Highlights
Location: Gastonia & Statesville, NC
Loan Amount: $1,635,000
iFC Loan Product: New Construction
Property Type: (8) SFH
Loan Closing Date: 11/17/2022
Purchase Price: $218,917
Construction Budget: $1,635,000
ARV: $2,442,000
Loan to Cost: 85%
Length of Loan: 12 months
Overview
This North Carolina developer came to i Fund Cities when their usual funding sources were tapped out. Erik Eichinger, our location-based loan officer for North and South Carolina, met with the developers to fully understand their needs. iFC was then able to help this developer continue to scale their business, by providing a new construction portfolio loan for eight single family homes.
Customer Benefit
The developer used the imputed land equity from the lots they owned free and clear as their portion down, and they were able to close without bringing a single dollar to the closing table!
Customer Feedback
“Thank you for taking us to the next level!”