Bryan R. Ziegenfuse On I Fund Philly’s Streamlined Process to Score a Real Estate Loan for Developers
If you are a developer in search of a real estate loan, the process can be streamlined with a company that has experience in these specific types of loans, according to Bryan Ziegenfuse, a managing partner indirect lender I Fund Philly. Typically, developers are looking for fix and flip loans, acquisition and construction loans or bridge financing, Bryan R. Ziegenfuse said.
The first, a fix and flip loan, provides developers and property owners with the funds to purchase a property, make repairs and updates as needed with the intent to sell the property in a relatively short time frame after the remodel has been completed.
Second, acquisition and construction loans offer the funds to build a project. According to Bryan Ziegenfuse, after the project is completed, the property owner often sells or refinances into a long-term loan.
Finally, bridge financing provides funds to acquire a property with the intent of receiving zoning approval, plans and permits, Bryan Ziegenfuse said.
No matter which of these loans you require, I Fund Philly is an example of a company that makes the lending process easier than it has been for decades, Bryan R. Ziegenfuse said. The company uses a streamlined four-step process. It takes just a few minutes to be pre-approved via ifundphilly.com and, according to the site, the underwriting process gives them the ability to issue sheets within 24 hours.
Bryan Ziegenfuse said the first step is simply to build your loan and select your rate. Loan experts at ifundPhilly ask questions and learn your goals with the project so they can provide loan options that are best suited to your situation. Borrowers have the opportunity to analyze their options quickly and succinctly rather than spending a great deal of time weighing the pros and cons of each choice. Plus, the loan experts are helpful and communicative to answer any questions that may arise.
After the loan and rate have been selected, the next step in the process is to accept the terms for the project. Bryan R. Ziegenfuse said these terms are easy to understand and can be explained further by loan experts so you don’t miss a beat. The application fee is just $400. Next, just upload documents about yourself and the property. The final step is for ifundPhilly to close the deal and you can begin your project.
If you are a developer outside of Philadelphia, there are many loan experts and companies. It is crucial to choose one that makes the process simple, easy to understand, streamlined and that provides assistance and information as needed, according to Bryan Ziegenfuse.