Can someone recommend a good HML/Private Lender/Bank in Chicago area that is willing to work with a new investor. I have one rental property and looking to do a flip next year.
Try Renovo. They are based in Chicago
@Jay Thomas Lima One and lending home are two HML that I've used for my first 2 deals in Chicago. And they're new investor friendly.
@JayThomas - I've closed 3 HML deals with lending home in the past 2 months and they were horrible, in my opinion. All three deals had delays with loan packets, ordering appraisals, funding authorization, you name it there was a problem and it was far from smooth. I've had better luck representing clients using HM from Renovo and Gold Coast Capital. I was at the NAR event over the weekend and RCN Capital had a booth. Never done a deal with them, but they lend in the chicago market.
Lima One and Renovo are very good HML for Chicago and Indiana markets! I also hear Midwest corp is good as well.
Thanks all for your responses. Looks like Lima One and Renovo are top candidates are my top candidates
Renovo is good, but expensive. They typically charge you interest on the entire balance of the loan even if you haven't drawn it all. This kills the profit.
My personal favorite is Continuum Capital Funding. They are very easy to work with, will structure your loans as a line of credit (only pay on what you've already drawn) and are very relationship based as you grow. They will basically do any deal I send them at this point because they have come to trust me so much. Being able to get money a week later at a moments notice is extremely valuable.
Renovo, Lima One, and Finance of America