Hey everyone! All of our CASE STUDIES, like this new construction case study in Delray Beach, Florida, showcase the real estate investment loans we have done for our clients. They give you real-life details about how other investors used our loan products to build their portfolios! From fix and flip and fix to rent loans to new construction, multifamily, and rental loans, we do them all!
CASE STUDY OVERVIEW: NEW CONSTRUCTION: FLORIDA
Location: Delray Beach, FL
Loan Amount: $15M
iFC Loan Product: New Construction
Property Type: (6) Luxury Townhomes
Loan Closing Date: 04/2023
Purchase Price: $5.5M
Construction Budget: $16,660,636
ARV: $32,600,000
Loan to value: 57%
Exit Strategy: Sell
CASE STUDY OVERVIEW: NEW CONSTRUCTION: FLORIDA
Two years ago, we originated a bridge-only loan for an existing structure in the stunning and booming beach town of Delray Beach, Florida. These structures would eventually be torn down to build six beautiful luxury townhomes.
Once the building permits were approved, our borrower demolished the building and began the dirt work and foundation.
Since this project was owned for two years, and they were now fully permitted and construction was underway, we were able to give the equity value in the land to make for a better loan.
CUSTOMER BENEFIT
We not only paid off the original bridge debt, but we were able to give the sponsors the construction funding needed to get these beach townhomes to the finish line.
Completion is slated for Spring of 2024, with two of these townhomes already pre-sold.
If you are looking for funding for your project, know that we stand out in our ability to offer custom solutions for our clients, no matter what the project size or location! Let us know how we can help you!