Chicago Hard Money Lenders for Real Estate Investors
Need a hard money loan secured by real estate in the Chicago metro area? This page has a list of direct hard money lenders that offer quick funding for a Chicago property purchase, refinance, fix & flip, rehab & rent, ground-up construction, and equity cash out in 1st lien position. Hard Money lending is only for investment properties, not for homesteads. The loans are mainly based on equity in the subject property. For most lenders, the maximum LTV is typically 70% for a purchase and 65% for an equity cash out loan.Searching...
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EquityMax
No Appraisals | Rural Locations, Mobile homes, land and other unique properties considered!

Rehab Financial Group
100% Financing for Rehab, Flip and Construction Projects - NO DOWN PAYMENT! NO INCOME VERIFICATION!

Malve Capital LLC
Fast And Easy Real Estate Loans. Closing as fast as 5 business days, subject to clear title.
Chicago Hard Money Interest Rates
According to the hard money loan documents software company, Lightning Docs, the average interest rate for Chicago hard money loans in the 1st quarter of 2024 was 11.55%. The average loan amount was $330,901. These stats are the average of 177 short-term loans (including bridge, rehab, and ground-up construction) funded for properties in Chicago between January 1, 2024 and March 31, 2024 by multiple hard money lenders that use Lightning Docs as their preferred software provider to prepare loan documents.
According to private lending data provider, Analytics Logics, the average interest rate for Chicago hard money loans in the 1st quarter of 2024 was 10.97%. Lenders charged an average of 4.0% points (origination fee). The average LTV (loan-to-value) for hard money loans in Chicago was 57%, and the average loan amount was $331,430. These stats are the average of all the loans which were funded between January 1, 2024 and March 31, 2024 by the many hard money lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Top 10 Chicago Hard Money Lenders

According to Forecasaâ„¢, here are the Top 10 Hard Money Lenders ranked by the number of loans originated in Chicago in the last 12 months from March 2024.
- Renovo Financial
- ROC Capital
- Constructive Loans LLC
- RCN Capital LLC
- Lima One Capital LLC
- Endeavor Capital LLC
- Kiavi
- Success Lending
- Velocity Commercial Capital
- American Heritage Lending LLC
Forecasaâ„¢ provides analytics data for Chicago hard money lending on a quarterly basis. You’ll find their top lenders data for many other states on our platform.
Funded Hard Money Loans in Chicago

Sherpa Capital Group LLC, a private CRE lender, funded a $500,000 1st lien position hard money loan for the acquisition and rehab of a 3-unit mixed-use building in the Lakeview – Wrigleyville neighborhood of Chicago, IL. The purchase price was $753,750 and the renovation budget was $400,000. The Borrower brought a significant amount of cash to the closing. The after-repair value was estimated at $1,700,000 so our loan amount is only 29% of the ARV and 43% of the total project cost. We funded this loan within 10 days of the signed term sheet for a local commercial real estate agent and investor. This quick action was necessary after another lender backed out, leaving the Client in urgent need of financing for the non-cash-flowing asset. The property, approximately 7,500 square feet, has a retail unit and an apartment. Both units were vacant. The Borrower had excellent credit. They plan to refinance as an exit strategy upon completion of the heavy rehab. The interest rate was 14%. We charged 3% origination points, and the broker earned a $10,000 commission. The loan term was set at 14 months. This hard money loan was funded in August 2024.

Hard Money Refinance for Mixed-Use Rehab Project in Chicago, Illinois
$300,000
Gelt Financial, a direct private lender, funded a $300,000 hard money loan to refinance a partially completed property rehab project in Chicago, IL. The Borrower is a local real estate investor with lots of experience and a portfolio of over 20 rental properties in the Chicagoland metro area. They had acquired a 3-unit property in the Lower West Side neighborhood and started the rehab project, but they ran out of money, and the property didn’t have enough equity to get the amount they needed. We refinanced their previous hard money lender, and we cross-collateralized two of their rental properties in 2nd lien position to get the cash out funds for the rehab. The subject property has 1 retail unit on the ground floor and 2 residential units above. The Borrowers plan to occupy the retail space to operate their property investment company and will lease the 2 residential units. They have poor credit, so we set the loan term at 24 months to give them enough time to quality for conventional financing to pay off our loan. This hard money loan was funded in August 2021.