SFR Construction Completion Loan in Lakewood, New Jersey

Funded by i Fund Cities

Lakewood, NJ

$611,000

Single Family Residence

Residential Ground-Up Construction

01/20/2022
Transaction by
i Fund Cities
PURCHASE PRICE: $260,000
CONSTRUCTION BUDGET: $550,000
AFTER-REPAIR VALUE (ARV): 50%
LOAN-TO-COST (LTC): 53%

This client came to i Fund Cities’ awesome Loan Officer Caitlin Davis through a lender broker. The client had done three renovation projects using only cash for his projects. He started out doing new construction for the project and was paying out of pocket. Although the client wanted to start the next phase, his contractor could not begin the next phase without additional funds. Caitlin took a lot of special one-on-one time with this borrower and his team to explain i Fund Cities’ straightforward and transparent loan process. The client’s existing equity in the project made it possible for us to be more creative on the loan structure, allowing us to get the client his funds as quickly as possible, so that he and his contractor could be off and running! Says Caitlin, “I made sure that the client understood exactly how this loan is structured and we closed the deal with ease, even sooner that the client expected!”

KEY LOAN BENEFIT TO BORROWER: These clients were very thankful that they could complete their project through this private construction loan.

CUSTOMER FEEDBACK: “We wanted to say thank you. We are overwhelmed with working with you – how fast everything moved! We really want to thank you. And we are going to have many more such experiences with you. It was really fluent and really fast for new construction, so we are really happy with the service. The best was that everything took around 3 weeks from the day we started!"