)
Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
11/06/2023
Property Type
Property City
Indianapolis
Property State
IN
Loan Term (months)
12
Payment Type
Interest Only
Purchase Price
$185,000
Loan-to-Purchase Price
82.5%
Borrower's Contribution to Purchase
17.5%
Renovation Budget
$179,300
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$475,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Heavy Rehab
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Vacant
Number of Units
2
Building Square Footage
3,184
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
11.49%
Origination Points
3.5%
Deal Summary
RCN Capital, a national direct private lender, funded a $332,500 1st lien position rehab and rent loan for the acquisition of a 2-unit property in Indianapolis, IN. We funded 100% of the $179,300 renovation budget and 82.5% of the 185,000 purchase price, while the Borrower contributed 17.5% cash to the purchase at closing. The after-repair value was $475,000 so our loan-to-after-repair value was 70%. The property was appraised for $175,000 As-Is. The Guarantor had excellent credit with a middle score of 759 and has completed 3 rehab projects. The Borrower is adding 664 square feet by finishing the attic. They plan to refinance as an exit strategy upon completion of the heavy rehab. The subject property is approximately 3,184 square feet. The interest rate was 11.49% and we charged 3.5% origination points. The loan term was set at 12 months. This rehab loan was funded in November 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Erick Pisauro
Loan Officer
Erick Pisauro, Loan Officer, is dedicated to building strong and productive relationships with both investors and borrowers, so they can achieve their financial goals. He strives to provide clear & insightful communication to help individuals understand all the options available to them and assist them in reaching the most profitable outcome. Erick graduated from the University of North Carolina Charlotte with a Bachelor of Science in Finance. He is fully committed to turning clients’ real estate dreams into financial successes.