10d • 💬 General Chat
Lending opportunity
Experienced Investor with a lot of rehab experience since 2007.
Currently occupying the building while he completes renovations.
- As-value around $310K ARV $425K. He needs $100k on 1st position.
Location xxx5 S Richmond St.
Chicago, Illinois 60629
Property currently in his name but can retitle to LLC if needed.
Property is paid off.
Paid cash purchase: $114K in March 2025
Rehab work: Only needs to complete drywall and connect plumbing between two units.
Budget: $60-75K
Loan amount: $100,000
Projected time frame to complete the work: 30-60 days.
Exit: Sale to retail home buyer. Already has 3 offers: $375K, $390K $425K. He plans to open escrow with end buyer around 30 days after hard money loan.
FICO8: 639, 629,639
No history of non-payment, all mortgages current or paid off. No liens on title ( solar, etc.). No judgements or lis pendens.
He is sending me project history and current photos of the property.
He owns 4 lots by himself and another property with his brother. He only needs short term loan for this project, I don't think he'd be interested in borrowing against his other properties.
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Lending opportunity
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