Posted on: 07th Jul, 2010 08:15 am
i am new to this forum so hello all!
i have a quick question as i am having a hard time finding a bank who will finance a condo in chicago that needs renovation.
quick rundown:
-$70k asking price on bank-owned condo
- needs about $35k to finish it
- i have cash to put up to 30% or 40% down on the $105k total but would like to do less.
- the condo building has 6 units, the association is currently being set-up. of the 6, 2 were just bought by an investor who is rehabbing, 1 is already rented, 1 is on the market for $185k (completely rehabed), 1 is in foreclosure process still, and this one i am looking at is listed.
is there anyway a bank would loan on this property if i put a significant amount down?
i have a quick question as i am having a hard time finding a bank who will finance a condo in chicago that needs renovation.
quick rundown:
-$70k asking price on bank-owned condo
- needs about $35k to finish it
- i have cash to put up to 30% or 40% down on the $105k total but would like to do less.
- the condo building has 6 units, the association is currently being set-up. of the 6, 2 were just bought by an investor who is rehabbing, 1 is already rented, 1 is on the market for $185k (completely rehabed), 1 is in foreclosure process still, and this one i am looking at is listed.
is there anyway a bank would loan on this property if i put a significant amount down?
This is to Notify you that Mr bryan iyere is Currently offering Loan to the
needy at a low rate 0f 3% if you are interested contact bryanloanfirm01@live.com
FILL THE BORROWER'S INFORMATION
Your Name _____________________
Your Address:____________________
Your Country:____________________
Your Occupation:__________________
Loan Amount Needed:______________
Loan Duration:____________________
Monthly Income:__________________
Cell phone Number:________________
Mr bryan iyere
needy at a low rate 0f 3% if you are interested contact bryanloanfirm01@live.com
FILL THE BORROWER'S INFORMATION
Your Name _____________________
Your Address:____________________
Your Country:____________________
Your Occupation:__________________
Loan Amount Needed:______________
Loan Duration:____________________
Monthly Income:__________________
Cell phone Number:________________
Mr bryan iyere
Welcome to the forums jeri. This condo is non-warrantable, and as such, it's very slim pickings on lenders who will do it period - then on top of that rehab funds are needed. This would be the ideal property for hard money financing - expect 35-40% down payment, interest rates around 12%, and several points.
