FIG (Fourplex Investment Group) is building multi-family communities in expanding cities in Utah, Idaho and Texas. The FIG acquisition team that purchases the land and oversees the marketability have strict criteria to ensure the long-term sustainability of each location. Before selecting a site to stamp the FIG brand on the following criteria is assessed;
- Low unemployment
- An increasing ratio of Science, Technology, Engineering, and Mathematic (STEM) job growth
- Low vacancy
- Favorable tax and landlord laws in the governance
This criteria helps an investor experience solid cashflow and a positive equity position in trade for waiting for new construction real estate investments. With this simple investment concept, FIG couples its decades of executive management experience in the construction industry to build cost efficient multi-family projects to deliver sustainable real estate investments to thousands of investors in their network.
So why have they come to Ignite Funding? Within the FIG model there is a gap of 6 to 12 months when land is held for development prior to the vertical construction of the multi-family project. The financing Ignite Funding will provide to FIG will be for acquisition and development projects that have prior approval from the municipality the project is in. Although FIG could qualify for traditional bank financing for acquisition and development loans, they are seeking the partnership of Ignite Funding for an ability to underwrite projects efficiently and ensure on-time fundings to not delay developments.
FIG has been working with Ignite Funding since 2018. As of March 31, 2019, Ignite Funding has funded two loans for a total of $7.2M for FIG.
Owner: Mike Miller
Founded in: 2012
Headquarters: Provo, Utah
Company size: 25-50 employees
Specialization: Multi-family communities
Current markets: Idaho, Texas and Utah