Hey everyone! Our iFC CASE STUDIES give you real-life details about how other investors used our loan products to build their portfolios!
Location: Salisbury, NC
Loan Amount: $674,900
iFC Loan Product: Portfolio – New Construction
Property Type: SFR
Loan Closing Date: 7/25/2022
Construction Budget: 660,000
Length of Loan: 18 months
This client, a builder doing approximately 40 houses a year in the Salisbury area, came to us through a referral.
The client was building all of his houses with cash. However, given the current market state (and a bit of unknown), he wanted to leverage some debt.
Explains iFC’s go-getter Loan Officer, Erik Eichinger, “Although rate volatility was at a high, we were able to close at the same terms we initially agreed upon from our first point of contact. And we closed two weeks after we agreed on terms.”
Through a portfolio loan for five houses, iFC was able to help this builder fund his new construction projects and keep some of his cash in reserves.
Key Loan Benefit to Borrower:
This builder client is now building five new construction houses, without bringing any money to closing.
In addition, by giving this client an 18-month loan, he has ample time to finish the construction of these houses, which would not have been the case with another lender offering 12 months with the threat of an extension fee.
“Erik & iFC are allowing me to continue building in Salisbury, while keeping some cash in reserves. I am starting construction on five new houses without having to bring a dollar to closing.”