The borrower is an experienced investor who holds two other rental properties in the area. This property is also currently held as a rental unit as well. The borrower is looking to take cash out of this property to put towards the purchase of another investment property. The borrower has good income, excellent experience and average credit. The borrower also plans to refinance through a stated program. The term for this loan is 12 months.
Fix & Lease
Repeat borrowers and experienced investors who have been acquiring rental properties in Florida over the past several years. RCN Capital closed a few loans to these investors in 2015 which have since been paid off. Borrowers anticipate on spending about $10K on rehab and RCN Capital was able to provide a loan at 65% of the After-Repair-Value. The borrowers will refinance the property to hold as a rental investment property.
The borrower was looking to purchase the single family house to utilize as a rental property. Since the borrower had experience with owning and operating other rental properties, RCN Capital was able to provide a loan for 69% of the After-Repair-Value of the property. The borrower plans to refinance traditionally once this project is complete.