Ground-Up Construction Loan for 3 Townhomes in Houston, Texas

I Fund Cities, an alternative lending platform, funded an $854,167 senior lien position ground-up construction loan for 3 townhomes in Houston, TX. We funded 100% of the $825,000 construction budget. The completed value was estimated at $1,436,000 so our loan-to-completed value was 58%. This new construction Borrower had existing debt on their property and they wanted to get financing quickly to keep their pipeline moving at their own pace. By working directly with i Fund Cities, this Borrower had access to the people intimately involved in his loan process, which allowed him to get the answers he needed quickly. i Fund Cities was able to help this Borrower by providing a loan that considered the value-add already done on the property. This included doing the re-platting and getting the approvals to build 3 townhomes, as opposed to building just one single-family home. We moved quickly and efficiently for this Borrower, closing with the same terms we agreed upon from day one. We even covered a portion of the closing costs! The Borrower plans to sell the property upon completion. The loan term was set at 12 months. This ground-up construction loan was funded in November 2023.