Purchase And Rehab Funding Needed - Chicago, IL.
Where can I find help on the following scenario:
I am looking for funding for an 8 unit that needs rehab. It
has been completely gutted. The purchase price is $130,000; it will need $160,000 worth of work. Looking for $260,000 loan amount. ARV $500,000. This property is in Chicago, IL.
Any suggestions are greatly appreciated.
I think the problem you will have is that, if I read the numbers right, you are not putting enough personal capital into the project. Can you get a capital partner in the local area?
I had not thought about a capital partner. Are there no more lenders that will fund rehab and some of the purchase for commercial properties any longer?