Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
01/19/2023
Property Type
Property City
Hammond
Property State
LA
Loan Term (months)
12
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$306,500
Renovation Budget
$269,999
After-Repair Value
$844,000
Loan-to-After-Repair Value
60%
Renovation Project Scope
Heavy Rehab
Location Type
Suburban
Property Condition
Poor
Occupancy at Closing
Vacant
Number of Units
8
Borrower's Plan
Rehab and Rent
Exit Strategy
Conventional Loan
Deal Summary
I Fund Cities, an alternative lending platform, funded a $504,399 senior lien position loan for the rehab of an 8-unit multifamily property in Hammond, LA. The purchase price was $306,500 and the renovation budget was $269,999. The after-repair value was estimated at $844,000 so our loan-to-ARV was 60%. The Borrower was able to come out of pocket with nothing down and get funding for renovations. This repeat Borrower from the New Orleans area had a difficult situation with some distressed units. After getting his original loan from us to purchase and rehab the property, a fire took place. He was then having trouble selling the units because of fire damage. He reached out to us to see about the potential to rehab the units and turn them into rentals. We were able to use the equity that the Borrower had in the overall project to help the Borrower refinance his existing loan into an iFC bridge Fix and Hold loan (Once the “fix” renovations are complete, the Borrower will come back to us for a “hold,” 30-year rental DSCR loan). This was just the solution that this Borrower needed to move forward! The loan term was set at 12 months. This multifamily rehab loan was funded in January 2023.
Funded By
i Fund Cities
Great F#*%ing Loans, Built By Investors For Investors
Dealmakers
Erik Eichinger
Loan Officer
IFC comes through again!!
Customer
Customer