Illinois Hard Money Lenders
Here is a list of hard money lenders for residential and commercial real estate in IL - Chicago, Springfield, Aurora, Joilet, Rockford, Naperville and other areas. Hard money loans are a great short-term solution for Illinois property investors who either don’t qualify for a traditional mortgage or just need to close a deal fast. Most hard money loans are 12 months, but some lenders offer a longer term.Searching...
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Malve Capital LLC
Fast And Easy Real Estate Loans. Closing as fast as 5 business days, subject to clear title.

Rehab Financial Group
100% Financing for Rehab, Flip and Construction Projects - NO DOWN PAYMENT! NO INCOME VERIFICATION!
Illinois Hard Money Interest Rates
According to the hard money loan documents software company, Lightning Docs, the average interest rate for Illinois hard money loans in the 4th quarter of 2024 was 10.95%. The average loan amount was $372,036. These stats are the average of 282 short-term loans (including bridge, rehab, and ground-up construction) funded for properties in Illinois between October 1, 2024 and December 31, 2024 by multiple hard money lenders that use Lightning Docs as their preferred software provider to prepare loan documents.
Here is a breakdown of average interest rates in Illinois metropolitan area:
Chicago
The average interest rate for Atlanta hard money loans in the 4th quarter of 2024 was 10.53%. The average loan amount was $305,656. Of the 235 total loans in the 3-month period, 187 were secured by properties in Cook County, 34 in Kane County and 14 in Lake County.
According to private lending data provider, Analytics Logics, the average interest rate for Illinois hard money loans in the 4th quarter of 2024 was 10.56%. Lenders charged an average of 2.2% points (origination fee). The average LTV (loan-to-value) for hard money loans in Illinois was 64%, and the average loan amount was $195,720. These stats are the average of all the loans which were funded between October 1, 2024 and December 31, 2024 by the many hard money lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Top 10 Illinois Hard Money Lenders

According to Forecasa™, here are the Top 10 Hard Money Lenders ranked by the number of loans* originated in Illinois from October 2024 to December 2024.
- ROC Capital funded 239 loans
- Renovo Financial funded 151 loans
- Kiavi funded 114 loans
- Constructive Loans LLC funded 96 loans
- Endeavor Capital LLC funded 59 loans
- Oaktree Funding Corporation funded 54 loans
- RCN Capital LLC funded 51 loans
- Owner Finance Company funded 46 loans
- Velocity Commercial Capital funded 46 loans
- Greenberg Finance LLC funded 35 loans
* The number of loans funded are approximate and includes long-term rental loans.
Forecasa™ gives investors and lenders in the private real estate market powerful analytics and actionable insights. They help you skip the hassle of combing county records and focus on closing deals. With detailed market trends, investor and lender activities, and competitive benchmarking, you can make smart, strategic decisions. Some of their services include dynamic market reports, transaction-level details, customer analytics, borrower verification, and in-depth profiles of investors, lenders, and capital partners. You’ll find their top lenders data for many other states on our platform.
Illinois Hard Money Loan Volume
According to SFR Analytics, here is the approximate quarterly volume of loans secured by investment real estate in Illinois which were funded by hard money lenders from October 2023 to September 2024.
- Approximately $153,685,188 of hard money loans were funded in the 3rd quarter of 2024 for 442 borrowers.
- Approximately $132,812,700 of hard money loans were funded in the 2nd quarter of 2024 for 428 borrowers.
- Approximately $107,396,454 of hard money loans were funded in the 1st quarter of 2024 for 405 borrowers.
- Approximately $119,094,326 of hard money loans were funded in the 4th quarter of 2023 for 460 borrowers.
Below are the approximate hard money loan volume amounts for Illinois metropolitan area:
Chicago-Naperville-Elgin, IL
- 2024 Q3: $152,160,486 for 412 borrowers
- 2024 Q2: $128,746,043 for 423 borrowers
- 2024 Q1: $106,484,921 for 380 borrowers
- 2023 Q4: $119,318,596 for 428 borrowers
SFR Analytics provides advanced analytics for top-performing real estate investors and private lenders. Their platform provides nationwide, real-time property data, including market activity, ownership changes, and detailed buyer behavior insights. With custom dashboards and alerts, users can track active investor and lender activity, access rental market information, and analyze geographic and demographic trends. Their Private Lender Radar product gives lenders deep insights into borrower portfolios, lending activity, and verified contact details. For those needing bulk data, they supply updated daily records, including deeds, rental listings, demographic data, and building permits, to support informed decision-making across the residential real estate market.
Funded Hard Money Loans in Illinois

Gelt Financial, a direct CRE lender, funded a $250,000 1st lien position equity cash-out loan secured by a funeral home in Aurora, IL. The property value was estimated at $669,000 so our loan-to-value was 37%. The Borrower was an experienced real estate investor who needed to cash out equity for $100,000 of property upgrades. The investor does not operate the funeral home. It was leased for $8,000 per month. It is a two-story masonry construction with offices, viewing rooms, bathrooms, a kitchenette, and a casket room. The second floor contains two bedrooms and a bathroom. There are 55 parking spaces. The size is approximately 7,536 square feet on a 3.28-acre lot. The Borrower had fair credit. They plan to refinance into a long-term loan as an exit strategy. The interest rate was 13.50% floating and we charged 3% origination points. The loan term was set at 12 months. This hard money loan was funded in April 2024.

Hard Money Loan for Office Condo Purchase in Peoria, Central Illinois
$100,000
Gelt Financial, a direct private commercial real estate lender, funded a $100,000 hard money loan for the acquisition of a 4,200-square-foot office condominium in Peoria, IL. The Borrowers, a husband and wife investor, purchased the property through a CREXI online auction. The purchase price was $195,000 which we felt was a good deal. The Borrower put down $95,000 cash plus closing costs, so the LTV for our loan was just over 50%. They plan to lease the office space and hold it long-term. The Borrowers had low credit scores and were not bankable. We didn’t mind the poor credit, and we didn’t require an appraisal or third-party reports. The loan term was set at 36 months. We expect to be refinanced with a permanent loan. This hard money loan was funded in November 2021.