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

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.