Construction Bridge Loan for Unique Property with Seven Cottages in Bradenton, FL

Funded by i Fund Cities

711,600

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

05/10/2022

Property Type
Multifamily
Property City

Bradenton

Property State

FL

Loan Term (months)

12

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$680,000

Loan-to-Purchase Price

81%

Borrower's Contribution to Purchase

19%

Source of Borrower's Contribution

Cash

Renovation Budget

$201,000

After-Repair Value

$1,050,000

Deal Summary

In May 2022, i Fund Cities closed a bridge loan secured by a multifamily property in Bradenton, Florida, just South of Tampa Bay. The Borrower heard about iFC through the awesome InvestHER community, that our sharp and skillful loan officer, Caitlin, is involved in. The client wanted to purchase a very unique property consisting of seven cottages and a duplex. Because it was a more complex property, explains Caitlin, “the bank could not quite wrap its head around how to fund it.” When the client came to us, we looked at the project’s profitability and reviewed the experience of the guarantors. Both were very solid. This allowed us to originate a loan on the property, giving the investors the ability to own an amazing opportunity! The purchase price was $680,000. The rehab/construction budget was $201,000. The estimated after-repair value is $1,050,000. Our loan amount is 81% loan-to-cost, and the loan term is 12 months.

Key Benefit to Borrower:

This deal is a perfect example of how iFC’s ability to be flexible in our funding can bring home deals that the bank won’t finance. The bank’s strict underwriting criteria can often disqualify a property like this that falls outside of their standard lending framework.

Customer Feedback:

“Thank you so much for everything. We appreciate all the hard work!”

Funded By

i Fund Cities

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

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