All of our CASE STUDIES, like this Houston, TX, new construction case study, 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: $854,167
iFC Loan Product: New Construction
Property Type: Townhomes
Loan Closing Date: 11/10/23
Purchase Price: $140,000
Construction Budget: $825,000
ARV: $1,436,000
Loan to cost: 85%
Exit Strategy: Sell
Length of Loan: 12 months
CASE STUDY DETAILS: New Construction: Houston
This new construction borrower in Houston, Texas, had been working with a local broker, rather than a direct lender. Although many brokers are great to work with, not working directly with a lender can sometimes create a barrier of communication between the borrower and the team who is actually managing the loan and draws, which can be troublesome.
By working directly with i Fund Cities, this borrower had access to the people intimately involved in his loan process, which allowed him to get answers more quickly. That was important, as the borrower had existing debt on their project and they wanted to get financing quickly to keep their pipeline moving at their own pace.
i Fund Cities was able to help this borrower by providing a loan that considered the value-add already done on the property. This included doing the re-platting and getting the approvals to build three townhomes, as opposed to building just one single-family home.
We moved quickly and efficiently for this borrower, closing with the same terms we agreed upon from day one. We funded 100% of construction and we even covered a portion of the closing costs!
CUSTOMER QUOTE: New Construction: Houston
“You guys got it done again,” said this borrower. “I appreciate how persistent you were with me to have us start doing business together!”