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CASE STUDY: $700,209: Bridge, Cash-Out Refi: Sarasota, FL

 

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: Sarasota, FL 

Loan Amount: $700,209 

iFC Loan Product: Bridge, cash out refinance 

Property Type: Single Family Residential 

Loan Closing Date: 08/16/2022 

Purchase Price: $500,000 

Construction Budget: $323,775 

ARV: $1,150,000 

Loan to Cost: 85% 

Length of Loan: 12 months 

This client found our great reviews online and gave us a call!  

The investor had received previous loans on this project through other lenders. Unfortunately, he ran into some issues. 

First, due to a mistake his original lender made on the property insurance post-closing, the investor could not get a draw completed, and had to come out of pocket roughly $100K before refinancing.   

Then, on the refi, the investor’s lender told them right before closing that the numbers had changed, and they were not sure they could close the loan.  

That’s when he came to us. We quickly put him into a bridge loan to increase his holdback amount, since his budget had increased. We also gave him an initial draw for all of the money he had already put into the deal.   

Customer Benefit  

The client received a new loan with an increased budget, along with reimbursement for the funds he already had invested into the project. He received all of this quickly and efficiently while having the confidence of working with a lender he knew could actually close. 

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