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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
11/24/2023
Property Type
Property City
Bergenfield
Property State
NJ
Loan Term (months)
12
Payment Type
Interest Only
Purchase Price
$470,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
Renovation Budget
$118,300
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$750,000
Loan-to-After-Repair Value
69%
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
2,033
Borrower Credit Rating
Excellent
Interest Rate
10.74%
Origination Points
1%
Deal Summary
RCN Capital, a national direct private lender, funded a $517,800 1st lien position fix and flip loan for a single-family home in Bergenfield, NJ. We funded 100% of the $118,300 renovation budget and 85% of the $470,000 purchase price, while the Borrower contributed 15% cash to the purchase at closing. The after-repair value was estimated at $750,000 so our loan-to-after-repair value was 69%. This new and experienced Borrower had excellent credit. The subject property is approximately 2,033 square feet. The interest rate was 10.74% and we charged 1% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in November 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Austin Pallone
Team Loan Officer
Austin joined RCN Capital in 2019. Austin started his RCN career as a Lead Development Specialist, working closely with loan officers to help vet out new deals and provide pricing for all incoming and current deals in their pipelines. Austin takes pride in his communication skills, being straightforward and setting expectations upfront for all parties involved. He believes it is one of the biggest keys to his success in this industry. Austin graduated from Central Connecticut University with a Bachelor of Science. He then when on to be a certified occupational assistant until finding his passion in real estate.