Rehab an Investment Property (already owned) in Chicago, Illinois
Shareable Link: https://diversifycap.com/loan/352/
Rehab an Investment Property (already owned) in Chicago, Illinois
- What's your First Name? Ajoni
- What's your Last Name? Hopkins
- What's your Company Name? Walton Kendrick Hopkins LLC
- What's your email address [email protected]
- What's your phone number? 3175319677
- What is your primary role in this loan request? Borrower
- How much would you like to borrow? 30000
- What is the property's current market value as-is? 75000
- City Chicago
- State Illinois
- How would you describe the location? Urban
- How would you describe the current condition of the property? Fair
- Which asset class is the subject property? Residential Property
- What type of residential property? Single Family Residence
- How many bedrooms? 2
- How many bathrooms? 1.5
- What is the purpose of the loan? Rehab an Investment Property (already owned)
- Within what timeframe did you initally purchase the property? More than 20 years ago
- What was the initial purchase price? 10000
- Are you looking to cash out equity with this refinance loan? No
- Do you have a recent valuation? Yes
- When was the valuation done? In the past 30 days
- What is the current occupancy status of the property? Vacant
- What is your exit strategy for the loan? Refinance
- When do you need to close the transaction? Within 10 days
- Do you have a rehab budget? Yes
- What’s the estimated rehab cost? 65000
- How much do you think the property will be worth after the rehab? 165000
- Do you have a team ready to work on the project? Yes, I will hire a general contractor
- How would you describe the rehab project? Light Rehab
- Will your rehab project include any of the following? Add bathroom(s)
- Would you like to share additional details about the project?. The renovation is currently underway, this loan will just support paying the final portion of the work when it comes. The bulk of the rehab is spent finishing the basement, with the rest of the work replacing/updating cosmetics.
- What is your plan for the property once rehab is completed? Lease the property
- Will the property be used by a cannabis business? Select ...
- How long of a loan term are you seeking? 6 months, 12 months
- Can you provide the property address? Yes
- What is the subject property’s address? 10634 S Langely Ave, Chicago, IL 60628
- What is the size of the lot(acres)? 1821
- What is the square footage of the building(s)? 1088
- How would you rate your credit? Good
- What is your average credit score? 700
- Are you a U.S. Military veteran? No
- Are you a citizen of the United States? Yes
- Of which country are you a citizen? United States of America (USA)
- Of which country are you a citizen? United States of America (USA)
- Please provide more details on the use of the cash-out funds. The home was purchases in the late 90s and has been paid off for some time. It's been vacant for a few years, and this rehab project will get the home rental ready. After the conclusion of the project, we will refinance the property to pay off the rehab loan.
Contact
Deal Overview
Loan Info
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The Story & Summary
Contact
Deal Overview
Loan Info
Final Details
The Story & Summary