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FacebookI am looking to start a bar in Chicago, IL and I know the building that I want to acquire. I have a partner who is able to put $350-400K into the project but the building itself will cost between $750K-$1M to acquire and will require anywhere from $100K-200K to restore and convert. I would like to know the best place to go for a commercial real estate loan keeping in mind the significant funding we already have. I would like to limit the down payment to about $100-150K to keep the rest available for the bar itself. As a side note my personal credit score isn’t fantastic (about 630). Also, the building is not currently a bar but an old theater so it will require remodeling, however they do hold a liquor license so it is properly zoned.
Thanks!
A local “Chicago Bank” that does this type of financing is Park National Bank. The main Chicago Branch is at the intersection of Chicago and Clark.
there is a top mortgage broker affiliated with top lenders too.. from that perspective, they can search from over hundreds of commercial loan products and filter out the best for you.. it’s a local office, but do business in 46 states.. anyway there’s no obligation, so go check it out, might be what you just needed –