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2LAGO Delray Beach, FL

Case Study Innovative i Fund Cities Backs Stamm Development Group With Over 40 Million For Delray Beach Luxury And Super Luxury Projects

Overview: This project was the new construction of two townhomes to be completed in one phase. iFC financed 85% loan to cost of this deal with 100% of hard and soft costs, and 40% of acquisition (the reason the day one leverage is low is because of the renovation ratio: new construction projects have very high renovation ratios, which is the value of the purchase price versus the total construction budget).

In this case, the purchase price was $750K and the construction budget was $1,959,950. 

 

Key Benefit: This loan was attractive to our borrower because a bank would only lend him 70-75% of total project cost compared to our 85%. 

 

IFC Loan Product: Acquisition/Construction Loan 

Property Type: Townhomes 

Date: Construction beginning Fall, 2021 

 

Loan Amount: $2,197,149

ARV: $1.8 million per unit 

Loan to Cost: 85% 

 

Customer Feedback: “Chris at iFC was the one person who was willing to take a chance on us with an aggressive timeline and an aggressive capital stack. When you work with a firm like i Fund Cities and Chris, they can get so flexible on a deal-by-deal structure.”—Mike Stamm, CEO Stamm Development Group 

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