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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
07/19/2023
Property Type
Property City
Greenville
Property State
SC
Loan Term (months)
12
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$200,000
Construction Budget
$1,134,290
Construction Budget Funded
100%
Builder's Contribution to Budget
0%
Completed Value
$2,362,000
Loan-to-Completed Value
48%
Construction Project Scope
Construction Completion
Location Type
Urban
Property Condition
Vacant Land
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Deal Summary
I Fund Cities, an alternative lending platform, funded a $1,134,920 senior lien position ground-up construction loan for a single-family home in Greenville, South Carolina. The land purchase price was $200,000, and we funded 100% of the $1,134,290 construction budget. The completed value was $2,362,000 so our loan-to-completed value was 48%. In this case, loan officer Erik Eichinger was following this successful Greenville Developer on Instagram and he fostered a connection between the two of them. Erik found that the Developer’s private money capital was tied up amongst other projects and they needed additional funds for their new construction projects. We were able to blend the private capital to take down the land and give this Builder 100% of their construction costs. Using the Developer’s private money, along with our funding, they could scale to meet their vision. The Borrower appreciated what we could add to his company’s already successful approach. He plans to sell the property upon completion of the construction. The loan term was set at 12 months. This SFR ground-up construction loan was funded in July 2023.
Funded By
i Fund Cities
Great F#*%ing Loans, Built By Investors For Investors
Dealmakers
Erik Eichinger
Loan Officer, Territory Sales Representative (NC/SC)
Borrower
“iFC is the perfect complement to my current capital stack!”