Can anyone recommend a good hard-money lender in the Chicago area, who would be able to do a line of credit or bridge loan of up to $600k? I am trying to buy a property at auction.
It could be secured against the property itself (appraised at $1.2M, likely worth $1.8M), $370k in equity in an investment property, and $130k in equity in my principal residence. My credit score is 750+.
The property has stable tenants; I estimate rent would be $9k-$10k/mo. Taxes are $34k/yr, so NOI would be around $2k-4k/mo.
Thanks if you have recommendations!
Aaron - I just sent you a request. Let's talk tomorrow