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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
11/17/2022
Property Type
Property City
Gastonia
Property State
NC
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Construction Budget
$1,635,000
Construction Budget Funded
100%
Builder's Contribution to Budget
0%
Completed Value
$2,442,000
Loan-to-Completed Value
85%
Construction Project Scope
Construction Completion
Location Type
Suburban
Property Condition
Vacant Land
Number of Units
8
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Deal Summary
I Fund Cities, an alternative lending platform, funded a $1,635,000 ground-up construction loan in 1st lien position for a portfolio of 8 homes in 2 suburbs of Charlotte, NC. We funded 100% of the $1,635,000 construction budget. The estimated completed value was $2,442,000 so our loan-to-complete value was 85%. This North Carolina developer came to i Fund Cities when their usual funding sources were tapped out of capital. Erik Eichinger, our location-based loan officer for The Carolinas, met with the developers to fully understand their needs. iFC was then able to help this developer continue to scale their business, by providing a new construction portfolio loan for eight single-family homes. The developer used the imputed land equity from the lots they owned free and clear as their portion down, and they were able to close without bringing a single dollar to the closing table! The Borrower plans to sell the property upon completion of the build. The loan term was set at 12 months. This ground-up construction loan was funded in November 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
"Thank you for taking us to the next level"