Ground-Up Construction Loan for 2 SFRs in Charlotte, NC

Funded by i Fund Cities

478,000

Deal Details

Private Loan Type

Residential Ground-Up Construction

Approx. Funding Date

09/19/2022

Property Type
Portfolio of Residential Properties
Single Family Residence
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%

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 Highlights

Borrower's previous lender hit "pause" on new construction lending.
We funded a portion of client's land purchase, and 100% of construction costs.
Construction financing for 2 houses combined into one loan
Loan-to-completed value of 64%

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)

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