Hard Money Lender for Illinois

Hard Money Lender for Illinois

Flipper/Rehabber · Montgomery, IL · Member since 2014 · 25 posts · 6 votes

Looking for a hard money lender for a property in IL, Ive got not so great credit (about 600) and have a house Id like to rehab for myself. I do have the income to afford the property, Id just like to avoid doing a 203K because Im an experienced contractor and not allowed to work on it myself with one of those. The property isnt very expensive (currently listed at 75K) and rehab costs shouldn't be much more than 30K since Im planning on doing the majority of the labor myself. I would also accept just purchase price and funding rehab out of pocket, I do have 25k in cash available currently. 

Thank you for any recommendations 

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  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    3y

    Hey @Ryan Rippinger - Sounds like you have the right mindset to get this deal done. Totally smart to avoid FHA 203k loan if you are able to do the work yourself.

    I definitely have some Chicago & Illinois hard money lenders that will do your deal...sometimes they need to be over $100k though...I'll shoot you a PM to share contact details.

  • Investor · Salt Lake City, UT · Member since 2019 · 339 posts · 126 votes
    3y

    We would be happy to help. You will have a hard time getting that done due to the loan amount.

    Typically our lending partners programs are as follows:

    • Rates: 10% to 14% (Most Deals are 12%)
    • Terms: 1 Day - 24 Months (Most Deals are 6 months)
    • Fees: 3-5 points(%) of loan amount (Most Deals are 3 points(%)) - $2500 minimum fee
    • Minimum Loan Amount: $75,000
    • Max Loan: 65-70% of After Repair Value(ARV)
    • 100% Rehab Financing Available (Most Deals require 10-20% of purchase price down or cross-collateral)
    • Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 7-10 business days)
    • We have private lending partners throughout the entire United States that cover the following states: AL, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, TN, TX, UT, VT, VA, WA, WV, WI, WY.
    • NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.
  • Flipper/Rehabber · Montgomery, IL · Member since 2014 · 25 posts · 6 votes
    3y
    Quote from @Ryan Davies:

    We would be happy to help. You will have a hard time getting that done due to the loan amount.

    Typically our lending partners programs are as follows:

    • Rates: 10% to 14% (Most Deals are 12%)
    • Terms: 1 Day - 24 Months (Most Deals are 6 months)
    • Fees: 3-5 points(%) of loan amount (Most Deals are 3 points(%)) - $2500 minimum fee
    • Minimum Loan Amount: $75,000
    • Max Loan: 65-70% of After Repair Value(ARV)
    • 100% Rehab Financing Available (Most Deals require 10-20% of purchase price down or cross-collateral)
    • Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 7-10 business days)
    • We have private lending partners throughout the entire United States that cover the following states: AL, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, TN, TX, UT, VT, VA, WA, WV, WI, WY.
    • NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

     When you say minimum loan amount 75K does that mean property value only or with repair costs included. I would like to wrap the rehab costs into the loan since I have enough money down to use for that. 

  • Investor · Salt Lake City, UT · Member since 2019 · 339 posts · 126 votes
    3y

    Our investors technically can do 50k, its just harder to motivate. My business partner and I won't even touch a loan below 200k unless we get guaranteed 2k up front since its just not worth our time. Same amount of time on a 50-100k loan as it is on a 20MM loan. 

  • Flipper/Rehabber · Montgomery, IL · Member since 2014 · 25 posts · 6 votes
    3y
    Quote from @Jonathan Klemm:

    Hey @Ryan Rippinger - Sounds like you have the right mindset to get this deal done. Totally smart to avoid FHA 203k loan if you are able to do the work yourself.

    I definitely have some Chicago & Illinois hard money lenders that will do your deal...sometimes they need to be over $100k though...I'll shoot you a PM to share contact details.


     Awesome, that’d be great. It’d definitely be over 100k including repairs

  • Marty JohnstonPro Member
    Lender · Wauwatosa, WI · Member since 2016 · 571 posts · 204 votes
    2y

    @Ryan Rippinger you've probably locked this one up by now with some other options here! There are some hard money lenders in the IL market (including Cook County) who have no minimum loan amounts and will lend on residential properties. No credit checks, no appraisals (in most cases) as they do an in house valuation. DM me if curious for more info and future reference!

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