SFR Fix and Flip Loan for Heavy Rehab Project in Casa Linda Estates of Dallas, Texas

I Fund Cities, an alternative lending platform, funded a $1,050,245 fix and flip loan in 1st lien position for a single-family residence located east of White Rock Lake, in the Casa Linda Estates neighborhood of Dallas, TX. The purchase price was $485,000 and the renovation budget was $750,583. We funded 100% of the renovation. The after-repair value was estimated to be $1,507,250 so our loan-to-after-repair value was 70%. We approached this Borrower directly after seeing their other local projects in Dallas. The Borrower had a set closing date on a purchase and needed to close within 15 days with favorable terms. Jack Pagliarini, one of iFC’s diligent loan officers, moved the client seamlessly through the process, helping to get all documentation in place in time to ensure a timely and efficient closing. This Borrower was extremely prepared, sending their documents over right away as we started the process, which also helped everything go quickly. The project was almost new construction. The property was to be completely gutted and taken down to the studs. The Borrower plans to sell the property upon completion of the heavy rehab. The loan term was set at 12 months. This SFR fix and flip loan was funded in October 2022.