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Illinois Bridge Lenders for Commercial Real Estate
Are you seeking short-term financing secured by commercial real estate in Illinois? On this page you'll find a list of select CRE Bridge Lenders that can finance a property purchase, 1031 exchange, refinance, or equity cash out in 1st lien position. We have a separate page for lenders that can fund a rehab / value-add project. The maximum LTV for most bridge loans is 70% for multifamily and 65% for other core commercial real estate - office, retail, industrial, hotel. The LTV is typically lower for specialty CRE types. Below the list of lenders, you'll find summaries of loans funded by lenders in our network.
Some lenders only consider properties located in Illinois' largest metropolitan area. You may find more lenders on the metro area page:
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Funded CRE Bridge Loan Transactions in Illinois
Bridge to Agency Financing for Multifamily Purchase in Waukegan, IL
Gelt Financial, a direct CRE bridge lender, provided a quick bridge loan in the amount of $900,000 for the purchase of a stabilized 29-unit multifamily property in Waukegan, an industrial suburb of Chicago, close to the Wisconsin border. The Borrower had applied for a long-term agency Freddie Mac loan, but it wasn’t able to fund by the closing deadline, and the seller was not willing to extend. The very large deposit for the purchase contract was at risk of being lost if the loan didn’t meet the closing schedule. Within 1 week of the deadline, the Borrower reached out to us for help. We approved the loan in just 1 hour and funded the loan in 3 business days. They had a 35% cash down payment, so our loan was 65% of the purchase price. We were paid off in just 3 weeks since the agency loan funded shortly after the purchase. This multifamily bridge loan was funded in February 2022.