Cash-Out Refinance/Construction Loan for (2) SFR in Philly

Funded by i Fund Cities

Philadelphia, PA

$486,000

Single Family Residence

Equity Cash Out

04/06/2022
Transaction by
i Fund Cities
HIGHLIGHTS: Location: Philadelphia, PA; Loan Amount: $486K; iFC Loan Product: Cash-Out Refinance, Construction Loan; Property Type: 2 SFR; Loan Closing Date: 4/6/2022: Purchase Price: $260K: Construction Budget: $291,250: ARV: $910K: LTC: 85%: Length of Loan: 12 months: OVERVIEW: These clients had run into issues with their contractor, and it had delayed the completion of their properties. Their current loans were quickly approaching maturity with their lenders and the client needed to find a lender that could completely refinance them out of their renovation loan. Caitlin Davis, our go-getter loan officer was on it! She says, “iFC understands that really difficult situations can come up with contractors, even with experienced investors. The clients explained that they had resolved the situation, and we believed they had the ability to successfully finish the project within our loan.” KEY BENEFIT TO BORROWER: We were able to offer the clients a cash-out refinance and construction loan on their two properties. After a year in limbo, they are now able to finally finish their two single family projects! CUSTOMER FEEDBACK: “It’s been such a pleasure working with you guys. We are looking forward to many more great experiences to come! We felt the love throughout the entire process, and it was an incredible experience! You and i Fund are certainly unique in the fact that you understand that it's not about the money, it's about being the type of person that people want to do business with, and the money will always follow.”