Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
02/28/2025
Property Type
Property City
Charleston
Property State
SC
Loan Term (months)
15
Lien Type
Senior
Payment Type
Interest Only
Purchase Price
$227,000
Construction Budget
$1,150,900
Construction Budget Funded
100%
Completed Value
$1,800,000
Location Type
Urban
Number of Units
6
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Deal Summary
I Fund Cities, an alternative lending platform, funded a $1,203,515 senior-lien position ground-up construction loan for 6 townhomes in Charleston, SC. We funded 100% of the $1,150,900 vertical construction budget. The land purchase price was $227,000, which the Borrower paid for on their own. The completed value was estimated to be $1,800,000. This repeat Borrower has completed several single-family new construction projects with us, and because of their consistent execution, we continue to get creative on their new deals. Their local bank capped its exposure and could not commit to a project of this scale, but iFC understands the business and has seen them deliver successfully many times. That confidence allowed us to move forward comfortably and structure a solution that pulled some of the investor’s equity out of the land, reimbursed all soft costs spent to date. The Borrower plans to sell the property as an exit strategy. The loan term was set at 15 months. This ground-up construction loan was funded in February 2025.
Funded By
i Fund Cities
Direct Lender for Builders and Rehabbers
Dealmakers
Vincent DeMarco
Territory Manager - Charleston, SC
Vincent DeMarco is a Loan Officer based in Charleston, SC, managing additional markets in Savannah, GA, and Jacksonville, FL.
With a strong background in new construction and development, Vincent brings valuable expertise to the table.
After graduating from the University of Tampa in 2023 with a degree in entrepreneurship, Vincent gained hands-on experience working with a family office specializing in townhome developments and single-family communities.
Outside of work, Vincent enjoys playing golf, cooking, and spending time at the beach with his girlfriend and their two dogs.
Vincent is also the founder of a real estate-focused pickleball meetup in Charleston called “Pickleball and Properties,” where he brings together professionals with a shared interest in both sports and real estate.
He also runs a real estate focused pickleball meetup in Charleston called "Pickleball and Properties."
Investor
“It’s always a pleasure working with the iFC team. You’re consistently prompt, helpful, and thorough in your due diligence. I fully intend to continue our collaboration and refer the team to my business network.”