Chicago (Bridgeport)- Construction Financing for Single Family Home Development

Client: An experienced single family developer focused on near south side of Chicago.  Already built and sold most homes in development.  4 lots remaining.

Transaction: Ground-up Construction loan for multiple single family homes on the near south side of Chicago in Bridgeport area.  Developer already built and sold most of the homes in the subdivision.

Challenge: Client had 3 homes under contract and needed construction financing to deliver completed homes.  Regional bank took 2-3 months to review loan and ultimately denied the financing.

Opportunity: Sherpa Capital Group LLC was able to provide financing within a very short time.  Client owned 4 lots free and clear and had obtained the permits to start construction.  3 out of the 4 homes were under contract to end buyers.

Action: Sherpa Capital Group LLC provided a first mortgage construction loan with multiple draws to best accommodate builder.