90%
Loan to Value
$509,900
Total Loan
Ben
Shrara
Flipping Fast: How a Chicago Investor Closed in Just 7 Days
Case Study I Fix & Flip
When an initial lender failed to deliver on the loan closing, our Loan Officer stepped in to navigate the complexities and tight timelines with a strategic plan of action.
90%
Loan to Value
$509,900
Total Loan
Ben
Shrara
The Stats
$509,900
Total Loan Amount
11.5%
Interest Rate
90%
Loan To Value
92.7%
Loan To Cost
63%
ARLTV
The Stats
$509,900
Total Loan
Amount
11.5%
Interest
Rate
90%
Loan To
Value
92.7%
Loan To
Cost
63%
ARLTV
Overview
Loan Program Used
Fix & Flip
Closing Date
November 12th, 2024
Location
Chicago, IL
Property Type
2 Unit Multi-Family
Goals
Quickly secure funding to acquire and rehab a Chicago property after initial financing fell through.
3 min read
Project Summary
Ben Shrara, a proactive loan officer at Express Capital Financing, played a pivotal role in ensuring that an experienced fix-and-flip investor could successfully acquire and rehabilitate a property in Chicago, IL.
Imagine your dream investment on the verge of slipping away as funding evaporates days before closing. This tense case study zooms in on a Chicago flipper's nail-biting showdown with the ticking clock. Witness the ingenuity and hustle required when Ben Shrara and the Express Capital Financing team swoop in to save the day—and the deal—in just seven days.
The Challenge
A highly experienced investor was poised to renovate a promising Fix and Flip project in Chicago when suddenly their financing fell through. The clock was ticking with stringent deadlines looming, but the investor faced a sudden setback when their initial lender failed to deliver, leaving the investor without crucial financing. Complicating matters further, the investor aimed to utilize an existing appraisal to sidestep the costs and delays that a new appraisal would entail.
Now, pressed by time and facing the risk of a substantial financial loss, the investor was in dire need of a quick and effective solution to salvage their project and make the most out of a potentially lucrative opportunity.
The Solution
Understanding the gravity of the situation, Ben Shrara and the Express Capital Financing team adopted a customized approach to salvage the deal. Ben swiftly coordinated with the parties involved to have the original appraisal assigned from the previous lender, which maintained the financial viability of the project by saving the investor from redundant costs. His proactive management and diligent communications ensured that all required documents were expedited.
Mirroring the needs of this sophisticated transaction, the loan was structured with appealing terms: 90% of the purchase and 100% of the rehabilitation costs were covered, and, impressively, the closing occurred within one week. This rapid execution was crucial in adhering to the investor’s tight schedule and financial strategy.
Key Takeaways
Ben’s quick thinking and customer-focused approach ensured that the investor not only met their deadlines but also saved on unnecessary expenditures, thereby maintaining the profitability and viability of the fix-and-flip project. This case study highlights the importance of choosing a knowledgeable and responsive lender, particularly in overcoming potential roadblocks in real estate investments.
- Saving Time and Cost: The strategic decision to reuse the appraisal not only saved costs but also accelerated the overall process, underscoring the importance of a lender who prioritizes the financial well-being and satisfaction of their borrowers.
- Expertise and Experience Matter: Ben’s quick thinking and industry knowledge were essential in navigating the complex issues that arose. His ability to act swiftly and effectively turned potential obstacles into manageable steps.
- Customized Financial Solutions: Express Capital Financing’s ability to customize loan offerings and Ben’s approach to creatively leverage existing appraisals demonstrates the team’s innovative approach to meeting their borrower’s needs.
- Reliability in Tight Timelines: The ability to close within stringent deadlines without compromising on the investor’s financial needs underscores the reliability and efficiency of working with seasoned loan officers like Ben Shrara.
Ready to Flip Your Next Property?
Don’t let financing delays hold back your investments. Contact our team at Express Capital Financing today, and experience a seamless, efficient loan process tailored to meet the unique challenges of your fix-and-flip projects. With Ben Shrara’s expert guidance and customized approach, you’re not just getting a loan; you’re securing a partnership dedicated to your success.
Featured Topics
Overview
Loan Program Used
Fix & Flip
Closing Date
November 12th, 2024
Location
Chicago, IL
Property Type
2 Unit Multi-Family
Goals
Quickly secure funding to acquire and rehab a Chicago property after initial financing fell through.
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