Financing in Chicago>Question Details

molassesman_…, Home Seller in Chicago, IL

I need help finding a hard money lender in Chicago for a bridge loan on a residential property, a foreclosed 2-flat.

Asked by molassesman_mjw, Chicago, IL Mon Aug 5, 2013

Traditional financing is not available, property is not currently habitable, former owner removed kitchens and fixtures.
The loan amount would be between $150- $200k.
Most hard money lenders I've been able to find so far only loan for commercial properties or properties over $500,000.
I am looking to use bridge loan to purchase property, quickly fix habitability issues, and then obtain conventional mortgage.

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Answers

10
Hi there,

We are a hard money lender out of chicago.
http://www.emergentbridgefunding.com

email: admin@emergentci.com for more information on ways we can help you!
0 votes Thank Flag Link Fri Apr 22, 2016
Doing a Google search for "Chicago hard money lenders" should give you a lengthy list of lenders who could help you with this. Surprised to hear that hard money lenders you spoke with are turning away loans below $500k. We would be able to help you in California. Good luck to you.
0 votes Thank Flag Link Thu Feb 19, 2015
As Dominic stated, there's a conventional version of this loan called "HomeStyle Renovation", it's similar to a Homepath Renovation loan except you can do more than 35k in work. If this property was Homepath Renovation eligible (Fannie Mae sale), you could have used this type of financing even on an investment property!
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Wed Apr 23, 2014
If 203k program did not work I would look to a private lender.
0 votes Thank Flag Link Fri Apr 11, 2014
If you're in a position to get a conventional loan after the rehab. why don't you get a renovation loan? There's a Conventional Fannie Mae renovation loan (called HomeStyle) that's made for this purpose.
0 votes Thank Flag Link Sat Apr 5, 2014
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0 votes Thank Flag Link Thu Apr 3, 2014
Please contact me. I may be able to set you up with the right people.

John
Jzhang@rprmail.com
0 votes Thank Flag Link Tue Aug 6, 2013
These are hard to come by. I would try to reach out to some lenders and see what it would take to get a regular loan.
0 votes Thank Flag Link Mon Aug 5, 2013
Another consideration is whether or not you're planning on living there? Is this going to be an owner occupied property, an investment or are you planning on selling after you've rehabbed? These are all critical to the type of funds that may be available for you.
0 votes Thank Flag Link Mon Aug 5, 2013
The property will be owner occupied
Flag Mon Aug 5, 2013
This is what the 203k loan is for, its for fixing kitchens, baths, roof, walls ect. Email me so I can forward details to you.

Andrew Mabadi
Production Manager Primelending
amabadi@primelending.com
847-612-8756 Cell
MNLS#200791
0 votes Thank Flag Link Mon Aug 5, 2013
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