The borrower is an experienced real estate investor who was looking to purchase this 16-unit apartment building and renovate 11 of the units in Kailua Kona, Hawaii. RCN was able to provide a 12-month loan at 68% LTV and 100% of the renovation costs. The exit strategy is to refinance the property and hold as a rental complex, as most of the units already have tenants in them.
Total loan amount: $1,505,000.