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CASE STUDY: $486K: Cash-Out Refi/Construction: Philadelphia

Philadelphia, PA

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: Philadelphia, PA  

Loan Amount: $486K 

iFC Loan Product: Cash-Out Refinance, Construction Loan 

Property Type: 2 Single Family Residences

Loan Closing Date: 4/6/2022 

 Purchase Price: $260K 

Construction Budget: $291,250 

ARV: $910K 

LTC: 85% 

Length of Loan: 12 months 

 

Overview 

These clients came to us through a referral (thank you – we love when that happens)! 

The borrowers had run into issues with their contractor, and it had delayed the completion of their properties. Their current loans were quickly approaching maturity with their lenders and the client needed to find a lender that could completely refinance them out of their renovation loan. 

Caitlin Davis, our go-getter loan officer was on it! She says, “iFC understands that really difficult situations can come up with contractors, even with experienced investors. The clients explained that they had resolved the situation, and we believed they had the ability to successfully finish the project within our loan.” 

 

Key Loan Benefit to Borrower:  

We were able to offer the clients a cash-out refinance and construction loan on their two properties. After a year in limbo, they are now able to finally finish their two single family projects! 

 

Customer Feedback:  

“It’s been such a pleasure working with you guys. We are looking forward to many more great experiences to come! We felt the love throughout the entire process, and it was an incredible experience! You and i Fund are certainly unique in the fact that you understand that it’s not about the money, it’s about being the type of person that people want to do business with, and the money will always follow. 

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Caitlin took the ball running, offering me a way out. She worked every single day, even during the weekend, and was on top of everything. I found my new go-to for all my investment lending needs!” 

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