Hard money lender for a property with tenants needing eviction?

Question

I am looking at a 4 unit on the northside of chicago *class B area where the tenants need eviction and we cannot go inside for appraisal. Does anyone know any lenders who can lend on something like this? My partner and I are strong borrowers we both have good income and pretty perfect 740+ credit as well as rehab experience.

Chris Seveney · Answer

@Henry Lazerow

As jay mentioned that will not be cheap and most likely would be a recourse loan as well.

I wouldn’t touch that for less than 15% and 5 points especially in chi town

Jay Hinrichs · Answer

thats the kind of deals I do.. but I am not cheap :) done probably 50 or so in Chi town over the years.

Jonathan Klemm · Answer

Hey @Henry Lazerow - I know of a couple of Chicago hard money lenders that might do that for you....I'll text you their contact info.

John Warren · Answer

@Henry Lazerow I am checking with a local bank on this one. Hard money could work in some instances. There is a local Chicago company that might do this. I will check.

Brad S. · Answer

Thanks @Jay Hinrichs, I sent you a DM

Dennis Muno · Answer

Hello Henry,

I think this mightt be doable with some hard money lenders. The tenants in property may cause some bumps in financing but I think you may get some hard money lenders who will help you. A 740 FICO from both you and your partner is a good start with hard money lenders. I think it'll depend on which hard money lender you talk to and their options.

Brad S. · Answer

@Jay Hinrichs

Hey Jay, Do you have credit/FICO requirements for your hard money loans?

Also, do you do CA, I have a client purchasing a probate that needs some funding.

Thank you

Hard money lender for a property with tenants needing eviction?

Hard money lender for a property with tenants needing eviction?

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