Hey everyone! Our iFC CASE STUDIES give you real-life details about how other investors used our loan products to build their portfolios!
Highlights
Location: Savannah, TX
Loan Amount: $203,000
iFC Loan Product: Fix and Flip
Property Type: Single Family Home
Loan Closing Date: 12/16/2022
Purchase Price: $226,583
Construction Budget: $27,852
ARV: $325,000
Loan to Cost: 80%
Length of Loan: 12 months
Overview
This Fix and Flip loan borrower was introduced to the iFC team at a local meetup event. The client wanted to rehab a 1500 square foot, 3- bedroom, 2-bath property in Savannah TX, a suburb of Dallas-Fort Worth, that would make a great purchase or rental for a local family.
The customer had traditionally purchased and renovated using their own cash. Although they had considered other lenders, they were unimpressed with the speed, delivery, and communication they received.
They were looking to see if iFC was the right lender for their goals and if we could meet their needs and expectations. They found that iFC not only communicated effectively and efficiently with them throughout the project, but we could also get their loan done very quickly!
Customer Benefit
Using the iFC funds for this project, they could use their cash in other areas.
What’s more, because they could jump on this project, close quickly, and they were able to complete their project in just 90 days from the time we closed the loan, they were able to sell the property for $35,000 more than they expected to on the appraisal.
Customer Feedback
“Alternative lending is a great fit for us, with much more flexibility than hard money. The team at iFC was really helpful in delivering quality service. The loan process from the beginning through closing was punctual and fast. The service provided by Jack Pagliarini and the lender’s team was really efficient. We had a great experience. Give these guys a try!”