Ground-Up Construction
Posted 24d agoGround-up construction, Chicago
$1,100,000
Location
Chicago, IL 60607
Target rate
10.33%
Term
1 yr
Property type
Retail
Property & underwriting
- Occupancy
- Vacant
- Units
- 3
- Lien position
- Second lien
- As-is value
- $1,862,000
- LTV (as-is)
- 59.1%
- Purchase price
- $1,584,000
- After-repair value
- $2,644,000
- Loan-to-ARV
- 41.6%
- Rehab budget
- $203,000
- Exit strategy
- Sell after renovation
- Borrower experience
- 6-15 deals completed
- Credit score range
- 800+
- Borrowing entity
- Individual
- Funding timeline
- 2-3 weeks
- Additional collateral
- Retail at Chicago, IL
Use of funds
Acquisition + rehab
Deal summary
Refinance existing hard money on a retail in Chicago, IL. Borrower is seeking $1,100,000 at up to 10.33% for 12 months. Refinance into 30-yr DSCR.