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

Funded by i Fund Cities


Deal Details

Private Loan Type

Residential Ground-Up Construction

Approx. Funding Date


Property Type
Single Family Residence
Property City


Property State


Loan Term (months)


Lien Type


Payment Type

Interest Only

Purchase Price


Loan-to-Purchase Price


Borrower's Contribution to Purchase


Source of Borrower's Contribution


Construction Budget


Construction Budget Funded


Builder's Contribution to Budget


Completed Value


Loan-to-Completed Value


Property Neighborhood


Location Type


Property Condition

Vacant Land

Number of Units


Borrower's Plan

Build and Sell

Exit Strategy


Deal Highlights

Luxury Single-Family Home
Loan-to-Cost: 83%
Builder had encountered broken promises and delays with previous lenders.
Client now considers iFC part of his team and values our input on his projects.

Deal Summary

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.

Funded By

i Fund Cities

Great F#*%ing Loans, Built By Investors For Investors


Chris Tereo

Co-Founder: i Fund Cities

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