Ground-Up Construction Loan for SFR in Charlotte, North Carolina
$1,128,800
)
Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
10/02/2024
Property Type
Property City
Charlotte
Property State
NC
Loan Term (months)
18
Lien Type
1st Mortgage
Payment Type
Interest Only
Construction Budget
$828,000
Construction Budget Funded
100%
Completed Value
$1,900,000
Construction Project Scope
Vertical
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
4,540
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
11.74%
Origination Points
1%
Deal Summary
RCN Capital, a national direct private lender, funded a $1,128,800 ground-up construction loan for a single-family home in Charlotte, NC. We funded 100% of the $828,000 construction budget. The completed value was estimated at $1,900,000. The Borrower is a repeat and experienced investor with good credit and 5 verified ground-up projects. This sale will bring their total to 6 completed projects. Over the past 36 months, the Borrower has successfully completed 15 rehab projects. The Borrower acquired the subject property for $500,000 on 6/27/24. Since acquisition, they have secured all necessary plans and permits and have already demolished the existing structure, allowing the land to be appraised accurately “as is.” The Borrower plans to exit the loan by selling the completed property. The subject property is approximately 4,540 square feet. The interest rate was 11.74% and we charged 1% origination points. The loan term was set at 18 months. This ground-up construction loan was funded in October 2024.
Funded By
RCN Capital
Wholesale Lender for Residential Fix & Flip, Long-Term Rental, New Construction, & 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.