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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
09/19/2022
Property Type
Property City
Charlotte
Property State
NC
Loan Term (months)
12
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$150,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Construction Budget
$340,000
Construction Budget Funded
100%
Builder's Contribution to Budget
0%
Completed Value
$750,000
Loan-to-Completed Value
64%
Construction Project Scope
Vertical
Location Type
Urban
Property Condition
Vacant Land
Number of Units
2
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Deal Summary
I Fund Cities, an alternative lending platform built for investors, funded a $478,000 construction loan for the purchase of a portfolio of residential properties in Charlotte, North Carolina. It included two single-family residences funded at 80% LTP for the $150,00 land acquisition, and the Borrower put down 20%. The construction budget was $340,000 and iFC funded 100% of that amount. The completed value was $750,000 so the loan-to-completed value was 64%. The loan term was set at 12 months. The Borrower plans to sell to 2 homes upon completion.
This investor came to us after their previous lender put a pause on new construction lending. We started seeing this happening a lot in the 3rd quarter of 2022, across many markets. Due to our varied sources of funding, which give us reliable funds even in choppy waters, iFC is has continued to fund projects even when other lenders can’t. We love the North Carolina market and we are committed to continuing to lend to our customers. This residential ground-up construction loan was funded in September 2022.
Funded By
i Fund Cities
Great F#*%ing Loans, Built By Investors For Investors
Dealmakers
Erik Eichinger
Loan Officer, Territory Sales Representative (NC/SC)
Borrower
“Erik made the entire process seamless and this was the fastest we have ever closed a new construction loan.”