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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
01/29/2023
Property Type
Property City
Dallas
Property State
TX
Loan Term (months)
15
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$500,000
Construction Budget
$1,091,536
Construction Budget Funded
100%
Completed Value
$2,270,000
Loan-to-Completed Value
56%
Property Neighborhood
Love Field
Location Type
Urban
Property Condition
Vacant Land
Number of Units
1
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Deal Summary
I Fund Cities, an alternative lending platform, funded a $1,273,448 senior lien position ground-up construction loan for a single-family residence in the Love Field neighborhood of Dallas, TX. The purchase price was 500,000. We funded 36% of the land purchase, plus 100% of the $1,091,536 construction budget. This helped the Borrower keep working capital in their pocket. The completed value was estimated at $2,270,000 so our loan-to-value was 56%. The Borrower/Developer had a lot under contract for a new construction project, and they needed to close within 21 days. The property was highly sought after and had many people lined up to bid on it, so the Borrower needed to close in a timely manner. We executed for them and were able to close on time. A major benefit for this Client was knowing they had a lender that could reliably close on this milestone build-to-sell project in Dallas! The loan term was set at 15 months. This SFR ground-up construction loan was funded in January 2023.
Funded By
i Fund Cities
Great F#*%ing Loans, Built By Investors For Investors
Dealmakers
Jack Pagliarini
Loan Officer, Territory Sales Representative
Jack Pagliarini
Texas-Based Loan Officer
The major benefit to this customer was the speed with which we closed, and the knowledge that they have a lender who they know can close deals for them.