Virginia Hard Money Lenders

i Fund Cities, an alternative lending platform, funded a $194,250 senior lien position hard money loan for a duplex rehab in Petersburg, Virginia. We funded 100% of the $180,000 renovation budget and 15% of the $97,500 purchase price, while the Borrower contributed 85% cash to the purchase at closing. The after-repair value was estimated at $285,000 so our loan-to-after-repair value was 68%. This Borrower came to us through a broker. It was clear from our conversations with him that he understood the value he was going to add to this property. The Client had limited cash to put into the property. To make this deal happen, he would need 100% rehab financing. We were able to give him 85% LTC and 100% rehab funding to purchase and fix the property. i Fund Cities was able to help this Client get his project going because we work with Clients to understand the full picture of their investment strategy and needs. Then, we work hard to make our lending guidelines fit the ideal situation for the Client and for the company. The Client saw how easy the process was and knows that iFC is here for him as he continues to grow his portfolio. We are now seen as a partner that can provide quick and efficient capital. The Borrower plans to lease the property upon completion of the rehab. The loan term was set at 12 months. This hard money loan was funded in August 2023.

Equity Lending, Inc., a direct lender for the DMV region, provided a $600,000 1st lien position hard money loan for the acquisition of 3 contiguous leased medical condominiums with a total of 4,500 square feet in Lake Ridge, VA. The purchase price was $792,000. The Borrower contributed $192,000 cash to the deal, which equated to a 32% down payment and a loan-to-value of 68%. This was a repeat Borrower which enabled us to bump the LTV slightly higher than we normally would. The loan had to close quickly due to the failure of getting a traditional loan. We were able to close this loan in less than seven days. In addition to a first deed of trust securing the loan, the strong Borrower personally guaranteed the loan. The exit plan was to refinance with a traditional bank loan which the Borrower could do before the end of the 12-month loan term. The interest rate was 12% and we charged 4% origination points. This hard money loan was funded in September 2015.