Who are the Best Hard Money Lenders in Illinois?

Finding the best hard money lenders Illinois is critical to your investing success. Whether you’re new to real estate or seasoned investor, your hard money loan can eat up a ton of profit margin. Whether you’re looking for a fix and flip loan or a BRRRR strategy, a bad hard money loan can set you back thousands of dollars. On the other hand, a good hard money loan can provide the financing you need in less time than any other source of financing. Illinois hard money lenders can give you the buying power required to scale your business and profit.

Illinois has several reputable hard money lenders offering loans within the city. Loan amounts average around $160k. Rates for private loans average 12-14%. The average loan made in this city has a length of 8-12 months. The mean loan includes a 3-4 point origination fee. Lenders typically offer a 70-80% loan-to-value on hard money loans in Illinois.

Here’s our short list of the top 9 Best Hard Money Lenders in Illinois:

  1. Renovo Financial
  2. Chicago Rehab Loans
  3. NSS Lending
  4. Continuum Capital Fund
  5. Breclaw Lending
  6. Chicago Bridge Loan
  7. Private Lending Group
  8. FBC Funding
  9. Tidal Loans

Top 9 Best Hard Money Lenders in Illinois

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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
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2. Chicago Rehab Loans

Chicago Rehab Loans is a reputable hard money lender in the Chicago area. Their primary focus is to provide private hard money short term funding to investors in Illinois 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
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#3. NSS Lending

NSS Lending is a Chicago based hard money lender. They have an excellent Google profile and a full complement of hard money loans.

Here’s more about their loan program:

  • $75K Minimum For Purchase & Rehab
  • Minimum 600 Credit Score
  • Lender Points 3-4%
  • $2500 Processing Fee
  • Rate Starting at 9%.
  • 6-12 Months
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#4. 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 Illinois.

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

#5. Breclaw Lending Group

Breclaw lending group is a newer hard money lender in Illinois but they have an excellent rating on Google. They are an asset based lender, so they’re very flexible related to your credit score and income. 

Here are more of their offerings:

  • Fix and Flip
  • Fix and Hold
  • Refinance
  • New Construction
  • And more
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#6. 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.

 

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#7. Private Lending Group

Private Lending Group is another IIllinois hard money lender. They have been originating loans in Illinois 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
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#8. FBC Funding

FBC Funding is  a nationawide lender, but they’re based in Illinois. 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.
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#9. 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.

Best Hard Money Lenders Illinois FAQ

Who is the best hard money lender in Illinois?

Here’s our short list of the top 9 Best Hard Money Lenders in Illinois:

  1. Renovo Financial
  2. Chicago Rehab Loans
  3. NSS Lending
  4. Continuum Capital Fund
  5. Breclaw Lending
  6. Chicago Bridge Loan
  7. Private Lending Group
  8. FBC Funding
  9. Tidal Loans
What do Illinois hard money lenders charge?

Hard money loan rates in Illinois range from 12 percent to 14 percent for most fix and flip and shorter term loans. Many hard money lenders in Illinois also charge points or origination fees on a loan that range from 3-4 percent.

Do Hard Money Lenders in Illinois require appraisals?

With most hard money lenders in Illinois, the loan to value (LTV) is determined through an appraisal or a broker opinion of value. Some lenders do offer in house valuations, which eliminate the need for a third party appraisal.

What is hard money in Illinois?

Hard money loans in Illinois are loans secured by real estate used to purchase or rehab that piece of property.

These short term loans are used to purchase and/or rehab residential or commercial properties. They’re usually more expensive than traditional loans but can be closed faster and oftentimes with less credit requirements.

Our Illinois City Guides

Here are some in depth hard money guides for cities throughout Illinois:

 

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