Birmingham, AL
Super-Fast, Kick-A$$, Street-Smart, High-Leverage Loans for Investors
HARD MONEY
Our Hard Money bridge and rental loans are no-hurdle, fast, flexible and reliable loans for real estate investors across all asset classes.
- Rates as low as 7%
- Close in as little as 7 days
- Up to 80% LTV and 100% rehab financing for Fix and Flip Loans
- Up to 80% LTV, up to 75% LTV on cash-out refi for Rental Loans/Portfolio Rental Loans
INVESTOR LOANS
Our Hard Money Loans are DESIGNED TO MEET THE STRATEGIC NEEDS OF FIRST-TIME FIX AND FLIPPERS LOOKING FOR HARD CASH THROUGH THE EXPERIENCED RENTAL PORTFOLIO INVESTOR.
- Up to 80% LTV, 82.5% LTC and 70% LTARV for New Construction Loans
- Up to 80% LTC (portion of purchase price and 100% of construction) for Multifamily Bridge/65-70% LTV for Multifamily Rental
- Maximum loan amount: $10M
From the first-time fix and flipper to the rental property portfolio owner, to the major developer carving out investments in the tens of millions, i Fund Cities backs the dreams and aspirations of investors at every level.
New Construction
Fix and Flip
Multifamily & Rental
Private Money Lender
In the real estate world, the term “Private Money” lender is used to describe both non-bank lenders (like us), or person-to-person lenders (like your rich aunt). Also, the terms “Private Money” and “Hard Money” are also sometimes used interchangeably.
Hard Money Loans with i Fund Cities
i Fund Cities is a non-bank, private/hard money real estate lender offering investor-friendly funding with limited underwriting and great leverage. Our loans are a smart loan option for investors needing super-fast and reliable capital in a changing economy.
Our customized financing options are for every level of investor across a full range of lending products, from fix and flip and new construction to a variety of rental loans. And, we have you covered on every property type, as well, including raw land!
Our creative and flexible funding falls outside the traditional lending box. We focus on providing financing options for savvy, entrepreneurial investors, who want to use the velocity of their money to grow their portfolios quickly, efficiently, and exponentially.
WHAT MAKES US DIFFERENT? JUST ASK OUR CLIENTS
What kind of deals can we fund in Birmingham, AL? Check these out!
Local Market Factors: Birmingham, Alabama
Are you looking for a solid real estate investment opportunity?
Understanding a city’s growth trends, housing market, and economic foundation can help an investor determine whether or not Birmingham, Alabama is a valuable location for investing in residential real estate. A healthy economy, filled with thousands of potential renters, coupled with appreciating properties, can make cities like Birmingham a solid investment destination.
Birmingham Growth Trends
The U.S. Census Bureau is a great place to start. You can search by city to find annual statistics on Population, Total Housing Units, Owner-Occupied Housing Unit Rate, Median Gross Rent, Building Permits, Education, Economy, and Businesses, Employment, and more.
Birmingham Housing Market
The real estate website Redfin offers statistics on housing market trends in the U.S. searchable by city, including Median Sale Price, Number of Homes Sold, Median Days on the Market, and Sale-to List Price population. The website also has up-to-date information on Migration Trends, along with the Latest News and Housing Market Predictions.
Birmingham Economic Foundation
What are Birmingham’s major industries? Does the city have a variety of businesses that can provide jobs in any economy? Who are its top employers? Does it attract tourism and have entertainment draws like sports teams? Does it have universities and schools whose graduates can feed the economic growth of the city?
Here’s a snapshot of Birmingham’s Economy, Tourism and Sports, and Higher Education facilities.
Economy: The city's primary industry is healthcare (with top health and medical facilities such as UAB Health System and Brookwood Baptist Health). It is also home to finance and insurance, manufacturing, technical, scientific, and professional services companies.
Birmingham's major employers include the University of Alabama at Birmingham, Regions Financial Corporation, St Vincent's Health System, AT&T, Honda Manufacturing of Alabama, Mercedes-Benz U.S. International, Inc. and Blue Cross-Blue Shield of Alabama
Tourism/Sports: Attractions like the Civil Rights District and the Alabama Jazz Hall of Fame help to make the city a popular tourist destination. In addition, the city hosts sporting events such as the Children’s of Alabama Indy Grand Prix at the Barber Motorsports Park, and major golf tournaments at its Robert Trent Jones golf courses. The city also has mountain bike trails that attract bikers from around the region.
Education: Birmingham is home to the University of Alabama at Birmingham and Samford University, among others.
Don’t forget that i Fund Cities’ Fix and Flip, Fix to Rent, New Construction, New Construction, Rental, Multifamily and Bridge financing products can help you enter a thriving market and close quickly with reliable funds!
“Competition requires lenders to have speed, commitment, and capital. iFC checks all those boxes!” —iFC Borrower, Acquisition, Bridge and New Construction loans: Luxury SFH and Townhome Projects: Delray Beach, FL.
Loans by investors, for investors.
HARD MONEY: FAQS
- General Let's start off with the basics
- Rates and Terms All the facts and figures to get you going
- Financing Your Project Lots of info you'll want to know
What loan programs does i Fund Cities offer?
Click on specific loan type for helpful info.
What property types does iFC offer loans for?
- Single Family Residential
- Townhomes
- Condos
- Multifamily (5 or more units)
- SFR Portfolio Rentals (up to 200 Units)
Can you finance properties that will be used for short-term rentals?
We are currently not financing commercial-mixed-use properties).
Are there any exceptions to property types for financing?
We do not fund properties that are designated as “rural.”
Can you finance commercial retail?
Yes – if 50% of the building is residential.
Can I do a 30-year mortgage purchase?
Yes, if it’s rented and the borrower’s credit score is above a 660.
What states does iFC lend in?
We lend in all 50 states except for California, New York, and Nevada.
Can I borrow from iFC if I am from another country?
iFC can provide loans to both U.S. Citizens and Foreign Nationals.
Can I (or a friend or family member) live in my property funded with an iFC loan?
As the borrower, you are not able to live in the property. However, a family member can occupy your iFC funded property.
What are your rates?
Our rates vary by loan type. (See the appropriate loan page on our website for current rates.) Quick tip: do not believe the low-rate marketing gimmicks you see out there in the lending world. The following criteria always determine rates:
- Loan type
- Real estate asset
- Investor experience
- Investor credit score
- Investor liquidity
- Deal Profitability
How do I get my rates down?
- Execute, execute, execute. The more successful projects you do, the lower your rate will be.
- Have a good credit history and score or bring in someone to back you who does.
- Educate us, the lender, on future projects, goals, and growth plans.
- Build a trusting partnership with your lender with your loyalty.
How many points do you charge?
Points range from 1%-4% based on the following:
- Real estate asset
- Investor experience
- Investor credit score
- Investor liquidity
What are your other fees?
- For your first deal, we charge a one-time application fee of $200
- Legal document: $1850
- Appraisal: market rate, paid directly by the borrower
- Draw inspections $250
What is your leverage?
Leverage depends on the loan type, and is based on the real estate asset, as well as investor experience, credit score, and liquidity.
Does iFC have minimum and maximum loan amounts?
Yes, depending on the loan type, our minimum loan amount is $75K and our maximum loan amount is $10M.
Do you do loans for both a property purchase and the repairs?
Yes. For certain types of loans, we can lend up to 80% of the purchase price of the asset and 100% of the construction financing. (Give us a call for the specifics on your desired loan type.)
Is there a prepayment penalty?
Yes … and no. Some of our loan types do have prepayment penalties, but others do not. Give us a call and we are happy to discuss this with you!
What length of loan terms does i Fund Cities offer?
iFC’s loan terms vary depending on the type of investment loan needed. Generally, we offer 6 to 24 month short-term loans, and 30 year fixed, and 5/1, 7/1 and 10/1 fixed/adjustable, 30-year fixed.
What is your seasoning for a cash-out refi?
If the borrower owns the property for over 6 months, we can use the current appraised value. If the property is owned for less than 6 months, we use the purchase price of the property.
Do I need a business entity to get an iFC loan?
Yes, you will need to have an LLC, a Limited Partnership, a General Partnership, a Corporation, or a Trust.
Does iFC have a minimum credit score for funding?
Yes. We require a minimum FICO score of 660, depending on the loan type.
What documents do you need from me for underwriting loans?
Our underwriting process is less extensive than a traditional bank. We also make it as transparent and straightforward as possible. The exact documents we need will depend on the loan type you apply for. We generally ask for the following:
- Contact info for Buyer (and Guarantors), and your title and insurance companies
- Loan application + driver’s license
- Agreement of Sale or Deed
- Buyer’s real estate experience/history
- Project/entity information
- Construction budget
- 2 months’ bank statements
- ACH wire transfer info and W-9
- Property leases (when applicable)
Do you do an appraisal?
Yes. We do an appraisal using LOCAL appraisers. (Using appraisers from large, national appraisal management companies can impact appraisal quality and slow down the loan process.)
*We also have the ability for seasoned investors (7+ deals completed) to use software on your cell phone that allows your superintendent to take pictures, rather than doing a full inspection.
**We also offer desktop appraisals for fix & flip loans. We need interior photos and a budget for this style appraisal.
We give investors fast, creative lending solutions to many challenges that a typical lender cannot or will not.
THE iFC HARD MONEY 4 STEP LOAN PROCESS
STEP 1: Get a quote for your project
Fill out our deal form and get a quote in under two minutes. Once complete, someone on our team will follow up with a customized lending solution and terms.
STEP 2: Accept the terms
We then issue preliminary pricing for your review. If the price is right, and you wish to move forward with iFC, a formal term sheet will be digitally issued for your signature. Sign and we will kick things into high gear!
STEP 3: Finish paperwork/appraisal
Paperwork sucks, but we are here to help you along the way. After we collect the agreement of sale, construction budget, title, and insurance contact information from you, we order your appraisal from a LOCAL company, (not a national appraisal management company, which can impact appraisal quality and delay your loan).
STEP 4: Close your deal!
Provide us with supporting documents in a timely fashion (your real estate experience, driver’s license, entity information, and source of cash), and we will get you to closing in as little as 7 days.
THE iFC TEAM: WE ARE REAL ESTATE SAVVY, ENTREPRENEURIAL INVESTORS (WHO GIVE A DAMN ABOUT YOUR SUCCESS!)
We have been buying and building real estate in the Greater Philadelphia market since 2008. We built this lending platform for investors after our own personal lending experience, to disrupt the way traditional lending is done for investors. The iFC Team works relentlessly to make sure our customers’ experience is nothing shy of outstanding. Supportive of one another, and of our borrowers, iFC Team members are the type of people you want to be around—we inspire and motivate. Our intention is to create successful, long-term, transparent relationships with our partners and clients. Learn More