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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
11/15/2023
Property Type
Property City
Running Springs
Property State
CA
Loan Term (months)
12
Payment Type
Interest Only
Purchase Price
$240,000
Loan-to-Purchase Price
71%
Borrower's Contribution to Purchase
29%
Renovation Budget
$60,550
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$400,000
Loan-to-After-Repair Value
63%
Location Type
Suburban
Property Condition
Good
Number of Units
1
Building Square Footage
1,164
Borrower's Plan
Rehab and Sell
Borrower Credit Rating
Excellent
Interest Rate
10.99%
Origination Points
1.25%
Deal Summary
RCN Capital, a national direct private lender, funded a $252,550 1st lien position fix and flip loan for a single-family home in Running Springs, a small mountain town community in San Bernardino County, CA. We funded 100% of the $60,550 renovation budget and 71% of the $240,000 purchase price, while the Borrower contributed 29% cash to the purchase at closing. The after-repair value was $400,000 so our loan-to-after-repair value was 63%. After repair, they expect to have a return of about 30% on the sale of the home. The Borrower has one previous verifiable flip for experience, and they had good credit with a middle score of 724 and sufficient reserves to qualify for the loan. The subject property is approximately 1,164 square feet. The interest rate was 10.99% and we charged 1.25% 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
Patric Amar
Team Loan Officer
Patric joined RCN Capital in January 2023. His main focus is to build new relationships with brokers and borrowers to work hand in hand to meet timelines and goals that are set. He has strong communication skills and is efficient in his day-to-day tasks. Prior to working with RCN, Patric was a Mortgage Loan Processor for a company based in Los Angeles, where he became a Licensed Mortgage Loan Originator.