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rehab
North Side - Chicago Broken Condo Bulk Acquisition and Rehab Loan
Chicago
Client : A Chicago based operator specializing in North-side residential properties
Transaction : Acquisition Financing for 15 of 18 units within a failed condo conversion buildling. 3 of the 18 units were previously sold at time of conversion.
Challenge : Finding a lender able to underwrite a broken conversion building in a 2 week timeframe.
Opportunity : Our client had rehabilitated many other such properties, and had a plan in place to stabilize the rentals to increase cash flow and to take over the 3 sold units in time.
Action : Sherpa Capital Group LLC provided an initial acquisition loan for $350,000 and made available an additional $50,000 for capital and lease-up expenses.
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