In this episode of Private Lending Insights, I interviewed Bryan Ziegenfuse and Chris Tereo, Co-Founders of i Fund Cities, a national private lender based in Philadelphia. We discuss the company’s impressive 2025 growth, funding close to $900 million in private loans, their boots-on-the-ground expansion strategy, and trends in construction, fix & flip, and DSCR lending. The conversation also covers market forecasts for 2026, delinquency trends, loan program details, plus i Fund Cities’ approach to capital markets and customer experience.
Interview Summary
In this episode of Private Lending Insights, host Rocky Butani sits down with Bryan Ziegenfuse and Christopher Tereo, Co-Founders of i Fund Cities, a national private lending company headquartered in Philadelphia. Known for its hands-on, regional approach and rapid growth, i Fund Cities is expected to fund almost $900 million in loans during 2025 — making it one of the largest private lending companies in the United States. The company has one additional co-founder, Ryan Herting, who was not available to join this interview.
Bryan and Chris share how their boots-on-the-ground model—placing experienced lending reps directly in key markets—has fueled consistent growth year after year. With teams in Texas, Florida, the Carolinas, Tennessee, and Ohio, the company plans to expand into Georgia and Phoenix in 2026. Their goal is to combine national lending reach with a local market presence that builds lasting relationships and gives borrowers a true customer-service advantage.
Growth, Loan Volume and Market Trends
- i Fund Cities grew loan volume by 20–30% year-over-year in 2025.
- Their loan mix is roughly 50% construction and fix & flip, and 50% DSCR rental loans.
- Strongest states include Pennsylvania, Texas, Florida, the Carolinas, Tennessee, and Ohio.
Bryan explains that while some lenders have seen volume decline since 2023, i Fund Cities’ local market strategy and focus on customer experience have kept momentum strong.
Construction and Rehab Lending
- Up to 85–90% loan-to-cost (LTC).
- Around 70% loan-to-after-repair value (ARV).
- Loan sizes from infill builds to multi-unit developments exceeding $20 million.
- Interest rates between 9.5% and 11.5% for construction; 8.5% to 10.5% for rehab.
- Origination fees typically 1–2 points.
Chris emphasizes that underwriting prioritizes borrower experience, project complexity, and verified general contractors. Experienced borrowers with strong liquidity qualify for higher leverage and faster approval.
Borrower Profile and Risk Management
- At least two completed construction projects, or a verified general contractor.
- Minimum credit score around 700 for top-tier leverage.
- Liquidity requirement: six months of interest reserves and about 10% of the project budget.
- Liquidity verified through bank statements and working capital review.
Draw inspections are performed through virtual and on-site methods, allowing fast funding while maintaining oversight on larger projects.
DSCR and Long-Term Rental Loans
- 80% LTV on purchases and 75% on cash-out refinances.
- Most DSCR borrowers refinance out of construction or bridge loans.
- Enhanced valuation reviews after Baltimore appraisal fraud issues.
- Typical DSCR loans range from $100,000 to $2.5 million per property.
- Portfolio DSCR loans can exceed $20 million.
The company focuses on affordable rentals and build-to-rent communities rather than luxury or highly speculative markets.
Operations, Team and Capital Markets
- i Fund Cities has grown to more than 100 employees.
- Headquarters in Philadelphia with additional teams in Charlotte, Dallas, and Bangalore (India).
- Hybrid capital model combining balance-sheet lending with institutional capital providers.
This structure gives the company flexibility to offer competitive pricing while maintaining the feel of a relationship-driven private lender.
Education and Industry Engagement
Bryan and Chris host a monthly Capital Markets Webinar featuring real-time updates on rates, liquidity, and investor sentiment. Guest speakers from institutional capital firms and development companies share broader insights into real estate and private credit trends.
Key Takeaways
- More than $850 million in loan volume for 2025, positioned to exceed $1 billion in 2026.
- Balanced 50/50 mix between bridge/construction and DSCR loans.
- Planned expansion into Georgia and Arizona.
- Commitment to borrower experience with local presence in key markets.
- Disciplined credit management despite competitive lending environment.
This episode provides a detailed look at how i Fund Cities has scaled rapidly while remaining focused on service, discipline, and innovation. From construction lending to DSCR financing, Bryan and Chris offer transparency into their lending philosophy, market outlook, and what is ahead for private lending in 2026.
Visit i Fund Cities‘ profile to contact them directly. They pay us a monthly fee to be listed on our platform.
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