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Updated 8 months ago,

User Stats

26
Posts
23
Votes
Roseann Koefoed
Pro Member
  • Rental Property Investor
  • Frankfort, IL
23
Votes |
26
Posts

Need Construction Loan - building my first 3-flat!!

Roseann Koefoed
Pro Member
  • Rental Property Investor
  • Frankfort, IL
Posted

I'm building a 3-flat in East Garfield Park, west side neighborhood of Chicago.  I own about 80 MF units, but this is my first ground up construction.  I have a partner who is the GC.  I've paid for the land, architect/permit fees, excavation and foundation out of pocket.  But I'm looking for a $500k loan to finish the project.

This will likely be the first of many.  About to go under contact on a second lot in the same area.  So looking for a lending partner that will help me grow as efficiently as possible.

Also would love to connect with anyone doing something similar or with any development wisdom to share.  Thank you!

  • Roseann Koefoed
  • Loading replies...