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.