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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
10/31/2024
Property Type
Property City
North Charleston
Property State
SC
Loan Term (months)
12
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$75,000
Construction Budget
$268,609
Completed Value
$445,000
Location Type
Urban
Borrower's Plan
Build and Hold
Deal Summary
CASE STUDY DETAILS: North Charleston, SC: $257,706
This new construction, build to rent, borrower in North Charleston, SC, heard about iFC through a local wholesaler who works with loan officer Vincent DeMarco.
HOW WE HELPED
This investor was building his first new construction project in cash. However, he decided he would prefer to have more cash on hand to purchase additional lots, should the opportunity arise.
Although many lenders shy away from funding an investor’s first new construction project, due to lack of local knowledge, network, and expertise, iFC was able to get comfortable with this loan for a few reasons.
First, we know the area well. Second, we have done projects with this investor’s general contractor in the past.
Because of this, we were able to help the investor take some of his capital spent to date (for both soft and hard costs) out of the project, while funding the remainder of construction.
This allowed the investor to pursue new opportunities, kick-starting the first of many new construction projects with iFC as his capital partner!
Funded By
i Fund Cities
Great F#*%ing Loans, Built By Investors For Investors
Dealmakers
Vincent DeMarco
Territory Manager (SC, GA, FL)
Vincent is the local loan officer in Charleston, SC. He also manages Savannah, GA, and Jacksonville, FL.
Vincent brings solid expertise in the new construction and development space to the i Fund Cities team.
Upon graduating from the University of Tampa in 2023 with a degree in entrepreneurship, Vincent worked with a small family office focused on townhome developments and single-family home communities.
Outside of work, Vincent enjoys playing golf, cooking, and going to the beach with his girlfriend and their two dogs.
He also runs a real estate focused pickleball meetup in Charleston called "Pickleball and Properties."
Client
Customer
“Great experience with a local team that has flexible products!”