Fix & Flip
Posted 6d agoFix & flip industrial in Chicago
$480,000
Location
Chicago, IL 60607
Target rate
11.47%
Term
6 mo
Property type
Industrial
Property & underwriting
- Occupancy
- Tenant occupied
- Units
- 8
- Lien position
- First lien
- As-is value
- $740,000
- LTV (as-is)
- 64.9%
- Purchase price
- $629,000
- After-repair value
- $1,028,000
- Loan-to-ARV
- 46.7%
- Rehab budget
- $119,000
- Exit strategy
- Refinance into 30-yr DSCR
- Borrower experience
- 15+ deals completed
- Credit score range
- 650-699
- Borrowing entity
- Limited Partnership
- Funding timeline
- 45-60 days
- Additional collateral
- Industrial at Chicago, IL
Use of funds
Acquisition + rehab
Deal summary
Bridge to permanent financing on a industrial in Chicago, IL. Borrower is seeking $480,000 at up to 11.47% for 6 months. Refinance with bank takeout.