Don't Miss This Property in Kankakee, IL!

Borrower is a new investor looking to purchase the subject property for $194k and hold it for long-term rental income. Subject is a two family home located in Kankakee, IL, currently vacant but with an appraiser’s estimate of market rent for two units at 2,200/Month. The property was appraised for $206k as-is and a CDA confirmed the value was acceptable. Sponsor has decent credit and bank statements reflect sufficient liquidity to meet the reserve requirement for this project. Loan structured and priced in accordance with the LTR model. Total loan amount 73.71% LTV 78.27% LTC with 1.37 DSCR.