Fix & Flip Loan for SFR in Anchorage, Alaska

Funded by RCN Capital

$156,000

Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date

09/30/2016

Property Type
Single Family Residence
Property City

Anchorage

Property State

AK

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$85,000

Loan-to-Purchase Price

80%

Borrower's Contribution to Purchase

20%

Source of Borrower's Contribution

Cash

Loan-to-Value

65%

Renovation Budget

$109,000

Borrower's Plan

Rehab and Sell

Exit Strategy

Sale

Deal Summary

RCN Capital, a national direct private lender, funded a $156,000 1st lien position fix and flip loan for a single-family home in Anchorage, Alaska. The Borrowers were under contract to acquire the single-family home for less than the appraised as-is value. The purchase price was $85,000. The Borrowers plan to completely renovate the property before listing it for resale. The renovation costs are estimated at $109,000. RCN Capital provided 80% loan-to-cost and the Borrowers put in 20% of the total project cost. Once the repairs are completed the Borrower plans to list the property for around $240,000 and is anticipating a 19% return on investment. The loan-to-value based on the ARV (after-repair value) is 65%. This SFR fix and flip loan was funded in September 2016.

Funded By

RCN Capital

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