CASE STUDY: $1.635M: New Construction: Gastonia and Statesville, NC


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 


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!” 

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