Hard Money Loan for Duplex Rehab in Petersburg, Virginia

i Fund Cities, an alternative lending platform, funded a $194,250 senior lien position hard money loan for a duplex rehab in Petersburg, Virginia. We funded 100% of the $180,000 renovation budget and 15% of the $97,500 purchase price, while the Borrower contributed 85% cash to the purchase at closing. The after-repair value was estimated at $285,000 so our loan-to-after-repair value was 68%. This Borrower came to us through a broker. It was clear from our conversations with him that he understood the value he was going to add to this property. The Client had limited cash to put into the property. To make this deal happen, he would need 100% rehab financing. We were able to give him 85% LTC and 100% rehab funding to purchase and fix the property. i Fund Cities was able to help this Client get his project going because we work with Clients to understand the full picture of their investment strategy and needs. Then, we work hard to make our lending guidelines fit the ideal situation for the Client and for the company. The Client saw how easy the process was and knows that iFC is here for him as he continues to grow his portfolio. We are now seen as a partner that can provide quick and efficient capital. The Borrower plans to lease the property upon completion of the rehab. The loan term was set at 12 months. This hard money loan was funded in August 2023.