Best things for Boston area DSCR (commercial loans) are through local banks as they have the most competitive rates right now.

This particular property (townhouse) has been bank-owned and vacant for the last 14 months.

I can see why the new lender would want that paid off immediately.If this was a purchase, was this your debt or something that was attached to the property. 

Hi was was wondering if anyone here in Chicago or surrounding areas have purchased from the cook county land bank and if so what kind of loan did u get if any to buy and fix it up or develop a property any info would be very helpful thanks

Pretty much all the banks in Mexico lending to foreigners offer better terms but there are other countries offering better terms as well.

I plan to put two duplexes on the property but with this high appraisal is there a smarter thing to do to pull that money out of it or just use it for better collateral for the construction loan most banks will lend on the transfer price within a seasoning period. we face the same issues for land entitlement and development.

How much cash should I plan on pulling out of my own bank account for this?

Hey @Ana Mills, this ultimately depends on what your current portfolio looks like, your entity structure, and your plans to scale or not.If you have a few STRs and no plans to grow, it's beneficial to have separate bank accounts and credit cards for each property.If you plan to scale to 10+ properties and hold each property within it's own entity, maybe just a checking account per entity and keep some credit cards at the holding company level. 

As we sell through these items should we create a bank account with the llc to "season" the capital for when we are ready to reach out to a lender when we are ready to make our first investment?  

I ran my own proforma and used an 8% vacancy rate and a 35% operating expense margin, which are the %s that most banks my clients work with use to underwrite their DSCR loans.