Multi-Unit Apartment Portfolio
The owner, an experienced real estate investor, owns and operates a portfolio of multifamily buildings (6 to 12 unit buildings), specializing in Section 8 tenants. The properties within the portfolio were leased and cash flowing. The borrower wished to buy out a partner as well as acquire new properties, using their existing properties as collateral. CCF provided a line of credit, secured against the properties within the portfolio, to buy-out his partner as well as purchase and renovate new properties. Once properties within the portfolio were seasoned appropriately (from the perspective of a conventional bank), they were refinanced out of CCF’s loan. CCF continues to maintain a working capital line of credit with this borrower. The borrower uses CCF’s capital as a meaningful tool to acquire, renovate, stabilize, and season his real estate portfolio.45-Unit Mixed-Use Apartment Building
The owner of this property is an experienced commercial real estate owner, operator and developer with properties throughout the Chicago area. Heavily invested in Chicago commercial properties, the borrower experienced difficulty with certain assets in her portfolio during the worst of the economic downturn. When the loan matured on the subject property, which features 45 residential units and 20,000 SF of retail space, the original lender declined to extend the maturity date. The property was brought under control of the lender, which assigned a receiver to manage it. The receiver did not manage the property well, however, resulting in a decline in tenancy and disrepair, requiring capital improvement. The lender then sold the note to a private investment group. The private investment group offered the owner a discounted pay off. CCF provided the owner a refinance loan at the discounted value. The owner was able to refinance with a conventional lender within six months.
Single Family Rental Portfolio
The owner of this portfolio of 20 single family homes has extensive experience in the acquisition, renovation, and management of rental properties in Chicago. This portfolio of single family homes was purchased with cash and all of the properties were leased. CCF provided the borrower a line of credit, secured against the 20 properties, to acquire, renovate, and stabilize new properties. Once the properties have been appropriately seasoned, the borrower refinances with a conventional lender.