Hey everyone! Our iFC CASE STUDIES give you real-life details about how other investors used our loan products to build their portfolios!
Highlights
Location: Delray Beach, FL
Loan Amount: $ 960,000
iFC Loan Product: 30-Year Fixed Mortgage
Property Type: Single Family Residential – Short Term Rental
Loan Closing Date: 01/10/22
Purchase Price: $ 1,300,000
Estimated Monthly Rental Income: $6,000
Construction Budget: $ n/a
Loan to Value: 80%
Length of Loan: 30 Years
Overview:
This client is an experienced investor in the on-fire Delray Beach, Florida real estate market. He currently has more than a half dozen rental properties in the booming beach town that sits about halfway between West Palm Beach and Fort Lauderdale.
The client came to i Fund Cities to fund a property in Delray Beach that he intended to use as a short-term rental.
Although some lenders do loan on short-term rentals, the property type is considered more of a risk, and so lender loan criteria tends to be more stringent than a long-term single-family rental loan.
In this case, the client was getting resistance from other lenders because the home had the furniture included in the deal. He needed a lender who would loan on a home that was a turnkey short-term rental.
i Fund Cities offered the borrower 80% loan to-value on the appraised value of the property.
Key Loan Benefit to Borrower:
The client acquired a new investment property that will cash flow up to $6,000 a month in short-term rentals.
Customer Feedback:
Says Andrew, “This client told me he was ecstatic to get 80% leverage on his property with no lease (since he was doing short-term rentals) and he was very happy that we closed without changing the originally quoted terms!”