for $235,000 As-Is and a $310,000 after-repair-value evidenced decent returns to the Borrower of just under 22% and 11% of debt yield. The total loan amount was 70% of the after-repair value. This repeat Borrower was an experienced investor (5+ Verified). Their bank statements reflected sufficient liquidity to meet the reserves required for this loan and the deal was structured in accordance with the guidelines. The subject property was approximately 2,781 square feet. The Borrower plans to sell the property upon completion of the light rehab. The interest rate was 10.49% and we charged 2% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in August 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans