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Malve Capital LLC
Fast And Easy Real Estate Loans. Closing as fast as 5 business days, subject to clear title.
RBI Private Lending
Direct lender, specialized in Bridge, Fix and Flip and Construction. FN and new investors welcome.
Funded Residential Construction Loans in Texas
i Fund Cities, an alternative lending platform built for investors, funded a $1,725,508 residential ground-up construction loan for 5 single-family homes in Leonard, Texas, a small rural town close to the DFW metro area.. The purchase price was $325,000 and the construction budget was $1,738,915. iFC funded 84% of the total project costs in 1st lien position, and the Borrower contributed 16%. The completed value was estimated to be $2,493,915 so the loan-to-completed value was 70%. We provided much higher leverage than local banks offered.
The Borrowers were experienced SFR developers who have established a strong reputation in their market, with proven success and a solid track record. They were looking to obtain optimal leverage in order to support five new construction projects while closing in an efficient manner. They had worked with banks before but found it more challenging to get “spec” home projects done with them. iFC and Jack Pagliarini, our totally on-it new Sales Rep in Dallas were quick to find a solution that met their needs, so we were able to get the process moving right away!
The key benefit to the borrower was that the developer was not only able to feel comfortable with the terms when the deal started, but they could also feel confident throughout the entire process that i Fund Cities would get their deal closed quickly. The loan term was set at 18 months, and the Borrowers planned to sell upon completion. This residential ground-up construction loan was funded in August 2022.
Private Construction Loan for DFW Builder Tired of Dealing with Unreliable Lenders in McKinney, TX
I Fund Cities (iFC), a direct private lending firm, funded a ground-up construction loan for a single-family residence in McKinney, Texas, north of Dallas. The purchase price for the land was $399,900. The construction budget was $877,800. The estimated completed value was $1,440,000. So our total loan-to-cost was 85%, and the builder contributed 15% of the total costs. Our loan term was set at 18 months. The client has been building and renovating homes at an increasing pace. Their previous lenders either ran out of funding or were hesitant to fund their new construction projects. In one recent case, their lender even left them at the loan closing table! When they called us, they were looking for a lender who didn’t shy away from deals, and who could be reliable throughout the process. iFC looked at the project but, just as importantly, we listened to the borrowers to understand their specific personal and project needs. By doing this, we were able to discover a deal structure that leveraged the best characteristics of each guarantor, providing more favorable terms and a quicker route to closing.
This private construction loan was funded in June 2022.
Key Benefit for the Borrower:
This borrower gained from iFC’s ability to close on short notice when other lenders weren’t willing to follow through.
What was the client’s experience in working with Jack and iFC? “Customer service. Hands down, unequivocally, customer service. Responsiveness, attentiveness to all of the needs, and full communication. No one can ever say i Fund Cities dropped the ball.” “With such a short timeline to close, if the borrower is not on it on their end, there was no way we could have gotten the deal done as fast as we did. It was pretty intense moving through the deal, but there was transparent, fast communication throughout the whole process.”
Lead Funding, a Colorado-based private lender, funded a $630,000 1st lien position fix and flip private money loan for a single-family home in Alamo Heights, north of San Antonio, TX. The Borrower was an experienced builder who had successfully completed a few other projects in the area and was seeking a new lending partner. The purchase price was $333,000. The Borrower put down $33,000 cash for the purchase, and we funded the remaining 90%. We also provided 100% of the construction budget, which is estimated at $330,000 and will be released in several draws. The existing structure will not be torn down, but the project entails a complete rebuild, plus a 2nd story and additional square footage on the ground floor. Approximately 2,000 square feet will be added to have 5 bedroom, 3.5 baths and a 2-car garage. Upon completion, the Borrower plans to sell the home for around $860,000. The loan term was set at 12 months. This SFR private money rehab loan was funded in July 2019.