Loan Amount: $415,600
iFC Loan Product: Cash Out Refinance Bridge and Fix and Flip
Property Type: Duplex and Triplex
Loan Closing Date: 8/22/2022
Purchase Price: $350K
Construction Budget: $124,800
Monthly Rental: $2,400
Loan to Value: 65% on Cash Out Bridge/85% LTC on Fix and Flip
Length of Loan: 12 Months
These clients had recently come to us to fund two fix and flip projects (mixed use and duplex). Everything went very smoothly and quickly.
In the meantime, however, they had two other loans in the works with another lender, and things weren’t going well. They had been in process with that lender for over 90 days and had already received multiple extensions from the seller to close the loans.
After seeing how quickly we could work, they brought us these two additional loans, a duplex and triplex cash out refinance bridge and a fix and flip. Our waste-no-time-getting-it-done Loan Officer Cole Goudge explains, “We received documentation for the loans on a Monday afternoon and we were able to close both of these loans the next Monday.”
Key Benefit to Borrower
This borrower was able to take advantage of our team’s full capacity when they hit roadblocks with another lender. The ability to close these two additional loans with us in one week, after waiting 90 days for their other lender to come through, allowed them to get back to business!
These clients were awesome to work with, and were very grateful. “Thank you so much. We are forever grateful to you and your team. We can’t believe what your team is capable of and regret not coming to you in the first place,” they said.