Illinois hard money loans
- Quick Approval and Funding
- Local Illinois Hard Money Lenders
- No Upfront Cost or Contracts
- No Credit Checks
Illinois Hard money lenders
Illinois hard money loans can be the key to your real estate success – and we can help you find the best lender. Using our technology we match you up with the best Illinois hard money lenders and let you choose the perfect partner and terms that fit with your investment needs. According to studies, local lenders prefer to work with borrowers who live close to them, and we can help you find a Illinois hard money lender, risk free with no upfront costs to and no contracts.
We believe private financing will change the lending world just like Uber changed transportation. During the 2009 financial crisis we learned that most of the fears associated with private financing (predatory rates, high fees, speculation) were regular practice for the major financial banks. The sharing economy is proof that the most efficient way to conduct business is peer-to-peer where both parties can dictate the terms that are comfortable for their needs. The advantages of traditional mortgages are clear – lower rates from institutions that are highly regulated by the government. However, many shrewd investors realized that speed of approval is just as important as low rates. This is where private hard money loans come into the picture – with a turnaround of days, not weeks – you can secure financing on a deal that requires a fast close and beat other investors with a better offer.
Investors looking to purchase multifamily properties in Illinois who are looking to close fast or with credit issues can secure capital with private hard money loans. Considered by many as the safest real estate investment, apartment buildings in Illinois enjoy low vacancy rates and good cap rates. We can provide funding for any investment strategy:
- Cash out
- Renovate and Flip
- Condo conversion
- Vacation rentals
We provide commercial investors with capital solutions for any type of commercial properties. Commercial hard money loans can be used for the following purposes:
- Purchase with a quick all-cash close
- Refinance an existing loan
- Cash out (first or second position)
- Construction loan
- You have bad credit, judgements, bankruptcy on your record
- You are purchasing a non-traditional asset and need a creative solution to a capital problem
Unlike other lending sources, we highly specialize in mobile home parks thanks to our years of experience and depth of knowledge in the field. Mobile home parks and manufactured housing are a unique form of real estate, very different than other residential investments. In fact, every state has a unique set of laws just for mobile home park owners and residents.
With almost every coastal state with a housing crisis, and a fast growing demand for construction goods – we believe manufactured homes are the solution to many of this housing challenges. Mobile home park investors in Illinois can contact us for any of the following purposes:
- Mobile home park purchase
- Neighborhood development
- Senior mobile home park (55 and over)
- Tiny homes
Fix and flip project have two important elements: they wrap up quickly and require capital. This is why real estate professionals in XXXX who seek a fix and flip hard money loan come to us for possible solutions. Private lending are the perfect match for flippers with fast approvals and asset-based lending terms.
Whether it’s a house or duplex – sometimes you can’t wait to sell your current flip to purchase the next fixer-upper. This is where we can come in and provide a ‘bridge loan’ to make sure you don’t miss your next project due to capital challenges.
Illinois Hard Money Laws and Regulations
- Illinois lending laws are regulated by the Department of financial & Professional Regulation
- Corporations may burrow money at any rate agreed to by the parties. Local banks may also charge interest to borrowers at any rate (Illinois Interest Act 205, Section 4).
- Illinois is a judicial foreclosure state, and loans are secured by a mortgage and a lien on the property (735 ILCS 5/Art 15).
- There are no significant rent control laws in the state of Illinois. In 1997, the state passed the Rent Control Preemption Act – which does not allow local cities to pass any rent control laws (although a recent non binding referendum and rising rent might bring change)
- Mobile Home Parks in Illinois are under the Mobile Home Tenant and Landlord Rights Act (675 ILCS 745/1)
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