Hey everyone! Our iFC CASE STUDIES give you real-life details about how other investors used our loan products to build their portfolios!
Location: Hammond, LA
Loan Amount: $504,399
iFC Loan Product: Fix and Hold
Property Type: 8-unit multifamily
Loan Closing Date: 01/19/2023
Purchase Price: $306,500
Construction Budget: $269,999
Loan to Cost: 80%
Length of Loan: 12 months
This repeat borrower from the New Orleans area had a difficult situation with some distressed units. He was having trouble selling the units because of fire damage. He reached out to us to see about the potential to rehab the units and turn them into rentals.
We were able to use the equity that the borrower had in the overall project, and help the borrower refinance his existing loan into an iFC bridge Fix and Hold loan.
This was just the solution that this borrower needed to move forward!
The borrower was able to come out of pocket with nothing down and get funding for renovations.
IFC comes through again!!