HELOC or Cash Out Resource for Chicago Condo Rental

HELOC or Cash Out Resource for Chicago Condo Rental

Rental Property Investor · Chicago, IL · Member since 2016 · 98 posts · 52 votes

I recently paid cash for a foreclosed 2/1 condo in Bronzeville.  Cost was $38k.  The property is currently undergoing a $7k renovation project, which should wrap up by the end of the month.  Will rent for $1100/mo per the comps in the building.  Can anyone recommend a lender in Chicago who can help me access the equity in this property? Hoping to use the funds for my next deal.

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  • Real Estate Agent · Chicago, IL · Member since 2013 · 386 posts · 218 votes
    10y

    I like small community banks.  Great for relationships.

    Check out Marquette Bank, US Bank, First American..

    You are probably looking at doing a cash out refi

  • Rental Property Investor · Chicago, IL · Member since 2016 · 98 posts · 52 votes
    10y
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