Hard Money Loan for Wailuku Hawaii House Rehab Project

Funded by RCN Capital

$490,000

Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date

10/17/2016

Property Type
Single Family Residence
Property City

Wailuku

Property State

HI

Interest Rate

%

Origination Points

%

Deal Summary

Hard money loan for a house rehab fix & flip project in Wailuku, Maui. The Borrower is a general contractor and realtor who came across a great opportunity to acquire a 2,818 square foot home consisting of 4 bedrooms and 3 bathrooms on a 0.51 acre lot. The purchase price was $425,000. The Borrower plans to spend around $150,000 on renovations, which includes updating the electrical, painting interior and exterior, and remodeling the kitchen and bathrooms. The Borrower put down 15% of the total project cost. The house will be sold upon the completion of the renovations for around $775,000 within the 1-year loan term. RCN Capital was able to provide a loan at 63% of the After-Repair Value and the Borrower anticipates a 28% return on investment. This hard money loan was funded in October 2016.

Funded By

RCN Capital

Direct Lender for Residential Fix & Flip, Long-Term Rental, Bridge Loans