FB Pixel

CASE STUDY: $611K Fix & Flip Loan: Lakewood, NJ

Lakewood, NJ

Hey everyone! Our iFC CASE STUDIES give you real-life details about how other investors used our loan products to build their portfolios!

Highlights 

Location: Lakewood, New Jersey

Loan Amount: $611,000

iFC Loan Product: Fix and Flip

Property Type: Single Family Residential

Loan Closing Date: 01/20/2022

 

Purchase Price: $260,000

Construction Budget: $550,000

 ARV: 50%

Loan to Cost: 53% 

Length of Loan: 18 Months

 

Overview: 

This client came to i Fund Cities’ awesome Loan Officer Caitlin Davis through a lender broker. The client had done three renovation projects using only cash for his projects. He started out doing new construction for the project and was paying out of pocket. Although the client wanted to start the next phase, his contractor could not begin the next phase without additional funds. 

Caitlin took a lot of special one-on-one time with this borrower and his team to explain i Fund Cities’ straightforward and transparent loan process.  

The client’s existing equity in the project made it possible for us to be more creative on the loan structure, allowing us to get the client his funds as quickly as possible, so that he and his contractor could be off and running! 

Says Caitlin, “I made sure that the client understood exactly how this loan is structured and we closed the deal with ease, even sooner that the client expected!”  

Key Loan Benefit to Borrower:  

These clients were very thankful that they could complete their project through this fix and flip loan. 

 Customer Feedback:  

 “We wanted to say thank you. We are overwhelmed with working with you – how fast everything moved. We really want to thank you. God bless. And we are going to have many more such experiences with you. It was really fluent and really fast for new construction, so we are really happy with the service. The best was that everything took around 3 weeks from the day we started!”

Recent Resources

CASE STUDY: $271,600: 30-Yr Rental Loan: Albany, OH

Says our borrower, “I’ve had the best investment home purchase experience ever with I Fund Cities. The process was a breeze. The loan officer was very knowledgeable, and the lending criteria is very transparent from the first phone call. There were no surprises! We closed in 10 days. I will definitely do more business with iFC.

Read More »

CASE STUDY: $500,000: New Construction: Magnolia, TX

After meeting with iFC’s solution-oriented Jack Pagliarini, we were able to find a full, hands-on approach to structuring the loan in a way that had the borrower bringing less to closing. The solution also gave the investors the flexibility to participate in the loan origination process and to help find an answer that was personalized to their needs. 

Read More »

CASE STUDY: $674,900: Portfolio New Construction: Salisbury, NC

This builder client is now building five new construction houses, without bringing any money to closing. 
In addition, by giving this client an 18-month loan, he has ample time to finish the construction of these houses, which would not have been the case with another lender offering 12 months with the threat of an extension fee.   

Read More »

i Fund Cities