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!
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.
I also can provide you with properties for sale. Call or e-mail me to discuss and get the lender referrals.
Exit Strategy Realty
2235 W. North Ave
Chicago, IL 60647
Located near the Humbolt Park neighborhood you are shopping.