Hard Money Refinance for SFR Rehab Project in Sarasota, Florida

i Fund Cities, an alternative lending platform built for investors, funded a $700K hard money refinance for a single-family rehab project in a vacation area of Sarasota, Florida. This client found our great reviews online and gave us a call! The investor had received previous loans on this project through other lenders. Unfortunately, he ran into some issues and needed to refinance to gain additional funds. First, due to a mistake, his original lender made on the property insurance post-closing, the investor could not get a draw completed and had to come out of pocket roughly $100K before refinancing. Then, on the refi, that lender told him right before closing that the numbers had changed, and they were not sure they could close the loan. That’s when he came to us.

We quickly put him into a bridge loan to increase his holdback amount since his budget had increased. We also gave him an initial draw for all of the money he had already put into the deal. So the client received a new loan with an increased budget, along with reimbursement for all of the funds he already had invested into the project. He received all of this quickly and efficiently while having the confidence to work with a lender he knew would actually be able to close. The loan term was set at 12 months. The plan is to complete the renovations, secure a tenant and then refinance into a long-term loan. This hard money loan was funded in August 2022.