Chicago Bankruptcy Rental Portfolio

Chicago
,
IL
Quick cash-out refinance
Amount: $
1256250
Interest Rate: 
8
%

StackSource successfully arranged financing for a Chicago based real estate investor that acquired a portfolio of 7 residential properties in the western suburbs of Chicago. The investor acquired the portfolio for all cash out of bankruptcy from a distressed seller in February 2020 and wanted to pull cash out to redeploy into other projects.  The portfolio appraised for 128% of purchase price providing the lender with a strong equity cushion.  Capital Advisor Chris Peters secured financing from a private bridge lender lender that was able to underwrite, appraise and close the loan in 26 days from term sheet.  The lender provided an 8% interest only loan at 75% of purchase price with no prepayment penalty which will allow the investor to sell off or refinance properties as needed.

Charitable Cause supported by 1% of StackSource's revenue on this transaction:
Habitat for Humanity of Greater Newark