New Construction Loan – Berwyn, Illinois

Located just outside of Chicago, Illinois, this home was built from the ground up and financed by Lima One. The investor closed on the loan in February 2020 just before the pandemic shut everything down.

Contractors began making progress in October 2020. They were still in the framing process, but it was easy to see the vision the investor had for this 5-bedroom, 3-bathroom home. The home was finished in January and sold in March.

“I never had to call Lima One or ask for anything because everything is automated. The online portal is fast and easy. I simply logged in and followed the steps to get my withdrawals. I would receive an email confirming my withdrawal and a follow up letting me know the money is on the way. 24 hours later, the money was in my account. It’s as simple as that.”

Berwyn, IL Real Estate Investor

New Construction Loan By the Numbers

  • Loan Amount: $254,700
  • ARV: $490,000
  • Loan to ARV: 52%
  • Loan Term: 13 months
  • Interest Only
  • Purchase Price: $100,000
  • Construction Budget: $213,400
  • Selling Price: $515,000

A Quick and Easy Withdrawal Process Led to Success

This investor was impressed with the speed and ease of Lima One’s withdrawal process during the building process. She took advantage of our online portal, which made it easy to track the progress of her withdrawals, see the project’s budget, and schedule inspections.

Outside view - Berwyn, IL NC build

Finding A Contractor

Finding a Contractor Your relationship with your contractor is easily one of the most important factors in the fix and flip process. Take some time to do your research and nail down what you’re looking for in a general contractor. Word-of-mouth is considered the most...

4 Tips for Renovating an Old Home

4 Tips for Renovating an Old Home Many of our clients here at Lima One are renovating older or even historical homes that need a little more TLC than your average flip. Whether you’re seeking to maintain the integrity of a historical home or completely transform an...

Color Tips for Exterior Trim

Color Tips for Exterior Trim Even the most novice house flippers know the importance of curb appeal. From landscaping to brick work and masonry, the goal is to make a house stand out, and the best place to start is to ensure the perfect exterior color scheme. In this...

How to Paint Wood Paneling

How to Paint Wood Paneling You’ve probably heard a lot of opinions on wood paneling. If you’re flipping a property with wood paneling, don’t take it out just yet! Contrary to popular thought, wood paneling in a home does not need to transport you back to the 1970s....

Construction to Permanent Fix and Hold Loans

Understanding the Value of Construction to Permanent Real Estate Investment Loans   Real estate investing is all about finding opportunities and capitalizing on them. Learning to recognize these opportunities takes time and experience. You look at a run-down...

Ground Up Construction Loans FAQ

7 Questions to Answer about Ground Up Construction Financing and New Construction Loans As we enter 2020, more and more real estate investors are turning to ground up construction as a way to drive bigger profits on their fix and flip projects and single-family rental...

How New Construction Loans Work

How New Construction Loans Work Real estate investing is all about opportunity. As home inventory tightened throughout 2020, more and more investors had trouble finding attractive deals on the market. Whether an investor focused on fix and flip properties or...

Housing market booms, lumber prices rise

The Housing Market Continues to Boom Despite Rising Lumber Prices Despite a shortage of labor, a spike lumber prices and increased land prices, U.S. homebuilding and permits for new construction skyrocketed in December. The Commerce Department detailed these stats...

Single-family rentals continue to be a recession-proof industry

Despite global pandemic, Single-Family Rental Industry flourished The Single-Family Rental industry has a history of coming out on top even during the leanest of economic times. 2020 wasn’t any different. That’s not a surprise when you consider the history of the SFR...

Atlanta’s real estate investment market has shown it’s ready for 2021

Atlanta’s housing market is booming – Here’s how real estate investors can profit Atlanta metro’s home prices rebounded quickly during and post-COVID. Comparatively, it took the capital of Georgia and its real estate market nearly eight years to rebound after the...