Location: Charlotte, NC
Loan Amount: $681K
iFC Loan Product: New Construction
Property Type: Single Family Residential
Loan Closing Date: 4/3/23
Purchase Price: $325,000
Construction Budget: $500,000
ARV: $1,350,000
Loan to value: 82.5% LTC/50% LTV
Exit Strategy: Sell
Length of Loan: 12 months
Overview
iFC’s North and South Carolina Territory Sales Representative, Erik Eichinger, met these new clients at a networking event in Charlotte.
The new construction builders were very respected and successful builders in this area however, their cost of capital was eating into their cash flow.
After discussing their options and hearing about their goals, we were able to offer them much better terms than their previous lender.
One of the advantages to our loan, was that it allowed them to bring in less money down. This meant that they could invest in more projects.
Says the client: “We can’t wait for our partnership to grow with IFC!”
We agree – let’s do it!