Financing in Chicago>Question Details

Sarakaitis, Home Buyer in Chicago, IL

Looking for alternative financing (hard money loan?) for a unique rehab in the Bucktown area.

Asked by Sarakaitis, Chicago, IL Mon Jan 28, 2013

currently a 6 unit rental property with a 3 unit buiding and 3 coach houses behind, would like to purchase and rehab into SFH (and then occupy). credit/income/assets A , looking for a loan that would cover purchase and then rehab with minimal down payment, any recommendations for local private lenders?

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Riccardo Wardlow’s answer
Ivan is right. 203k may be the way to go. We do these loans all the time. Give me a call to discuss.

Sean Cochran
Quality Mortgage Lending
630-330-2229 cell
630-470-6830 office
0 votes Thank Flag Link Wed Jan 30, 2013

You might be better off using a 203k rehab loan for the project. Hard money comes with high fees and interest rates 7 times higher that what the banks can offer.

Best of luck,

Ivan Sagel
0 votes Thank Flag Link Tue Jan 29, 2013
Based off of the criteria you may not need a private lender at all - I would like the opportunity to speak with you to assess if there are more traditional options. If not then I also have a Hard money lender who may be able to assist.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Tue Jan 29, 2013
Renovo Financial

Michael Vargo
0 votes Thank Flag Link Tue Jan 29, 2013
Lakeside Bank. Hyde Park Bank, Belmont Bank. All will lend if the project makes sense and you qualify for the end loan. You will have to use a licensed contractor, have plans and permits and do construction draws for payment.
You will probably need some capital over and above the equity you have.
Best of luck.

0 votes Thank Flag Link Tue Jan 29, 2013
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