Highlights
Location: Dallas Love Field
Loan Amount: $1,273,228
iFC Loan Product: New Construction
Property Type: SFH
Loan Closing Date: 2/24/2023
Purchase Price: $500,000
Construction Budget: $1,091,536
ARV: $2,270,000
Loan to Cost: 80%
Exit Strategy: Sell
Length of Loan: 15 months
Overview
This Dallas client had a lot under contract for a new construction project, and they needed to close within 21 days. The property was highly sought after and had many people lined up to offer on it, so the borrower needed to close in a timely manner.
We closed this loan of $1.27 million for the investor on time. We funded 100% of the million-plus construction budget and a large portion of the lot purchase. This helped the borrower keep working capital in their pocket.
A major benefit for this client was knowing they had a lender that could reliably close on this milestone build-to-sell project in Dallas!
Customer Benefit
Speed and the ability to begin a relationship with a lender who they know can close deals for them.