Private Loan Type
Approx. Funding Date
I Fund Cities, a direct private lending firm, funded a $167,600 DSCR loan for a single-family rental property in Savannah, Georgia. The loan-to-value was 80%. One of our great broker partners originally referred this borrower over to Caitlin, one of iFC’s super-pro loan officers. This was a repeat borrower who does a lot of her business within a certain proximity, so getting the initial file together for processing was simple. Caitlin had a great appraiser in mind that delivered the report to iFC quickly.
“The borrower submitted a cash offer on this property,” says Caitlin. “She was using a method of ‘cash offer/delayed purchase’ to make the offers she submitted to sellers more attractive. However, she, of course, preferred not to use her own cash. We were initially discussing a ‘delayed purchase,’ which is where the client purchases the property with cash initially, and then we finance the transaction within a short amount of time on the back end.” However, it was going to be more advantageous to the borrower if we could fund the deal before closing. “Closing was 2.5 weeks away,” recalls Caitlin, “so I worked quickly to beat the clock, and close first, preventing her from using her own funds to initially close on the loan.“ Adds Caitlin, “On the front end, I communicated the possibility we would fund with all parties involved with this transaction, so everyone was on the same page.”
This DSCR loan was funded in February 2022.
Key Loan Benefit to Borrower:
Says Caitlin “It was a smooth closing for not one, but two properties the borrower initially thought she would need to use her own cash to close on.
“The closing went well. You are very diligent, responsive, and helpful. Hope we will work together again in the near future…5 stars!”