All of our CASE STUDIES, like this Gastonia, NC, new construction case study for a loan in the amount of $203,808, 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!
CASE STUDY OVERVIEW: New Construction: Gastonia, NC: $203,808
Location: Gastonia, NC
Loan Amount: $203,808
iFC Loan Product: New Construction
Property Type: Single Family Residential
Loan Closing Date: 06/28/24
Purchase Price: $35,000
Construction Budget: $201,775
ARV: $305,000
Loan to cost: 85%
Exit Strategy: Sell
Length of Loan: 12 months
CASE STUDY DETAILS: New Construction: Gastonia, NC: $203,808
This new construction borrower in Gastonia, North Carolina, is a repeat borrower.
The client is a major spec home builder in the area. However, he was struggling to scale using the bank’s funding, as they were capping him on exposure (how much debt a borrower can have with a bank at one time) and spec ratio (how many builds a borrower can build at one time). The banks were also giving him lower leverage, so he was having to bring more cash to his deals.
HOW WE HELPED
We were able to support this builder’s volume (100+ new builds per year) and able to fund 85% of his project cost. We were also able to close in two to three weeks, much faster than the bank’s 60-day timeline.
CUSTOMER FEEDBACK
Says the borrower, “You guys have been on it from the beginning. The closing process has been super smooth and whenever issues come up, your team is quick to handle it.”