Financing in Chicago>Question Details

Nki64, Both Buyer and Seller in Chicago, IL

Looking for a private loan on a 2flat in Chicago. Already collecting $1400 month. Paid $140,000 cash want to get $50-70,000 loan.

Asked by Nki64, Chicago, IL Mon Jul 2, 2012

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Dominique Wilder’s answer
We do business loans for our clients that are currently in business or wanting to get started in business. Real Estate investors are in business therefore they are able to obtain a business loan. Depending on your goals one program we offer may benefit you. We offer a no document business loan, no collateral on the property as it is a business loan and you are able to finance 100% or more. Many of our investors finance the repair/upgrade costs into the loan. The loan is based completely on your credit. You must have a 620 or above to apply. Some of the factors we consider is the length of your credit history, how much available credit, how many recent accounts have been opened etc. We need to prove your ability to repay the loan based on your personal credit. You are welcome to contact me anytime with questions.

Dominique Wilder
Universal Acceptance
0 votes Thank Flag Link Sat Jul 28, 2012
You can try speaking to a few regular lenders regarding this. I have some references for this as well.
0 votes Thank Flag Link Mon Jul 2, 2012
Why a private loan. Have you spoken to a mortgage officer about a cash out investment property?
0 votes Thank Flag Link Mon Jul 2, 2012
I have, but find it real difficult and costly. I plan on fixing this new place up and then mortgaging it. $140,000 for 2flat, $20,000 in for rehab, ARV $240,000, but to finance at the finished value, need to wait six months. So I don't want to finance and refinance in six months. I would feel more comfortable having only $90,000 in and $50,000 out.

I thought I would have more luck getting a private loan of $50,000. I also plan on selling the four unit I purchased last year. I paid $165,000, with 1500/mo payments, collecting $2700 month rent and living in one of the 3 bedroom units. Should sell approximately $275,000. That could take a few months to market, sell and close. I would like to finish up our unit first as, we fully rehabbed the three rentals and just made ours livable.
Flag Mon Jul 2, 2012
In order to find out how much you get borrow on the property in question you need to collect all data
the lender will require and then they will let you know how they will look at the income and equity in the property and from there they will make a decision and advise you.

Please let me know if I can help, I would love to recommend local lenders who will be able to assist
you in your search for that equity loan....

Feel free to get back to me directly so that I can forward the names and contact info to you.
Good Luck to you...

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- or Check out my website at htttp://
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Mon Jul 2, 2012
Be prepared to provide all the documentation for income, assets, etc.
0 votes Thank Flag Link Mon Jul 2, 2012
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