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Outstanding Service for Investment Property Bridge, Rehab, Rental, and Construction Loans
Funded Fix & Flip Loans in Pennsylvania
Easy Street Capital, a direct private real estate lender, funded a $382,500 1st lien position fix and flip lon for a single-family home in King of Prussia, PA. We funded 85% of the $60,000 renovation budget and $390,000 purchase price, while the Borrower contributed 15% cash respectively at closing. The after-repair value was $555,000 so our loan-to-after-repair value was 70%. The Borrower will be doing a full cosmetic rehab of the subject with some servicing of the utility and plumbing systems and some demolition. The interior of the home will be getting new windows, doors, paint, tile/wood flooring, and updated kitchen/baths. The exterior of the home was in good condition and won’t need any renovation. Once the home has been completed, the Borrower plans to sell the property, which is approximately 1,784 square feet set in a 14,000-square-foot lot. The Borrower had good credit. The interest rate was 10.9% and we charged 2% origination points. The loan term was set at 9 months. This SFR fix and flip loan was funded in December 2023
Fix and Flip Loan in Ambler, PA | Closed Despite Rising Rates and Other Lenders Shutting Down
In June 2022, i Fund Cities closed a Fix & Flip loan secured by a single-family home in Ambler, Pennsylvania, just north of Philadelphia. This client was an iFC repeat customer (we love the relationships we have with our long-term investors!). This investor had been in contact with iFC for some time, looking for a deal that made sense for them to fund through us. This single-family home fix-and-flip deal was a great fit! The customer was looking to close quickly on the loan. Since we already had an established relationship with them, we had all stayed in contact, we were able to move quickly throughout the process and ensure any hurdles along the way would be communicated and overcome. Having access to a lender who they already knew and trusted, allowed for a short timeframe to closing. The purchase price was $400,000 and the rehab budget was $80,700. The estimated after-repair value was $575,000. Our loan amount was 70% loan-to-cost, and the loan term was set at 12 months.
Key Loan Benefit to Borrower:
A key aspect of this loan is that we were able to close with the borrower under some unusual circumstances, including the rising rate environment.
Says the customer, “I appreciated the responsiveness and team effort behind getting the deal done, the communication from the team while overcoming hurdles, and the personal aspect of working with you guys. After a time when rates hiked up and we were told our rate would be increasing, iFC gave us the news, and was still able to close a deal when other lenders were shut down.”