Private Money Loan for Historic Mansion Conversion in Springfield, IL

This listing is a request for private funding to facilitate the bridge financing and initial construction for a significant real estate conversion project. The borrower is seeking $950,000 for a project involving a historic 14,000 sq ft, two-story mansion situated on 1.8 acres in downtown Springfield, Illinois. The property, which features 26 rooms with private bathrooms, a cafeteria, elevator, meeting rooms, offices, and a finished basement, is slated for conversion into a group home facility for independent senior living or housing for traveling nurses. Its strategic location offers walking distance to two major hospitals and a park. The sponsors behind the project bring over 30 years of experience, a current portfolio of 125 rental units, a credit score in the 750 range, and $400K in liquid assets, indicating a strong capacity to execute the project. The estimated stabilized After Repair Value (ARV) for the converted property is $2.2 million. The loan is proposed in a 1st lien position with an estimated term of 6-9 months, offering 12% interest only.