Chicago is home to beautiful classic residences in a wide variety of architectural styles, including bungalows, two-flats, Chicago greystones, and others. Indeed, it is a veritable goldmine of forgotten gems, many just waiting to be polished up and sold at a profit.
If you want to fix and flip some of Chicago’s classic properties, you are going to need fast, flexible financing.
MidAmerica Bancorp, Inc. offers a specialized lending product just for this purpose.
What Are Fix & Flip Loans?
Fix and flip loans are designed specifically for borrowers who are purchasing low-value properties, fixing them up, and putting them back on the market for sale at a higher price.
With a fix & flip loan, you can purchase:
- Foreclosed homes
- Discounted houses
- Distressed real estate
- Wholesale properties
Qualifying for a fix & flip loan is easy, because it is a type of secured loan. The property you are purchasing is the collateral.
Benefits of Chicago Fix and Flip Loans
You can look forward to these advantages when you apply for a fix & flip loan:
- You do not have to have a perfect credit score to qualify for this type of loan.
- Because this is a secured loan with easy qualification requirements, paperwork is minimal and the application process is streamlined.
- The streamlined nature of the fix & flip loan process allows you to close fast. That way, you can snap up the properties you want at bargain prices before your competitors have a chance to get in ahead of you.
- Fix & flip loans do not include prepayment penalties. So, you can pay it off early if you need to with no consequences.
Apply Now for a Fix & Flip Loan in Illinois
Valuable fix and flip opportunities are waiting for you right now in the Chicagoland area and beyond. We work with borrowers throughout the state of Illinois, and also can help you apply for a fix and flip loan if you are in Indiana or Florida. To get started, please call (708) 237-4050 to schedule your free consultation.