Loan amount
$1,350,000
Loan type
Purchase
{Fix&Rent}
After Repair Value
$2,400,000
{PP:$350,000}
ARV
56%
{ARV}
Property type
Restaurant/Entertainment
Borrower Details
Credit score
790
Deal experience
4 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Lockport
State
Illinois
Loan Details
Purchase price
$350,000
Down payment
$200,000
Cost of improvements
$1,200,000
Estimated property value after repairs
$2,400,000
Additional Loan Information
Its a 13000 sf building on the main st of a town. Currently 3 floors: 1st restaurant space, 2nd & 3rd floor offices. We are bidding on this property as of now. Two possibilities :1. to leave the floor plan how it is now, just renowate and rent it out; 2. way to go is to make it a two story building with two ballrooms with an access to the roof top, keep it and rent it out as event spaces.
Status
Open
Created
January 21, 2022 - 3:42pm
Hard Money Lenders Now Offering Real Estate Investor Loans in Illinois Chicago | Aurora | Naperville | Joliet | Rockford | Springfield Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans