Hey everyone! Our iFC CASE STUDIES give you real-life details about how other investors used our loan products to build their portfolios!
Location: Magnolia, TX
Loan Amount: $500,000
iFC Loan Product: New Construction
Property Type: Single-Family Residential
Loan Closing Date: 9/1/2022
Purchase Price: $190,000
Construction Budget: $490,000
Loan to Cost: 76%
Length of Loan: 12 months
This client came to us roundabout through the awesome website, Private Lender Link.
This client’s lender contacted them while their deal was in processing, and notified them that they would no longer be funding deals of this type.
As we are seeing with a number of lenders nationwide, when their lending restrictions tighten, it can leave projects, like this builder’s, unfunded.
When the investors came to iFC, they were looking to close as soon as possible, at the same terms as the other lender had given them.
After meeting with iFC’s solution-oriented Jack Pagliarini, we were able to find a full, hands-on approach to structuring the loan in a way that had the borrower bringing less to closing. The solution also gave the investors the flexibility to participate in the loan origination process and to help find an answer that was personalized to their needs.
The biggest benefit to this customer was that they knew they had a reliable lender that could see them through closing. This was especially important after their initial experience with a lender that ceased funding mid-process.