Location: Sarasota, FL
Loan Amount: $700,209
iFC Loan Product: Bridge, Cash-Out refinance/Construction/Rehab
Property Type: Single Family Residential
Loan Closing Date: 08/16/2022
Purchase Price: $500,000
Construction Budget: $323,775
Loan to Cost: 85%
Length of Loan: 12 months
This client found our great reviews online and gave us a call!
The investor had received previous loans on this project through other lenders. Unfortunately, he ran into some issues and needed to refinance to gain additional funds.
First, due to a mistake his original lender made on the property insurance post-closing, the investor could not get a draw completed, and had to come out of pocket roughly $100K before refinancing.
Then, on the refi, the investor’s lender told them right before closing that the numbers had changed, and they were not sure they could close the loan.
That’s when he came to us. We quickly put him into a bridge loan to increase his holdback amount, since his budget had increased. We also gave him an initial draw for all of the money he had already put into the deal.
The client received a new loan with an increased budget, along with reimbursement for all of the funds he already had invested into the project. He received all of this quickly and efficiently, while having the confidence of working with a lender he knew would actually be able to close.
This is just one example of a borrower who chose an Alternative Loan over a Bank Loan. There are many others. Read our blog post, “26 Real-Life Examples: Why Investors Choose Alternative Loans Over Bank Loans.”