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CASE STUDY: $175K: 30-Yr Rental Refinance: Covington, LA

Covington, LA

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: Covington, LA

Loan Amount: $175,000 

iFC Loan Product: Rental: 30-Year Refinance

Property Type: Single family rental with auxiliary unit in back (on same tax parcel)

Loan Closing Date: 03/15/2022

Purchase Price: $50,000

Monthly Rental: $2,600

Loan to Value: 65% 

Length of Loan: 30-Year Fixed 

 

Overview 

Erik, one of our expert and knowledgeable loan officers, was speaking on a Zoom Webinar education group about the i Fund Cities loan products.  

One of the meeting attendees had gone the traditional banking route for his property refinance, but he was unhappy about the level of communication he had received throughout his loan process. 

The borrower remembered Erik from the webinar and reached out to him. “The borrower was just looking for someone who would be upfront with him,” explains Erik. “The key to winning this deal was being upfront and honest, and not pulling any surprises.” 

Key Loan Benefit to Borrower:  

This borrower was able to work with a reliable lender who he knew had his back throughout the entire process of his loan.   

Customer Feedback:  

The client was incredibly grateful to have a lender with whom he could form a long-lasting relationship. “I need you guys to help me on this one, and you have a customer for life,” he said.  

So, we did (and hopefully, we do)! 

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