Financing in Chicago>Question Details

Jbasecki, Home Buyer in San Jose, CA

Any suggestions on how to locate a current source/recommendation for a HM lender(s) in Chicago or HM broker?

Asked by Jbasecki, San Jose, CA Sun Nov 27, 2011

I am looking for acquisition and rehab funding in Chicago, any program, but preferably ARV based. Thank you in advance. (Humboldt Park)

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If you're able to or looking to financi a property in your name, can document your income and funds to close (the funds have to be seasoned, not a gift as an investor) and you have a 660/680 credit score or higher (depends on the product), I would be able to get this deal done for you. Since you're an investor, I already know that the property you're looking to buy will not have an ARV issue as you wouldn't be buying it otherwise.

Investment property rehabs on single family or 2-4 units are possible (and guidelines are always changing so contact me to get up-to-date information). A 203k loan would _not_ be an available program for the type of financing you're seeking as it's for owner-occupied residences only.

If you're trying to finance this in an LLC or don't have the necessary score, you're only option is a HM lender.

If you need to contact me, click through to my profile for current contact info or visit my website.

Best of luck!
Web Reference: http://RobWeber.com
1 vote Thank Flag Link Mon Nov 28, 2011
Hi Joanne,
Hard money lenders require higher initial investments than they used to. You'll need 50 percent or more down payment in order to borrow short term with a high interest rate and ridiculous points and fees. You'd be better off using a private lender or getting a partner with cash to cover the project.

I'm aware of other ways to get deals done that are outside the box of traditional real estate deals.

DO YOU Already have a property under contract?

When can you visit Chicago?

Call or e-mail me to discuss.

Mikepetersontherealtor@yahoo.com
773-988-9136
0 votes Thank Flag Link Mon Nov 28, 2011
Thank you Mike and sorry for not being clear. I mean by HM Hard Money Lender. Only a few month back many of them seemed available and advertising and now I have a hard time locating even one. Don't know why. I would be happy to work with a broker who could help with this. I will need a bridge loan from HM for purchase and rehab. Numbers should work and I could forward them with all other info via email. Thanks again. Joanne
0 votes Thank Flag Link Mon Nov 28, 2011
Don't understand what you mean by HM. I know two renovation specialists whose mortgage product lines include FHA203k and FNMA Homepath Renovation.

I also can provide you with properties for sale. Call or e-mail me to discuss and get the lender referrals.

MikepetersonTheRealtor@yahoo.com
773-988-9136

Exit Strategy Realty
2235 W. North Ave
Chicago, IL 60647

Located near the Humbolt Park neighborhood you are shopping.
0 votes Thank Flag Link Mon Nov 28, 2011
Matt,
Thanks for the reply. What I am looking to do is to locate a HM lender to fund my project, purchase plus rehab in Humboldt Park. I could could provide details via email.
0 votes Thank Flag Link Mon Nov 28, 2011
Not sure what you are looking to do with it. I would just contact your lender and let them know what you plan on doing and see what options they have for you.
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Mon Nov 28, 2011
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