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Updated about 3 years ago,
Chicago contractor willing to work with hard money loan?
Hi,
I'm purchasing a property that I intend to flip using hard money loan in Chicago. The contractor I normally use requires a big percentage of deposit before and in the beginning of each project, so using hard money loan to fund the rehab does not really work for him, since the lender will only pay me the rehab expenses in draws each time after a certain portion of the project is finished and inspected.
Does anyone know contractors that are comfortable working with hard money loans and getting paid in draws without too much upfront deposit?
Thank you so much!