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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
12/14/2023
Property Type
Property City
New Haven
Property State
CT
Loan Term (months)
12
Payment Type
Interest Only
Purchase Price
$280,000
Loan-to-Purchase Price
81%
Borrower's Contribution to Purchase
19%
Renovation Budget
$39,550
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$350,000
Renovation Project Scope
Light Rehab
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
1,456
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
11.49%
Deal Summary
RCN Capital, a national direct private lender, funded a $227,500 1st lien position fix and flip loan for a single-family home in New Haven, CT. We funded 100% of the $39,550 renovation budget and 81% of the $280,000 purchase price, while the Borrower contributed 19% cash to the purchase at closing. The after-repair value was estimated at $350,000, so our loan-to-value is 65%. The Borrower has completed one verified successful flip project, had good credit with a middle score of 702, and bank statements that reflected sufficient liquidity to meet our cash reserves requirement. The subject property is approximately 1,456 square feet. The Borrower plans to sell the property as an exit strategy upon completion of the light rehab. The interest rate was 11.49%. The loan term was set at 12 months. This SFR fix and flip loan was funded in December 2023.
Funded By
RCN Capital
Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans
Dealmakers
Bailey Jenkins
Team Loan Officer
Bailey Jenkins, Team Loan Officer, joined RCN Capital in 2023. Bailey specializes in fostering long-term mutually beneficial relationships with brokers and borrowers to ensure their mission-critical priorities are achieved. His previous experience in adjacent industries allows him to bring a portfolio of skills such as concise communication and consultative problem-solving that will be instrumental in better serving his clientele. Prior to joining RCN Capital, Bailey graduated from Appalachian State University earning a BSBA with a focus of marketing and sales.