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    chitownboy's Avatar
    chitownboy Posts: 1, Reputation: 1
    New Member
     
    #1

    Mar 14, 2016, 03:52 PM
    Bank loan for repairs
    Hello everyone. Thank you for allowing me to join.
    So my question is I purchased a foreclosed two flat building cash.
    Its paid for for. Is there a loan I can apply for to get the building
    Up and running? Or someone who can help me out? I live in
    Chicago, Ill.
    Curlyben's Avatar
    Curlyben Posts: 18,473, Reputation: 1857
    Admin & Wine Expert
     
    #2

    Mar 14, 2016, 03:56 PM
    Time to go and seek the assistance of a financial advisor.
    talaniman's Avatar
    talaniman Posts: 54,137, Reputation: 10852
    Expert
     
    #3

    Mar 14, 2016, 05:32 PM
    A community or commercial bank or credit union is the obvious place to start.
    smoothy's Avatar
    smoothy Posts: 25,495, Reputation: 2853
    Uber Member
     
    #4

    Mar 14, 2016, 05:35 PM
    That's the USA.. You need to talk to some Banks and any Credit union you might be a member of. They will need to know a lot of info before they can determine IF they can provide a loan, and how much and at what rate.
    ScottGem's Avatar
    ScottGem Posts: 64,970, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #5

    Mar 14, 2016, 07:06 PM
    You prepare a business plan showing the potential income from the building once repaired. The business plan also needs to whow the appraised value of the property. Finally you include the costs of the needed repairs.

    You then take this plan to several banks and see if you can get a loan.
    ma0641's Avatar
    ma0641 Posts: 15,681, Reputation: 1012
    Uber Member
     
    #6

    Mar 14, 2016, 07:15 PM
    HELOC. Equity line.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,303, Reputation: 7691
    Expert
     
    #7

    Mar 14, 2016, 10:30 PM
    So much can depend on your person credit.

    If you have good, you go into your local bank, and just apply for a line of credit.
    You may or may not have to use the property for collateral. Or use another home you own as such.

    IE. I will tell you a trick I have done in the past, for future reference. You had the cash to pay for the building, but now, not the cash for repairs.
    In the past, I would often try to buy the house on a option, and/or a contract for deed, fix the house up with the money I had, then flip the house, or get the loan on the house to pay off the house.

    But now it is just a matter of your credit, and applying to the right bank
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
    current pert
     
    #8

    Mar 15, 2016, 04:47 AM
    I didn't read this; just googled 'Chicago depressed areas building loans'

    City of Chicago :: Economic Development Incentives

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