If you're still seeking information on securing rehab financing, please refer to a similar Q&A at the link below. Copying/pasting seemed a bit lame, feel free to follow the link instead. The bulk of what you're seeking will be in this other thread.
Attorney Ranj Mohip is a Chicago real estate attorney. The information in this answer is general information and is not intended as legal advice. Further, answering this question or otherwise contributing as a member of Trulia.com does not create an attorney-client relationship. Remember--consult the best real estate attorney in Chicago or in your respective area. Contact us at http://www.ranjmohip.com for more information.
Thank you for your question.
Your lender - in most circumstances - will be responsible for securing financing for you in order to allow you to rehab a property you are also buying.
If you are financing outside the realm of "traditional financing," you should most definitely have an experienced real estate attorney involved in the transaction.
Best of luck to you!
Barb Van Stensel
Keller Williams LIncoln Square
2156 W. Montrose
Chicago, IL 60618
If you are seeking to do an owner occupied rehab in IL I would suggest you contact John at Spartan Construction (below). The 203K consultant role is very privotal in the 203k process and his experience could be invaluable in leading you to a local lender who is experienced in fundiing and managing the 203K program. I strongly recommend you work with a local lender and a banker is better than a broker in this instance. Best of luck!
the paperwork and closing of the property,once the contract has been accepted by both parties. If you need
a lender that does 203K loans I have several that can help you with the process. Debbie Bergthold-Smith
Classic Real Estate 708-267-5552
John G Moustis
President / Owner
SPARTAN CONSTRUCTION & DESIGN, INC.
Phone & Fax: 630-963-6020
Quality building, remodeling & consulting services in the Chicagoland area since 1991