Single Family Residence
Residential Fix and Flip10/17/2016
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.