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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
08/16/2023
Property Type
Property City
Bridgeton
Property State
NJ
Loan Term (months)
12
Payment Type
Interest Only
Purchase Price
$168,000
Loan-to-Purchase Price
75%
Borrower's Contribution to Purchase
25%
Renovation Budget
$28,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$235,000
Loan-to-After-Repair Value
64%
Renovation Project Scope
Cosmetic
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,144
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Average
Interest Rate
12.49%
Origination Points
.75%
Deal Summary
RCN Capital, a national direct private lender, funded a $151,750 1st lien position fix and flip loan for a single-family home in Bridgeton, NJ. We funded 100% of the $28,000 renovation budget and 75% of the $168,000 purchase price, while the Borrower contributed 25% cash to the purchase at closing. The after-repair value was $235,000 which evidenced a decent ROI for the Borrower of just over 16.89%. So our loan-to-after-repair value was 64%. The Borrower had average credit with a mid-score of 688. The initial advance was 73.66% loan-to-cost and 75% loan-to-value. They plan to sell the property as an exit strategy. The subject property is approximately 1,144 square feet. The interest rate was 12.49% and we charged 0.75% 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
Ryan Taft
Loan Officer
Ryan puts a premium on giving clients at RCN a customer experience that will lead to a long-lasting relationship. Ryan goes above and beyond to make sure brokers & borrowers alike reach their financial and professional goals through clear & concise communication.