Project: Lake Bluff - Acquisition and Rehab Financing - Luxury Single Family Home
Client: A single family home investor and rehabber focused on the northern suburbs of Chicago. Repeat client of Sherpa
Transaction: Acquisition and rehab of single family home located in Lake Bluff, IL.
Challenge: Client wanted to obtain financing to purchase and rehab single family home within a short period of time. Borrower worked on the transaction for some time as it was a short sale. Once short sale was approved, developer had short window of time to close. After rehab completion, the borrower's exit was to sell to a retail buyer.
Opportunity: Sherpa Capital Group LLC was able to provide financing to the developer who had significant cash equity into the transaction.
Action: Sherpa Capital Group LLC provided a first mortgage structured as a construction loan with multiple draws to best accommodate builder to complete in the most timely manner. Sherpa principals executed and managed all construction draws in order to provide maximum speed to market for developer.
Transaction: Acquisition and rehab of single family home located in Lake Bluff, IL.
Challenge: Client wanted to obtain financing to purchase and rehab single family home within a short period of time. Borrower worked on the transaction for some time as it was a short sale. Once short sale was approved, developer had short window of time to close. After rehab completion, the borrower's exit was to sell to a retail buyer.
Opportunity: Sherpa Capital Group LLC was able to provide financing to the developer who had significant cash equity into the transaction.
Action: Sherpa Capital Group LLC provided a first mortgage structured as a construction loan with multiple draws to best accommodate builder to complete in the most timely manner. Sherpa principals executed and managed all construction draws in order to provide maximum speed to market for developer.