Fix & Flip Loan for 2 Properties in Philadelphia, Pennsylvania

I Fund Cities, an alternative lending platform, funded a $613,020 fix and flip loan in senior lien position for 2 properties in Philadelphia, PA. One property is a duplex and the other is a 2-unit mixed-use property with 1 residential unit and retail on the ground floor. The purchase price was $500,000 and the renovation budget was $221,200. We funded 78% of the purchase price and 100% of the renovation budget. The after-repair value was $1,020,000 so our loan-to-after-repair value was 60%. The Borrower was in process with another lender for over 90 days and had already received multiple extensions from the seller to close the loan. The Borrower needed a lender to make up for lost time and get them to the closing table quickly, and reliably. We made it happen! We received documentation for the loan on a Monday afternoon. Then, Cole Goudge, one of iFC’s super knowledgeable and ready-to-get-it-done loan officers, coordinated everything needed with the Borrower. We closed on Friday afternoon. The Borrower was able to purchase two new projects with the help of our team. The loan term was set at 12 months. This fix and flip loan was funded in August 2022.