North Side - Chicago Broken Condo Bulk Acquisition and Rehab Loan

Client: A Chicago based operator specializing in North-side residential properties

Transaction: Acquisition Financing for 15 of 18 units within a failed condo conversion buildling.  3 of the 18 units were previously sold at time of conversion.

Challenge: Finding a lender able to underwrite a broken conversion building in a 2 week timeframe.

Opportunity: Our client had rehabilitated many other such properties, and had a plan in place to stabilize the rentals to increase cash flow and to take over the 3  sold units in time.

Action: Sherpa Capital Group LLC provided an initial acquisition loan for $350,000 and made available an additional $50,000 for capital and lease-up expenses.