Chicago Lenders for distressed properties

[Jay Thomas]

Apart from hard money lenders, are there local banks that will loan money on distressed properties? I have a great credit score and a good amount of cash reserve. I'm only interested in acquisition loan. I can self finance the renovation. Any recommendations?

[Jonathan Klemm]

@Jay Thomas - There aren't a ton of banks that do construction/renovation loans that won't require 25-30% down of acquisition + construction.  I can provide a list of some of the banks I know if you shoot me a PM.

It ends up being too much cash which is why most people go with hard money and only need to 10% down.

I always like to suggest partnering as a good way to take down more deals.