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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
06/11/2024
Property Type
Property City
Greenville
Property State
SC
Loan Term (months)
12
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$250,000
Construction Budget
$649,298
Completed Value
$1,250,000
Loan-to-Completed Value
61%
Location Type
Urban
Property Condition
Vacant Land
Number of Units
1
Exit Strategy
Sale
Deal Summary
i Fund Cities, an alternative lending platform, funded a $764,403 senior-lien position ground-up construction loan for a single-family home in Greenville, SC. The purchase price of the land was $250,000 and the construction budget was $649,298. The completed value was estimated at $1,250,000, resulting in a loan-to-value of 61%. We discovered the builder’s projects on Zillow and were impressed by the quality of the work. After contacting the Builder, we learned that he had constructed 20-30 homes a year and faced challenges due to limitations from banking relationships that capped the number of spec homes he could build. Please he experienced unreliable execution from his previous hard money lender. Recognizing the Builder’s experience and needs, iFC provided flexible funding and closed the first deal in under two weeks. The Borrower gained a reliable lender capable of supporting his long-term business growth. The loan term was set at 12 months. This private construction loan was funded in June 2024.
Funded By
i Fund Cities
Great F#*%ing Loans, Built By Investors For Investors
Dealmakers
Vincent DeMarco
Territory Manager - Charleston, SC
Vincent DeMarco is a Loan Officer based in Charleston, SC, managing additional markets in Savannah, GA, and Jacksonville, FL.
With a strong background in new construction and development, Vincent brings valuable expertise to the table.
After graduating from the University of Tampa in 2023 with a degree in entrepreneurship, Vincent gained hands-on experience working with a family office specializing in townhome developments and single-family communities.
Outside of work, Vincent enjoys playing golf, cooking, and spending time at the beach with his girlfriend and their two dogs.
Vincent is also the founder of a real estate-focused pickleball meetup in Charleston called “Pickleball and Properties,” where he brings together professionals with a shared interest in both sports and real estate.
He also runs a real estate focused pickleball meetup in Charleston called "Pickleball and Properties."
Borrower
"The team was very accommodating and worked diligently with me to get our project funded quickly!"