)
Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
03/26/2024
Property Type
Property City
Chatsworth
Property State
CA
Loan Term (months)
12
Payment Type
Interest Only
Purchase Price
$900,000
Loan-to-Purchase Price
77%
Borrower's Contribution to Purchase
23%
Renovation Budget
$140,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$1,190,000
Loan-to-After-Repair Value
70%
Renovation Project Scope
Light Rehab
Property Neighborhood
Chatsworth
Location Type
Suburban
Number of Units
1
Building Square Footage
1,922
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
11.49%
Origination Points
.5%
Deal Summary
RCN Capital, a national direct private lender, funded an $833,000 1st lien position fix and flip loan for a single-family home in the Chatsworth neighborhood of Los Angeles, CA. We funded 100% of the $140,000 renovation budget and 77% of the $900,000 purchase price, while the Borrower contributed 23% cash to the purchase at closing. The after-repair value was estimated at $1,190,000 which put our loan at 70% loan-to-after-repair value and evidences a return on investment for the Borrower of just over 10.99%. The Borrower was a new client for RNC but an experienced investor with 3+ verified successful flips completed. They had good credit and bank statements that evidenced sufficient assets and liquidity. The Borrower had excellent credit. They plan to sell the property as an exit strategy upon completion of the light rehab. The subject property was approximately 1,922 square feet. The interest rate was 11.49% and we charged 0.5% origination points. The loan term was set at 12 months. This SFR fix and flip loan was funded in March 2024.
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.