Financing in Chicago>Question Details

Joe,  in Mesa  Dunes Estates,...

Looking for a private money lender for the construction of multi-unit buildings. What can I expect as far as terms and underwriting?

Asked by Joe, Mesa Dunes Estates, Yuma, AZ Wed Jul 20, 2011

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With hard & private money, as far as terms I'd suspect you'd be looking at rates in the 12-15% range, many a points (like 6 to 8). out in the Chicago suburbs does construction financing of multi-unit buildings, they will lend 50% on the project. Ask for Mark. will go to 65% of the fair market value, and 100% of the construction costs (so if construction costs $650k and the property is worth $1MM, then not much is needed to put down). Ask for Natalia.

I've spoken with both of them.
1 vote Thank Flag Link Wed Jul 20, 2011
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