Ground-Up Construction Loan for 8 Homes in Gastonia and Statesville, North Carolina

Funded by i Fund Cities


Deal Details

Private Loan Type

Residential Ground-Up Construction

Approx. Funding Date


Property Type
Portfolio of Residential Properties
Property City


Property State


Loan Term (months)


Lien Type

1st Mortgage

Payment Type

Interest Only

Construction Budget


Construction Budget Funded


Completed Value


Loan-to-Completed Value


Construction Project Scope

Construction Completion

Location Type


Property Condition

Vacant Land

Number of Units


Borrower's Plan

Build and Sell

Exit Strategy


Deal Highlights

Developer was looking to scale their business.
Used imputed equity from land owned outright as developer's portion down.
Developer closed without bringing a single dollar to closing.

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


Loan Officer

Erik Eichinger

North and South Carolina

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