Private Construction Loan for DFW Builder Tired of Dealing with Unreliable Lenders

Funded by i Fund Cities

1,080,000

Deal Details

Private Loan Type

Residential Ground-Up Construction

Approx. Funding Date

20220615

Property Type
Single Family Residence
Property City

McKinney

Property State

TX

Deal Summary

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 is $877,800. The estimated completed value is $1,440,000. So our total loan-to-cost was 85%, and the builder contributed 15% of the total costs. Our loan term is 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.

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.

CUSTOMER FEEDBACK: 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.”

Funded By

i Fund Cities

Great F#*%ing Loans, Built By Investors For Investors

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