Financing in Chicago>Question Details

Philip Sencer, Real Estate Pro in Chicago, IL

Looking for lenders that will refi an investment property

Asked by Philip Sencer, Chicago, IL Sun Oct 21, 2012

need to pull out money from a cash investment purchase 2 flat that is currently occupied w/leases.

Help the community by answering this question:


in house lender at Baird & Warner. Bernard Duganzik. 847 491 1855. He has a client that buys foreclosures with cash, rehabs them, then refinances to cash out. This client has done this 3 times in 2012 alone.
1 vote Thank Flag Link Mon Oct 22, 2012
Not a problem- just remember that they will look at score, loan to value and definitely reserves on an investment property. Call me if interested 708 652-8888 and definitely avoid the big banks!! They charge points and take forever!!
1 vote Thank Flag Link Sun Oct 21, 2012
Hi Phillip,

You should contact a mortgage broker that is recommended to you. If you can't find one, go to the link below.

There are plenty of programs where you can do this, but the devil is in the details!

Good luck,

1 vote Thank Flag Link Sun Oct 21, 2012
BMO Harris Bank can refinance this property for you. We offer competitive rates and costs. Call 708.305.9367 to put this together.
0 votes Thank Flag Link Sun Oct 28, 2012
If the LTV is sufficient then, this should be possible.

Feel free to contact me:

Bill J Deligiannis
First Centennial Mortgage
0 votes Thank Flag Link Sun Oct 21, 2012
I know that Harris Bank and Wells Fargo does cash out on investment properties.
0 votes Thank Flag Link Sun Oct 21, 2012
I can help you Philip
Please call me
Sam Sharp
0 votes Thank Flag Link Sun Oct 21, 2012
I have two suggested paths to follow-
1. FHA purchase / refinance
2. Local community bank lender

The challenge is not finding the loan programs, it is does the borrower fit the criteria for the loan.
The cash flow and building value are going to take a back set to the credit worthiness of the borrower as viewed by the lender.
A community bank is your best bet for a loan based on the story behind the borrower and the need for the cash. If the loan is held in a portfolio, the bank can show some discretion in the underwriting.

Try in Chicago-
Lakeside Bank
Belmont Bank\
North Community Bank
First Chicago Bank and Trust

Good luck.
0 votes Thank Flag Link Sun Oct 21, 2012
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