All of our CASE STUDIES, like this new construction case study project in Ambler, PA in the loan amount of $5.3M showcase the real estate investment loans we have done for our clients. They give you real-life details about how other investors used our loan products to build their portfolios! From fix and flip and fix to rent loans to new construction, multifamily and rental loans, we do them all!
Location: Ambler, PA
Loan Amount: Combined $5.3 million
iFC Loan Product: Cash Out Refi/New Construction
Property Type: Single Family Development (New Construction)
Loan Closing Date: 11/23
ARV: 2.4 million + per home
Loan to cost 85%
Exit Strategy: Sell
Length of Loan: 24 months
CASE STUDY DETAILS: Ambler: New Construction: $5.3M
This borrower is developing five single family homes in Ambler, a suburb of Philadelphia. Although this client was doing projects in the Philadelphia area and has known about iFC for years, this is his first new construction loan with us.
He came to us because, with banks tightening up their lending guidelines, this borrower found he would have had to come out of pocket with double the amount of cash that he anticipated when he planned his project. He needed a different option.
HOW WE HELPED: Ambler: New Construction: $5.3M
Because iFC can look at deals more creatively than a traditional bank, we were able to break this deal into multiple loans and get 85% LTC on each of these new construction loans.
Moreover, we broke the project and associated loans into two phases by originating three new construction loans for phase one and then doing a land loan for the other two lots. We will eventually release those two lots and originate new construction loans on those, as well.
The client was able to come into his projects with less cash out of pocket than he expected. In fact, he only had to bring 15% of equity into this deal.