Top 7 Best Hard Money Lenders Chicago Illinois

Top 7 Best Hard Money Lenders in Chicago IL

1. Renovo Financial

Renovo is highly rated on Google and offers a great selection of loan programs. They  have over 10 years in business and  consider themselves a One Stop Shop for Single Family and Multi-Family investors. They’ve funded Ooer $1 billion in deals across 3,000 loans with a 94% borrower satisfaction rating (NPS).

Here’s some more details:

• Single Family, 2-4 Units
• Fix-and-Flip, Fix-to-Rent
• 6 – 18 Months
• $75,000 – $2,000,000 ($2M+ Case by Case)
• Market-Competitive Pricing

2. Chicago Rehab Loans

Chicago Rehab Loans is a reputable hard money lender in the Chicago areaa. Their primary focus is to provide private hard money short term funding to investors in Chicago for purchase and rehabilitation of residential investment real estate. They use the purchase price to determine the funding limits. They can provide up to 75% of the purchase and rehab funds for a project for qualified properties and investors.

Here’s some more details:

• Up to 80% on really good deals.
• Loan amounts: In house-up to $3 million
• Lien position: 1st only
• Typical terms: 8.5% to 12.9%
• 1-5 year terms

#3. Continuum Capital Funding

Continuum Capital Funding (CCF) is a direct, private commercial real estate lender. They don’t have a big Google presence, but their site is professional and their offerings are varied. CCF specializes in financing timely acquisition, renovation, bridge, or hard money loans in the Chicago metropolitan area.

Here are more of their offerings:

• Rehab Financing
• Hard Money Loans
• Bridge Loans
• Short Term Loans
• REO Acquisitions
• Fast Closings
• Commercial Real Estate Investment Opportunities

#4. Chicago Bridge Loan

Chicago Bridge Loan was founded in early 2011 in the heart of Chicago, with the goal of serving the Chicagoland area. They’re a direct lender which is always a plus. They offer loan terms from  6-18 months and they’re much more flexible than a traditional bank.

They also do their own in house valuation, which saves time, hassle and money compared to dealing with third party appraisals.

#5. Private Lending Group

Private Lending Group is another Chicago area hard money lender. They have been originating loans in the Chicago area since 1986. They have closed over $250,000,000 in loans, so experience is not an issue here!

Here’s some of the benefits of working with PLG:

• They lend when most traditional banks will not
• They can close in as little as 7-10 days
• They have experience in many different areas including foreclosures and construction
• They’re local

#6. FBC Funding

FBC Funding is  a nationawide lender, but they’re based in Chicago. They have a wide range of loan offerings and a decent Google profile with limited, but great reviews.

Here is more about what they offer:

• 100% financing for purchase & 100% for rehab
• Up to 90% purchase and 100% of renovation costs with No Monthly Payment Program
• Up to 90% financing for purchase & 100% for rehab
• Up to 90% financing for purchase & 95% for rehab (credit line). Credit Score 620 plus.
• 85% purchase financing and 85% rehab financing. Low Minimum Credit Score.
• 75% Purchase Bridge Loan. No rehab funds. Minimum credit score 600.
• 90% Professional borrower Program 5 to 10 day closings. 660 Credit Score.

#7. Tidal Loans

Tidal Loans often appears at the top of the Google search results, but be aware, they are not based in Chicago if that’s important to you.

With that said, they have over 50 yearss of experience in the industry and have successfully worked with many real estate investors over the years. They offer a wide range of loan programs and options.