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Malve Capital LLC
Fast And Easy Real Estate Loans. Closing as fast as 5 business days, subject to clear title.
Illinois Hard Money Stats
According to private lending data provider, Analytics Logics, the average interest rate for hard money loans in Illinois is 11.22%. Lenders are charging an average origination fee (points) of 3.50%. The average loan-to-value (LTV) for hard money loans in Illinois is 58%, and the average loan amount is $184,998. These stats are the average of all the loans which were funded between April 1, 2023 and September 15, 2023 by the many private lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Hard Money Loan Transactions in Chicago
Hard Money Refinance for Mixed-Use Rehab Project in Chicago, Illinois
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.