Mundelein – Acquisition of Vacant Restaurant and Real Estate
Client: An experienced restaurant owner and operator with 25 years of experience wanted to acquire a vacant REO property in suburban market of Chicago. Mundelein, IL
Transaction: Acquisition loan for a bank owned (REO) vacant 5,000 square foot restaurant on a 2 acre land site with ample parking and an outdoor patio in Mundelein, IL. Vacant restaurant was in good condition and needed light repairs and equipment.
Challenge: Client needed acquisition financing to complete transaction prior to year end otherwise selling bank (REO) was going to relist property on open market. Previous buyers of property had challenges obtaining conventional financing.
Opportunity: Sherpa Capital Group LLC was able to provide financing within 2 weeks and borrower had significant cash equity into the transaction and pledged additional free and clear collateral. The additional collateral was a successful and operating restaurant in Wisconsin.
Action: Sherpa Capital Group LLC provided a first mortgage within a short time period.
Transaction: Acquisition loan for a bank owned (REO) vacant 5,000 square foot restaurant on a 2 acre land site with ample parking and an outdoor patio in Mundelein, IL. Vacant restaurant was in good condition and needed light repairs and equipment.
Challenge: Client needed acquisition financing to complete transaction prior to year end otherwise selling bank (REO) was going to relist property on open market. Previous buyers of property had challenges obtaining conventional financing.
Opportunity: Sherpa Capital Group LLC was able to provide financing within 2 weeks and borrower had significant cash equity into the transaction and pledged additional free and clear collateral. The additional collateral was a successful and operating restaurant in Wisconsin.
Action: Sherpa Capital Group LLC provided a first mortgage within a short time period.
