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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
08/30/2023
Property Type
Property City
Chapin
Property State
SC
Loan Term (months)
12
Payment Type
Interest Only
Purchase Price
$638,000
Loan-to-Purchase Price
60%
Borrower's Contribution to Purchase
40%
Renovation Budget
$126,100
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$1,200,000
Renovation Project Scope
Light Rehab
Property Neighborhood
Chapin
Location Type
Vacation Area
Property Condition
Good
Number of Units
1
Building Square Footage
4,664
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
10.24%
Origination Points
1.25%
Deal Summary
RCN Capital, a national direct private lender, funded a $700,300 1st lien position fix and flip loan for a single-family home in Chapin, South Carolina. We funded 100% of the $126,100 renovation budget and 60% of the $638,000 purchase price, while the Borrower contributed 40% cash to the purchase at closing. The after-repair value was estimated at $1,200,000 which results in a 58% loan-to-after-repair value. The property was appraised for $950K as-is. Per the appraiser, the as-is and the ARV appear to be overstated by about $50,000. The Sponsor had good experience, credit, and liquidity to complete this project. This repeat Borrower projects to make a solid return on investment of 60%. The subject property is located in a vacation area and is approximately 4,664 square feet. The Borrower plans to sell the property upon completion of the light rehab. The interest rate was 10.24% and we charged 1.25% 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
Dealmakers
Serena DeStefani
Senior Loan Officer
Serena joined RCN Capital in 2020. She enjoys developing new relationships with brokers and borrowers to ensure their professional goals are met. She brings with her a good sense of communication and is willing to do the work wherever it is needed. She uses her experience from accounting by being detail-oriented.