Who are the Best Hard Money Lenders in Naperville IL?
Naperville hard money loans are one of the keys to success for real estate investors. Whether you’re a newbie or have more experience with these types of investments, it’s important that you find an experienced hard money lender. The best hard money lenders Naperville can help guide your decisions and give advice on different options including BRRRR strategy, fix and flip loans, rental loans and more. The wrong kind of loan could set back your business by thousands of dollars, but when done right, they can provide just enough buying power so that you don’t miss out on any opportunities!
Naperville does not have many reputable hard money lenders offering loans within the city. Loan amounts average around $296k. Rates for private loans average 9-10%. 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 75-80% loan-to-value on hard money loans in Naperville.
Here’s our short list of the top 5 Best Hard Money Lenders in Naperville:
- Private Lending Group
- Renovo Financial
- LendingOne
- Hard Money Man
- Bridgewell Capital
Top 5 Best Hard Money Lenders in Naperville IL 2021
#1. Private Lending Group
Private Lending Group is located nearby and is a solid Naperville 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
2. Renovo Financial
Renovo is our next Naperville area hard money lender. They’re not located in the city but they are 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
#3. Lending One
LendingOne is another quality national hard money lender. They offer hard money loans in Naperville for many types of projects including fix and flip, rental, new construction and more. They aren’t South Carolina based, but they’re a reputable national lender.
Here are some of their terms:
- Up to 80% LTV
- Bridge Financing up to 12 Months
- Minimum Loan Amounts $75K
- Rates from 10-15%
#4. Hard Money Man
Hard Money Man LLC is a New Jersey based private money lender. They’re a national lender with over 20 years of experience in hard money loans, they’re one of the most experienced lenders avaailable. They’ve closed and funded over 7,500 loans totaling over 1.2 billion in transactions.
Here’s some more details:
- Rates from 8% for more experienced investors
- Funding up to 90% of Purchase Price
- 100% of Rehab up to 75% ARV
- Credit requirements: 650+ for new investors, 620+ mid for experienced
- Minimum 65k purchase price
- No Prepayment penalty
#5: Bridgewell Capital
Bridgewell Capital is a national hard money lender based in Florida, but they offer loans to Naperville as well. They offer rehab loans for flips and for rental properties. They also do multifamily loans and commercial loans.
Here are some of their fix and flip loan terms:
- Up to 100% of rehab costs
- Up to 75% ARV
- Closings in 10 days
- Damaged Credit Okay
- No interest on undrawn rehab funds
- No pre-payment penalty
Best Hard Money Lenders Naperville FAQ
Who is the best hard money lender in Naperville Illinois?
Here’s our short list of the top 5 Best Hard Money Lenders in Naperville:
- Private Lending Group
- Renovo Financial
- Lending One
- Hard Money Man
- Bridgewell Capital
What do Naperville hard money lenders charge?
Hard money loan rates in Naperville range from 11 percent to 12 percent for most fix and flip and shorter term loans. Many hard money lenders in Naperville also charge points or origination fees on a loan that range from 3-4 percent.
Do Hard Money Lenders in Naperville require appraisals?
With most hard money lenders in Naperville, 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 Naperville?
Hard money loans in Naperville 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.
