Ground-Up Construction Loan for 5 Homes in Salisbury, NC

Funded by i Fund Cities

674,900

Deal Details

Private Loan Type

Residential Ground-Up Construction

Approx. Funding Date

20220725

Property Type
Portfolio of Residential Properties
Property City

Salisbury

Property State

NC

Deal Summary

In July 2022, i Fund Cities (iFC) funded a $675K construction loan for 5 homes in Salisbury, North Carolina, a suburb of Charlotte. The construction budget was $660,000, and the estimated completed value was $1,346,000. We funded 85% of the construction budget, and the loan term is 18 months. The client, a builder doing approximately 40 houses a year in the Salisbury area, came to us through a referral. The client was building all of his houses with cash. However, given the current market state (and a bit of unknown), he wanted to leverage some debt. Explains iFC’s go-getter Loan Officer, Erik Eichinger, “Although rate volatility was at a high, we were able to close at the same terms we initially agreed upon from our first point of contact. And we closed two weeks after we agreed on terms.” Through a portfolio loan for five houses, iFC was able to help this builder fund his new construction projects and keep some of his cash in reserves.
KEY LOAN BENEFIT TO BORROWER: This builder client is now building five new construction houses, without bringing any money to closing. In addition, by giving this client an 18-month loan, he has ample time to finish the construction of these houses, which would not have been the case with another lender offering 12 months with the threat of an extension fee.
CUSTOMER FEEDBACK: “Erik & iFC are allowing me to continue building in Salisbury, while keeping some cash in reserves. I am starting construction on five new houses without having to bring a dollar to closing.”

Funded By

i Fund Cities

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

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