All of our CASE STUDIES, like this $672435 new construction case study in Houston, TX, 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!
Overview
Location: Houston, TX
Loan Amount: $672,435
iFC Loan Product: New Construction
Property Type: Two Detached Townhomes
Loan Closing Date: 09/15/23
Purchase Price: $170,000
Construction Budget: $596,100
ARV: $1,030,000
Loan to cost: 85%
Exit Strategy: Sell
Length of Loan: 12 months
CASE STUDY DETAILS: Houston: New Construction: $672435
This Houston, Texas, new construction borrower came to us by way of a referral. The customer was receiving financing from a local broker, as well as some private money.
The borrower had received the short-term private money loan to do the predevelopment work on the property. They were now looking for funding on the vertical construction of their project of two detached townhomes.
VALUE-ADD WORK: Houston: New Construction: $672435
The customer had already completed the first phase of construction and wanted to get reimbursed for the work completed. iFC was able to consider the value-add work done to the property, which included rezoning, along with the soft costs that had already been completed. With this consideration within the loan, the client was able to pay off the remainder of their private money loan at closing. Then, i Fund Cities moved forward in funding 100% of the construction budget on these properties.
We not only provided this client an on-time closing, but did so with terms consistent with what we had given them on Day One.
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