We had a new fix and flip client who had invested money into a few properties with other people, but he did not show up on any of the titles of these projects so they would not count! He had a partner with experience, but he currently was going through some credit issues and forbearances himself.
Ivanhoe Capital Advisors had to just work with him alone. We were able to secure him an Exposure Limit of $500,000 even with his lack of experience. He then was able to use $154,000 of this limit to purchase his first very own investment property which was a 2-unit building on South Lawndale Avenue in Chicago that was going to get fixed and flipped.
He will put about $70,000 into the investment property and be able to then get renters into the building to have a nice positive cash-flow moving forward. ICA will then secure him a 30-year rental loan so he can hold this property for many years to come in his portfolio.