Quick Refi North Center Neighborhood Chicago?

Question

Does anyone have a resource for an entity that can perform a quick short term refi? The property is a legal 2 unit in North Center (Chicago)...a half block from Coonley Elementary. It produces $3,900 mo. No current mortgages or liens. Estimated value $750-$800k. $400k needed for a time sensitive purchase. Bank financing has already begun but won't be able to close for 30 days. Need a short term solution. Thanks

George Despotopoulos · Answer

@Mike B. - something like this would be a perfect scenario for a short-term bridge loan cash-out. It makes life easier that you're looking to only cash-out about ~50% LTV. For this size loan amount, should be do-able to close in a week. If this problem should ever arise in the future feel free to reach out/pm. Happy to provide any additional information to help!

Mike B. · Answer

Thanks for the responses, guys. We were able to get a lender that can perform in 7 days shortly after I posted this. Thanks again!

Jeff Dulla · Answer

@Mike B. Will the loan be closed under the business/LLC? Or can it be closed under someone personally? If personally, ten business days from start to close is doable.

Tarik Turner · Answer

You can get a short term solution to purchase but you will for sure end up with a pre pay penalty if you refi too early as long as that is fine there are 7 to 10 day closing products