Fix & Flip Loan for SFR in Chapin, South Carolina

Funded by RCN Capital


Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date


Property Type
Single Family Residence
Property City


Property State


Loan Term (months)


Payment Type

Interest Only

Purchase Price


Loan-to-Purchase Price


Borrower's Contribution to Purchase


Renovation Budget


Renovation Budget Funded


Borrower's Contribution to Budget


After-Repair Value


Renovation Project Scope

Light Rehab

Property Neighborhood


Location Type

Vacation Area

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

Repeat Investor with 10+ experience looking to purchase and rehab an SFR in Chapin, SC.
Property appraised for 950k but was purchased at 638k.
Borrower looking to put 126k worth of work into the property for an estimated ARV of 1.2M.
Borrower estimates to make a solid return on investment of 60%.

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


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.