Investment property in Illinois
Send the address and the numbers. We look at the property and the exit, and we answer on that deal.
Illinois Lender makes two kinds of loans. A fix-and-flip covers the purchase and the renovation. A bridge loan covers a purchase, a refinance, or cash-out when rehab is not the point. Both are secured by Illinois investment property.
People also call these hard money loans, because the collateral is the property and the first thing we want is the address and the exit, not a stack of tax returns.
A bank will ask for a long file before it will look at the building. We start with the building, and only when you will not live in it.
You are buying, or you already own, a property that needs work. You pay the loan off when you sell, or when you refinance after the work. If the rehab budget is still a guess, send the number you will actually spend and say it is a guess.
Purchase, refinance, or cash-out on a property you will not occupy. If most of the money is going into renovation, use the flip loan instead.
Illinois only. Chicago and the nearby suburbs have their own page, for 2-flats, frame houses, and small apartment buildings. Every other city in the state uses the form here. Put the city in the field.
We do not publish a rate, points, or a loan-to-value. A figure on this page would be a guess. If the deal only works at a rate you saw somewhere else, we are not going to match a number from a page. We have not seen the building yet.
The note carries the street address and how the loan gets paid off. Put 0 in the rehab budget when there is no work.