Location: Philadelphia, PA
Loan Amount: $613,020
iFC Loan Product: Fix and Flip
Property Type: Mixed-Use and 2-Unit
Loan Closing Date: 8/12/22
Purchase Price: $500K ($250K each for both)
Construction Budget: $221,200
Loan to Cost: 85%
Length of Loan: 12 months
This customer was in process with another lender for over 90 days and had already received multiple extensions from the seller to close the loans.
The customer needed a lender that could make up for lost time and get them to the closing table both quickly and reliably.
We made it happen!
We received documentation for the loan on a Monday afternoon. Then, Cole Goudge, one of iFC’s super knowledgeable and ready-to-get-it-done loan officers, coordinated everything needed with the borrower. We closed on Friday afternoon.
The borrower was able to purchase two new fix and flip projects with the help of our team.