Free & Clear Condo in South Side Chicago

[Joseph Picarella]

Hi BP Community,

  I figured I would reach out here for some advice. My partners and I currently own a free & clear condo in the South Shore neighborhood of Chicago which is occupied at $700 a month. We are looking to borrow around 60% ($42k) of the value of the condo (current estimated value of $70k) in order to reinvest that money into our business. 

The issue we are having is finding lenders who can close quickly and who won't lean on the income of our LLC based on the past couple of years' tax returns too heavily. Because of these hurdles, conventional lending isn't an option. However, we also don't want to go to our hard money providers as we'd like to avoid paying double-digit interest as well.

  Does anyone out there know if there are options available to us, or are we going to have to bite the bullet and pull hard money on the property?

  Thank you for any and all feedback that you can provide.