SFR Ground-Up Construction Loan in Cape Coral, FL

Funded by i Fund Cities

306,000

Deal Details

Private Loan Type

Residential Ground-Up Construction

Approx. Funding Date

03/12/2021

Property Type
Single Family Residence
Property City

Cape Coral

Property State

FL

Loan Term (months)

12

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$23,000

Construction Budget

$337,000

Construction Budget Funded

85%

Builder's Contribution to Budget

15%

Completed Value

$575,000

Loan-to-Completed Value

53%

Construction Project Scope

Horizontal and Vertical

Location Type

Urban

Deal Summary

In March 2021, i Fund Cities provided a $306K ground-up construction loan for a single-family residence in Cape Coral, FL. The purchase price of the lot was $23,000, the construction budget was $337,000, and the completed value was $575,000. We funded 85% of the total project costs, and our loan term was set at 12 months. The client, a repeat iFC borrower, is an experienced developer that builds modern, single-family homes in West Florida. These developers were looking for a partner with whom they could trust and grow. We saw their vision, and by listening closely to what these investors needed, we were able to support them by ultimately giving them the exposure needed to complete five new construction projects this year!

Key Loan Benefit to Borrower

The key benefit to this borrower was that they had ease and peace of mind in relation to their lender and their funding. This allowed them to focus on doing what they do best! Just take a look at the results in these before (raw land), during, and after photos!

Funded By

i Fund Cities

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

More Deals By i Fund Cities

i Fund Cities
Delray Beach, FL
$3,386,000
Multifamily, Residential Land

Residential Ground-Up Construction

i Fund Cities
Lakewood, NJ
$611,000
Single Family Residence

Residential Ground-Up Construction