Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
Loan Term (months)
Borrower's Contribution to Purchase
Construction Budget Funded
Builder's Contribution to Budget
Number of Units
Borrower Credit Rating
RCN Capital, a national direct private lender, funded a $351,653 1st lien position ground-up construction loan for a residential investment property in Cheyenne, Wyoming. We provided 75% of the total project costs. The Borrower had already purchased the property for $155,000. We provided an initial advance of $129,000 which included a payoff of the previous lien and closing costs. In addition, we funded 100% of the $222,800 construction budget. The property had an existing single-family residence, and the plan was to build a duplex on the lot with an end goal of having 3 units on the property. The completed value was estimated at $630,000 so our loan-to-completed value was 55%. All necessary due diligence was in place: survey, environmental review, CFSI contractor review, and CFSI feasibility study. The Borrower had completed 3 ground-up projects recently which qualified them for a higher loan-to-cost. They had a mid-FICO score of 719 and sufficient liquidity. The structure of the loan resulted in a solid return on investment of 34.37% for the Builder. They plan to refinance into a long-term rental loan upon completion. The interest rate was 11.99%, and we charged 2% origination points. The loan term was set at 24 months. This ground-up construction loan was funded in July 2023.
Chyna is a dedicated and detail-driven professional who specializes in building lasting relationships in the finance industry. Prior to entering the lending space, Chyna held over 9+ years of experience in service, financial advisory, investments, and working with clients to find the most suitable, customized solutions to their goals. She prides herself in working side-by-side with brokers and investors alike, specializing in the Southern California market, to bring the best deals to the forefront. Chyna is a Pepperdine University graduate, where she earned a bachelor’s degree in Business Management with an emphasis in Finance.