Purchase, refinance, or cash-out
Bridge loans for Illinois investment property
Borrowers use this when they will not live in the building, and the payoff is a sale or a later refinance. We do not publish a rate, and we will not invent a term length on this page.
Purchase
You are under contract. Send the price, the address, and the closing date. A small repair can be part of it. If the point of the loan is the rehab, this is the wrong page. Use the fix-and-flip loan.
Refinance
You own the building and you are replacing financing that is already on it. Send the balance you need this loan to cover, if you know it, and say what has to be paid at the table.
Cash-out
You are borrowing against value that is already there. Write what the cash is for, and write the exit as its own sentence. Working capital is not an exit. A sale or a refinance is.
The property is still Illinois investment real estate. If an LLC will hold title, say so in the note. That is not a promise that every LLC is approved. Chicago and nearby can start on that page. Anywhere else in the state, name the city in the form.
Questions
- How is this different from the flip loan?
- The flip loan is built around a renovation budget and a resale or refinance after the work. This loan is a purchase, a refinance, or cash-out when the rehab is not why you are borrowing.
- What should the exit say?
- How this loan gets paid off. Name a sale or a refinance. If you do not have one, say that. We would rather pass than guess.
Send the deal
If you are buying, put the closing date in the note with the address. The exit should be its own sentence.