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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
08/17/2023
Property Type
Property City
Washington
Property State
UT
Loan Term (months)
12
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$450,000
Construction Budget
$416,101
Construction Budget Funded
100%
Builder's Contribution to Budget
0%
Completed Value
$1,400,000
Loan-to-Completed Value
53%
Location Type
Suburban
Property Condition
Vacant Land
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Deal Summary
I Fund Cities, an alternative lending platform, funded a $736,186 senior lien position ground-up construction loan for a single-family home in Washington, Utah, near St. George. The purchase price was $450,000, and we funded 100% of the $416,101 construction budget. The completed value was $1,400,000 so our loan-to-completed value was 53%. In addition to being able to meet with this Client in person, we were able to use his extensive experience to get comfortable with funding his deal at the number he needed. In fact, we funded seven of his new construction builds in Southern Utah. This Borrower not only gained the leverage he needed to make his deal numbers work, but by keeping communication lines open, and connecting him with our draws team pre-funding, we could assure this builder a smooth loan process through closing and beyond. 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 August 2023.
Funded By
i Fund Cities
Great F#*%ing Loans, Built By Investors For Investors
Dealmakers
Kevin Whisler
Loan Officer: Inside Sales
Borrower
“You guys were great to deal with,” said the client. “We’ll definitely be doing more in the future with iFC.”