Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
03/12/2021
Property Type
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
"We could see that they had an eye for what they wanted to do, and they were ready to execute multiple projects. They just needed a lender who saw their vision!"
Caitlin Davis
Loan Officer