Location: Charlotte, NC
Loan Amount: $478,000
iFC Loan Product: New Construction
Property Type: (2) SFH
Loan Closing Date: 9/19/2022
Purchase Price: $75,000 (each lot)
Construction Budget: $170,000 (each house)
ARV: $325,000 (each house)
Loan to Cost: 80%
Length of Loan: 12 months
This client came to us after their previous lender put a pause on new construction lending. We are seeing this happening a lot right now across markets.
Due to our varied source of funding, which gives us reliable funds, even in choppy waters, iFC is continuing to fund projects, even when other lenders can’t.
We LOVE the North Carolina market, and we are committed to continuing to lend to our customers!
We were able to fund a portion of this client’s land purchase, as well as 100% of the new build costs!
Said the customer, “Erik made the entire process seamless and this was the fastest we have ever closed a new construction loan.”