Financing in 60647>Question Details

Lane, Other/Just Looking in Chicago, IL

Looking for a portfolio lender to refinance several 2-4 unit properties.

Asked by Lane, Chicago, IL Mon Dec 10, 2012

I have three 4-unit properties located in the Old Irving Park/Avondale neighborhoods of Chicago. I am looking to refinance these properties with one lender based on their monthly cash flows. Does anyone know of a local bank who does this kind of portfolio lending. My credit is fine, but I am truly looking borrow based on the merits of the properties.

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17
John A Manglardi Jr.
Loan Officer
NMLS: 1137919
Prospect Mortgage, LLC
230 W. Superior St., Suite 300, Chicago, IL 60654
Direct 312-577-5214 | Cell 847-636-9397 | Fax 877-469-3870
John.ManglardiJR@prospectmtg.com
http://www.MyProspectMortgage.com/JManglardiJr
1 vote Thank Flag Link Tue Jun 17, 2014
Try contacting a lender for more information.
Ian Beamer
Ian@guaranteedrate.com
773-290-0319
0 votes Thank Flag Link Fri Jul 11, 2014
Contact Ian@guaranteedrate.com
Ian Beamer
773-290-0319
0 votes Thank Flag Link Thu Jul 3, 2014
Contact IanBeamer@guaranteedrate.com
773-290-0319
0 votes Thank Flag Link Mon May 12, 2014
Hi,
I work with numerous portfolio lenders as well as commercial lenders. Please contact me to discuss further. I'd be happy to help you. Thanks and have a good evening...

JP Marzano
NMLS #574681
312-608-1555
0 votes Thank Flag Link Tue Apr 15, 2014
Wintrust should be able to do it.
0 votes Thank Flag Link Tue Apr 15, 2014
Contact Ian Beamer if you have any questions. He would be glad to help.
Ian Beamer
ian@guaranteedrate.om
773-391-9199
0 votes Thank Flag Link Mon Mar 31, 2014
This is going to depend on your tax returns. At the end of the day, if you are showing enough positive income with the properties and whatever other income you have, you will be fine. If you are taking a loss on your adjusted gross, you are going to be difficult to get done. Of course, we would take a look at your situation. Give us a call if you need help. Good luck!
0 votes Thank Flag Link Sun Dec 16, 2012
Standard Bank is a Community Bank. We will finance 4 unit properites. The cash flow is important in the income calculations. Please contact me. Joanna Weiss
773-327-3580
0 votes Thank Flag Link Thu Dec 13, 2012
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274. Direct: 773-304-3412. Fax: 773-283-2788. Cell: 312-405-2404. wjura@unitedequity.us
0 votes Thank Flag Link Mon Dec 10, 2012
Hi Lane,
It's difficult to determine, based on your inquiry, what exactly can be done. If you can provide us with the first page of your 2011 and 2010 personal tax returns along with the Schedule E's, I can run numbers for you and determine the feasbility. Please contact me at your convenience.

Thank you,

JP


JP Marzano
Senior Loan Officer
Chicago Financial Services
312-204-6556 - direct
312-608-1555 - mobile
jpmarzano@cfsmortgage.com
http://www.themortgagecall.com
0 votes Thank Flag Link Mon Dec 10, 2012
Lane,

Check with Tracy Cmpagna with Guaranteed Rate 773-383-1405. If she is able to help I am sure she can refer you to someone.

Best of Luck,
0 votes Thank Flag Link Mon Dec 10, 2012
Please give us an update on what you find.
I also have a few I want to refinance.
0 votes Thank Flag Link Mon Dec 10, 2012
Try calling Tony Lupescu at 708-351-6416.
0 votes Thank Flag Link Mon Dec 10, 2012
i think G rate can consider this kind of thing..Michelle Boabart office is Michelle Bobart
Sr. VP of Mortgage Lending/Branch Manager

P: (312) 379-3516
C: (312) 953-7365
F: (773) 516-6086
mbobart@guaranteedrate.com
guaranteedrate.com/MichelleBobart
NMLS ID: 137164

320 W. Ohio St • Chicago, IL • 60654
0 votes Thank Flag Link Mon Dec 10, 2012
Lakeside Bank is active with this type of lending. We also have a fund doing these loans, if you can me more details on the buildings and the pro forma for rental income on each we can help if a bank is not the answer.
Competitive rates and terms.
0 votes Thank Flag Link Mon Dec 10, 2012
Thanks David, I'll be in touch.
Flag Mon Dec 10, 2012
How long have you owned the properties?
Are you reporting the income on your tax returns?
Do you have mortgages on any other properties?

Feel free to contact me and I would be glad to assist in the process.


Bill J Deligiannis
First Centennial Mortgage
B.Deligiannis@GoFCM.com
630-788-5288
0 votes Thank Flag Link Mon Dec 10, 2012
All have been purchased within the last 24 months. Most were distressed and all have been updated. Income is being reported, but it's minimal due to the repair costs and recent nature of the purchases. Some are mortgaged, others are owned outright. Overall value of the 3 buildings is around $1m.
Flag Mon Dec 10, 2012
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