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Updated over 6 years ago on . Most recent reply

Dan Tsunekawa's profile image
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Dan Tsunekawa
  • from Livermore, California
  • Member since Dec 12, 2016
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Dan Tsunekawa
  • from Livermore, California
  • Member since Dec 12, 2016
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Dan Tsunekawa
  • Livermore, CA
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Chicago Real Estate Forum

Long Term Financing for 3-unit LLC in Chicago

Dan Tsunekawa
  • Livermore, CA
Posted

I am currently rehabbing a 3 unit property in Chicago. My partner and i are holding title in an LLC. I am looking for long term financing once the rehab is complete. I assume we will need to use some kind of non recourse financing. Are there any bank recommendations i could explore?

Chicago, Illinois
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Michael Facchini's profile image
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Michael Facchini
  • Lender
  • from Chicago, Illinois
  • Member since Jan 19, 2017
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Michael Facchini
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  • from Chicago, Illinois
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Michael Facchini
  • Lender
  • Chicago, IL
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Michael Facchini
  • Lender
  • Chicago, IL
Replied

Echoing the above. There are options to hold the property in an LLC, but with a recourse loan/personal guarantee. Can explore a trust too, but depending on number of properties you have and size of this one, might not be the most cost-efficient solution. Happy to discuss further, feel free to PM.

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