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Brokers

Want to role with the squad? I Fund Cities is a well established alternative lender that would love to extend the opportunity to partner with KICK A$$ BROKERS like yourself. I’m sure you’ve had a lot of lenders reach out to you wanting to connect, but listen, it’s a dog eat dog world out there, so let’s work together to survive and grow.

FAQ

What are your rates ?

Rates range from 7.5% - 11% based on the following:

  • Real Estate Asset
  • Investor Experience
  • Investor Credit Score
  • Investor Liquidity
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 $225
What is your leverage?

The lesser of 90% LTC or 75% LTARV BUT leverage is based on the following:

  • Real Estate Asset
  • Investor Experience
  • Investor Credit Score
  • Investor Liquidity
What loan programs do you offer?
  • Fix & Flip (1-4 unit)
  • New Construction (1-4 unit)
  • Rental loans – 30 year fixed
  • Multifamily – new construction & reposition
  • Bridge Financing
  • SFR Portfolios refi’s
How do draws work?

The investor will need money or reserves over and above their down payment for the property they purchased to fund the first construction draw. We fund draws in a rears based on a contractor draw schedule. Meaning we reimburse you for work in place.

Where do I send draw requests?

Please send draws to draws@ifundcities.com and cc your loan officer

How fast do I get reimbursed?

A typical reimbursement takes between three to five business days from the borrower's request to dollars in your bank account.

What happens if my construction cost goes over budget?

We typically suggest a 5-10% contingency depending on investor experience in all budgets to cover unexpected change orders or cost overruns. The investor is responsible for cost overages if the contingency is depleted to zero.

How do I get my rates down?
  • Execute, execute, execute
  • Educate us the lender on future projects, goals, growth plans
  • Build a trusting partnership with your lender by loyalty
What happens if my project goes over the timeline?

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.

Do you finance soft costs?

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 as the project is completed.

Can I do a 30-year mortgage purchase?

Yes, if it's rented and the borrower's credit score is above a 640.

What is your seasoning for cash-out refi

If the borrower owns the property for longer than six months, we can use the current appraisal value. If the property is owned for less than six months, we use the purchase price of the property.

Can you finance commercial retail?

No, unless 50% of the building is residential