Project: Western Suburb of Chicago - Refinance of Multiple Properties
Client: A western suburb operator who buys homes for rentals as well as to rehab and sell.
Transaction: Acquisition financing for additional investment properties at auction. Collateral was six rental homes in Aurora owned free and clear.
Challenge: Client purchases most of his properties at auctions with cash and since lenders do not get a
deed at the auction, the client had a difficult time getting leverage for these purchases.
Opportunity: Our client needed funds to buy more properties at auctions and take advantage of market opportunities only available to cash buyers.
Action: Sherpa Capital Group LLC provided a first mortgage on his free and clear assets which allowed him to purchase more properties from the auctions.