All Forum Posts by: Michael Bednarz

Thanks, Scott! I'll reach out now. 

Hi BP Chicago, 

I have a mixed-use six unit property (3 store fronts, 3 apartments) I'm looking to obtain financing on. Financing has been a challenge as the as-is income does not produce an adequate DSCR. However, the property has been under utilized and getting rents on par with the market will yield a DSCR > 1.25.

Some lenders can get this done with 30% down, but I'd like to avoid that if possible. Does anyone have any good recommendations for commercial lenders in Chicago? The property is in Norwood Park. 

Appreciate the help!

@Mark Ainley

Could you please DM the list my way as well. Thanks!

I purchased a legal 2 flat in Chicago last year and updated/renovated the basement garden unit. 

An inspector come out in August of 2020 because his office received a call. He came out when we were working and said "you're a smart guy, you're a smart guy just fill something out online" and didn't even come in. Later that day I pulled permits to change out doors and windows because the inspector made it seem like it was no big deal. Cost me $575 for those permits and I thought the situation was over. 

Fast forward almost 8 months and I receive a letter in the mail that I have a court date due to "plumbing and electrical" work without permits.

I Immediately called the Supervisor and hes going to send someone new out to inspect. He assured me not to worry - but that is exactly what the previous guy said and went against his word. 

Does anyone have any experience/advice with this in the Chicago market? Would love to connect. Thanks!