Location: New Orleans, LA
Loan Amount: $369,950
iFC Loan Product: New Construction
Property Type: SFR
Loan Closing Date: 10/22/2022
Purchase Price: $275,000
Construction Budget: $280,000
Loan to Cost: 67%
Length of Loan: 15 months
This investor started a real estate career in 2020 with a successful flip. In 2021, he did three flips, with one of them being a duplex that he kept as his first rental. The first two years he used a mix of private money and personal funds to purchase and finance projects. in 2022, he started using hard money lenders to fund multiple projects at once.
We connected with the investor in May 2022, at which time he was just getting the permits submitted for this project. He was looking for a reliable lender that he could start a relationship with, and who he could trust to fund his current and future projects.
Our amazing loan officer, Caitlin Davis, stayed in contact with this investor until October. He let her know he was waiting for his private lender to get back to him on whether or not they could fund this project. She consistently followed up with him over the course of several weeks. He was not able to get an answer from his private lender,, so he decided to start our relationship. He really appreciated Caitlin’s follow up!
We were also able to give him about 90K back from his initial purchase of the lot, and fund 100% of his construction.
This client knows he has a lender that he can trust to execute on his project.
“My other lender could not get me an answer. Thanks for all your help!”