The Signal
A legal duplex acquired at the appraised as-is basis, renovated against a defined budget toward a verified as-repaired value.
44–46 Marion Street is a legal two-unit duplex in Trenton. The borrower controls the asset at a $140,000 basis — the appraiser's as-is opinion — against a $305,000 as-repaired value supported by the sales-comparison approach.
The renovation is organized as a controlled, inspection-gated release. The sponsor brings eleven prior Trenton-area exits. Collateral and execution sit in one file.
Collateral & Valuation
American Appraiser Associates — effective 28 April 2026.
Subject & Site
Valuation
| As-Repaired Comparable | Distance | Sale | Adjusted | |
|---|---|---|---|---|
| 330 Hillcrest Ave | 1.16 mi NW | $320,000 | $314,800 | |
| 801 Spruce St | 1.47 mi NE | $310,000 | $305,200 | Most weight |
| 170–72 Liberty St | 2.33 mi SE | $360,000 | $318,880 | |
| 206 Dayton St | 2.45 mi SE | $350,000 | $310,300 | |
| 54 Maple Ave | 1.01 mi NW | $285,000 | $296,100 | |
| Reconciled as-repaired value | $305,000 |
Market values and rentals reported stable; foreclosure activity present but not dominant. The appraisal is completed on the hypothetical condition that the submitted scope is finished and permits obtained. The full report is in the file index below.
The Structure
The capital request, stated plainly — and nothing the counterparty does not need.
Leverage the counterparty reads
Income support, held
Leverage holds against both as-is collateral and the appraised as-repaired value. Indicative terms only; advance rate, rate, term, and conditions are set by the reviewing counterparty.
Renovation Control
Not an open construction line — a five-draw, inspection-gated release path.
| Scope of Work | Budget | Share |
|---|---|---|
| Interior completion | $47,100 | 41.0% |
| Exterior & roof | $28,300 | 24.6% |
| Kitchens, both units | $13,250 | 11.5% |
| Onsite — water / sewer | $5,500 | 4.8% |
| Permits & site | $5,250 | 4.6% |
| Demolition | $5,000 | 4.3% |
| Bath | $4,400 | 3.8% |
| Miscellaneous & contingency | $4,200 | 3.7% |
| Site improvements | $2,000 | 1.7% |
| Signed scope total | $115,000 | 100% |
Focused interior and exterior rehabilitation — no structural redevelopment, no added square footage, the two-unit configuration preserved. Early draws clear demolition, permits, and envelope; mid-phase draws carry core systems; the final draw is finish and turnover.
The Sponsor
Sumani Jay Sababu · Perry & Warren LLC — eleven exits in one operating geography.
| Prior Asset | Purchase | Rehab | Disposition | Exit |
|---|---|---|---|---|
| 334 W State St | $134,000 | $95,000 | $375,000 | 05/24 |
| 671 Lambert St | $30,000 | $125,000 | $370,000 | 04/24 |
| 38 Perdicaris Pl | $115,000 | $95,000 | $300,000 | 07/20 |
| 210 Cornwall Ave | $119,000 | $60,000 | $277,000 | 03/19 |
| 607 Stuyvesant Ave | $65,000 | $74,000 | $259,000 | 01/25 |
| 609 Stuyvesant Ave | $65,000 | $60,000 | $255,000 | 01/25 |
| 1429 Stuyvesant Ave | $75,000 | $80,000 | $240,000 | 10/19 |
| 8 Hollywood Ave | $41,000 | $90,000 | $200,000 | 06/24 |
| 249 Highland Ave | $45,000 | $24,000 | $180,000 | 03/25 |
| 1023 Southard St, Ewing | $34,000 | $70,000 | $177,500 | 04/23 |
| 32 Commerce St | $37,500 | $62,000 | $168,000 | 06/24 |
| 11 properties | $760,500 | $835,000 | $2,801,500 |
The point is not volume — it is repeat execution inside the same Trenton market. Eleven completed acquire-rehab-dispose cycles. Currently held: 5–11 Perry Street and 421 Calhoun Street.
The Signal
Within range for acquisition-plus-rehab review.
After-repair leverage at 74.62%, as-is advance at 84.00%, a controlled five-draw release path, and a sponsor with eleven prior exits in this market. Collateral, structure, and execution resolve in one file.
Prepared by RCP Capital Market Intelligence and routed to the capital counterparty for review. All figures — valuation, structure, leverage, budget, and sponsor data — remain subject to counterparty review and verification, including appraisal review, scope and budget approval, draw administration, title, insurance, permits, borrower documentation, legal documentation, and all conditions precedent. Indicative terms reflect an initial structure only. RCP arranges and routes capital files and does not itself originate or commit financing. The renovation figure appears as $115,000 (signed scope), $116,000 (draw schedule), and $110,000 (holdback); the counterparty confirms the final approved budget and holdback. Confidential — authorized recipient only.
Full Appraisal Report
Sales and rental grids, sketch, plat, flood map, full photo addenda, scope of work, operating statement, license and E&O. Effective 28 April 2026.
RCP Borrower File
Executive signal, borrower intelligence, capital interpretation, draw schedule, prior-transaction schedule, and current holdings.
Capital follows attention — not the other way around.