All of our CASE STUDIES, like this North Charleston, SC, new construction case study for a loan in the amount of $257,706, 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: North Charleston, SC: $257,706
Location: North Charleston, SC
Loan Amount: $257,706
iFC Loan Product: New Construction
Property Type: SFH
Loan Closing Date: 10/31/24
Purchase Price: $75,000
Construction Budget: $268,609
ARV: $445,000
Loan to cost: 75%
Exit Strategy: Build to Rent
Length of Loan: 12 months
CASE STUDY DETAILS: New Construction: North Charleston, SC: $257,706
This new construction, build to rent, borrower in North Charleston, SC, heard about iFC through a local wholesaler who works with loan officer Vincent DeMarco.
HOW WE HELPED
This investor was building his first new construction project in cash. However, he decided he would prefer to have more cash on hand to purchase additional lots, should the opportunity arise.
Although many lenders shy away from funding an investor’s first new construction project, due to lack of local knowledge, network, and expertise, iFC was able to get comfortable with this loan for a few reasons.
First, we know the area well. Second, we have done projects with this investor’s general contractor in the past.
Because of this, we were able to help the investor take some of his capital spent to date (for both soft and hard costs) out of the project, while funding the remainder of construction.
This allowed the investor to pursue new opportunities, kick-starting the first of many new construction projects with iFC as his capital partner!
CUSTOMER FEEDBACK
“Great experience with a local team that has flexible products!”