All of our CASE STUDIES, like this Ocean City, NJ, New Construction loan case study, for a loan in the amount of $1,627,063, 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: Ocean City, NJ: $1,627,063
Location: Ocean City, NJ
Loan Amount: $1,627,063
iFC Loan Product: New Construction
Property Type: Condos
Loan Closing Date: 10/11/24
Purchase Price: $950,000
Construction Budget: $1,000,000
ARV: $2,600,000
Loan to cost: 85%
Exit Strategy: Buy and Sell
Length of Loan: 12 Months
CASE STUDY DETAILS: New Construction: Ocean City, NJ: $1,627,063
This borrower came to i Fund Cities after hearing good things about us from another investor that we have worked with previously.
The borrower was facing funding challenges with his bank. The bank would not fund his project without the plans and permits in place.
Because he was knocking down the existing structure and then rebuilding, this was a purchase transaction that needed to close by a firm deadline.
HOW WE HELPED
We obtained a letter from the architect confirming that the preliminary plans could be built by right in that town. We also confirmed with the borrower that he was not making additional alterations to those plans.
The borrower was able to close by his purchase date and not lose his deposit.
CUSTOMER FEEDBACK
“iFC nailed it! We will definitely be doing more in the future.”