High-End Chicago Remodel
This is a prefunded purchase & rehab opportunity for a Single Family Residential property in Illinois. The subject property address is 3719 N Oakley Ave, Chicago, Illinois.
The developer is requesting a loan of $974,000 in order to purchase and renovate the underlying property. The property was purchased for a total of $725,000 in September of 2015. There is complete remodel needed for the underlying property, totaling $420,000. The borrower will receive 5 draw(s) totaling $974,000 over the course of the loan. The initial draw in the amount of $554,000 occurs when when the loan closes. The second draw of $112,100 will be disbursed when the first phase of renovation is complete. The third draw of $106,250 will be disbursed when the second phase of renovation is complete. The fourth draw of $82,100 will be disbursed when the third phase of renovation is complete. The fifth draw of $119,550 will be disbursed when the final phase of renovation is complete. The borrower plans to sell within 14 months.
3719 N Oakley Ave
- Purchase Price: $725,000
- Renovation: $420,000
- After-Rehab Value: $1,345,000
An independent third party appraisal commissioned by Patch of Land, shows an After Repair Value (ARV) of $1,345,000 for 3719 N Oakley Ave. The ARV ratio is 72.42% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding the underlying property in this area of Chicago is stable and supply and demand are in balance.
3719 N Oakley Ave was built in 1911, located in the suburban neighborhood of Chicago, Illinois. The property has 7 rooms including 4 bedrooms and 3 bathrooms, with a gross living area of 2,971 sq. ft. on a 3,722 sq. ft. lot. The property will be increased to 4,400 sq. ft. after renovations. The property is near Sears Tower, Solider Field, Art Institute of Chicago, Cloud Gate in Millennium Park, Chicago Theater, Lincoln Park Observatory.
3719 N Oakley Ave
Property renovations are awaiting loan to start renovation and there is a major remodel of the entire property. The following renovations are planned to be completed:
Please see attached renovation budget for details.