Finance N Illinois

Lodge Financial secures acquisition financing for Chicago multifamily property

Lodge Financial secures acquisition financing for Chicago multifamily prope,ph01

Lodge Financial’s Matthew Bowker recently closed a $975,000 loan for the acquisition of a 12-unit multifamily property located in the West Rogers Park neighborhood of Chicago. The five-year, 5.25 percent fixed loan had a 30-year amortization.

The challenge on this assignment was getting the local lending community comfortable with the fact that two of the units are non conforming thus impacting the underwriting of the asset. With both a strong financial operator and sound plan in place, Bowker was able to source a favorable capital provider that was able to close quickly on a 30-year amortization schedule.