Financing in Chicago>Question Details

 Tupper, Real Estate Pro in Chicago, IL

I just bought a 6 flat investment property with cash. It needs renovation. Does anybody know a local lender who is financing renovations these days?

Asked by Tupper, Chicago, IL Sun Jul 22, 2012

I have good credit, and own the property free and clear.

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Answers

4
Honestly Tupper since you own the property outright even though it is a 6 unit you should look into just getting a cash out to pay for the rehab work. Due it it being a commercial deal just contact your local bank or better yet if you have a business account with a bank speak to them first. Good luck in your search...


Steve Smither
Milestone Mortgage
ssmither@ardain.com
847-942-5151
http://www.chicagomortgagerateinfo.com
http://www.facebook.com/chicagomortgagerateinfo
1 vote Thank Flag Link Sun Jul 22, 2012
Hi Tupper. We have an easy program for people in your situation. The paperwork is minimal as it's a stated, no doc business loan for investors. We usually are able to fund within 10 days. The property would not be used as collateral so it's condition is not going to be an issue. We can finance repairs/upgrades or new investment purchases. You are welcome to contact me with questions.

Thank You,

Dominique Wilder
Universal Acceptance
559-375-2512
dominique@emailua.com
0 votes Thank Flag Link Fri Jul 27, 2012
Try CIC, Community Investment Corporation located downtown. From what I'm told their paperwork is extensive but they do have money and this is the type of loans they make.
0 votes Thank Flag Link Tue Jul 24, 2012
Thanks Steve.

Just for more info, it is right now a vacant building that needs reno before it can be occupied.

Not sure if that changes anything
0 votes Thank Flag Link Sun Jul 22, 2012
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