Lodge Financial recently organized a $2 million acquisition loan for 1385 Brown Street in Des Plaines, Illinois. Matt Bowker, a founding partner and principal of the firm, executed this loan with a local bank.
The 10-year, full recourse, 4 percent fixed-rate loan features 70% LTV and a 20-year amortization at the client’s request with no prepayment penalty. The recently constructed, four-story building features 10 apartment units.
