Take a look at our most commonly asked questions. We’re here to help.
(Click on specific loan type for document requirements and other helpful info.)
Rates range from 4% – 11%, depending on loan type. Rates are based on the real estate asset, as well as investor experience, credit score, and liquidity.
(Click on specific loan type for document requirements and other helpful info.)
Points range from 1%-4% based on the following:
Leverage depends on the loan type, and is based on the real estate asset, as well as investor experience, credit score, and liquidity.
(Click on specific loan type for document requirements and other helpful info.)
The length of our loan terms varies, depending on the loan type.
(Click on specific loan type for document requirements and other helpful info.)
Between 580 and 640, depending on loan type.
Documents needed will depend on the loan type.
(Click on specific loan type for document requirements and other helpful info.)
Yes, if it’s rented and the borrower’s credit score is above a 640.
If the borrower owns the property for longer than six months, we can use the current appraised value. If the property is owned for less than six months, we use the purchase price of the property?
Yes – if 50% of the building is residential.
Yes. However, keep in mind that our underwriting needs to show that the property would still work as a long-term rental, as many short-term rental properties transition to this due to changing laws, etc.
We lend in all 50 states except for California, New York, and Nevada.
IFC can provide loans to both U.S. Citizens and foreign nationals.
Yes, you will need to have an LLC, a Limited Partnership, a General Partnership, a Corporation, or a Trust.
We do not fund owner-occupied properties; however, we can fund a property that is rented out to a family member.
We do not fund properties designated as “rural.”
(1-4 unit) – $450-600 per property
$2,000 – $4,500
Hell no! Large, national appraisal companies can slow down your deal with inaccurate appraisals and long timelines for completion.
The investor will need money or reserves over and above their down payment for the property they purchased to start the project. We fund draws in arrears based on a contractor draw schedule. Meaning we reimburse you for work in place.
Please send draws to draws@ifundcities.com and CC your loan officer.
A typical reimbursement takes between three to five business days from the borrower’s request to dollars in your bank account.
We typically suggest a 5-10% contingency depending on investor experience in all budgets to cover uninspected change orders or cost overruns. The investor is responsible for cost overages if the contingency is depleted to zero.
Our philosophy is to give the borrower ample time to complete the project. Our timelines run from six months to twenty-four months, project specific. Should a borrower go over the scheduled deadline we offer a one-time extension for 1.5% of the outstanding principal balance of the loan.
Yes, we will reimburse for a soft cost that is directly associated with the project such as zoning, plans (site utility, structural, mechanical), and permits at the closing table, assuming you have paid out of pocket for these services before closing. If not, we can reimburse you as the project is completed.
