Take a look at our most commonly asked questions. We’re here to help.
Rates range from 7.5% – 11% based on the following:
Points range from 1%-4% based on the following:
The lesser of 90% LTC or 75% LTARV but leverage is based on the following:
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?
No, unless 50% of the building is residential.
(1-4 unit) – $450-600 per property
$2,000 – $4,500
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 a rears 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), permits at the closing table assuming you have paid out of pocket for these services before closing. If not, we can reimburse as the project is completed.
