Ground-Up Construction Loan for Manayunk Luxury Home in Philadelphia, Pennsylvania

I Fund Cities, an alternative lending platform, funded a $633,805 senior lien position ground-up construction loan for the acquisition of a luxury single-family residence in Manayunk, PA. We funded 83% of the $125,000 purchase price and 99% of the $643,248 construction budget, while the Borrower contributed 17% and 1% cash at closing, respectively. The completed value was estimated at $1,248,000 so our loan-to-value was 51%. This builder specializes in finding and acquiring land, taking it through zoning and permitting, and then maximizing the value by building luxury single-family homes. He was looking for a lender who offered great products and who could close quickly. iFC offered him these things, along with competitive rates and terms. Having encountered broken promises and delays in closing with previous lenders, choosing a lender who he could trust, and who communicated effectively with him, was of key importance to him. The Client appreciated that iFC’s communication was respectful and efficient, giving him the time and space he needed to put his documentation together and that working with iFC made for easy closing. iFC was able to help this client with a New Construction loan, which allowed him to put his money into other projects. The client now considers iFC a part of his team and values our team’s view on his projects. The Borrower plans to sell the property upon completion of the construction. The loan term was set at 15 months. This SFR ground-up construction loan was funded in December 2022.