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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
11/17/2023
Property Type
Property City
Charlotte
Property State
NC
Loan Term (months)
12
Payment Type
Interest Only
Purchase Price
$565,000
Loan-to-Purchase Price
77%
Borrower's Contribution to Purchase
23%
Renovation Budget
$95,740
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$855,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Light Rehab
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,737
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
10.99%
Origination Points
.5%
Deal Summary
RCN Capital, a national direct private lender, funded a $598,500 1st lien position fix and flip loan for a single-family home in Charlotte, NC. We funded 100% of the $95,740 renovation budget and 77% of the $565,000 purchase price, while the Borrower contributed 23% cash to the purchase at closing. The after-repair value was $855,000, evidencing solid returns to Borrowers of just under 26.16%. Our loan-to-after-repair value was 70%. This repeat and experienced Borrower plans to add a second story to the home. They plan to sell the property as an exit strategy. The 1,737-square-foot subject property was appraised for $650k As-Is. The Guarantor had excellent credit and bank statements that reflected sufficient liquidity to meet the reserves required for this loan. The Initial advance was 88.987% loan-to-cost. The interest rate was 10.99% and we charged 0.5% 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
Serena DeStefani
Senior Loan Officer
Serena joined RCN Capital in 2020. She enjoys developing new relationships with brokers and borrowers to ensure their professional goals are met. She brings with her a good sense of communication and is willing to do the work wherever it is needed. She uses her experience from accounting by being detail-oriented.