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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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 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 Illinois 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 Illinois 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 Illinois 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 Illinois Hard Money Lenders
According to Forecasa™, here are the Top 10 Hard Money Lenders ranked by the number of loans originated in Illinois 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
Forecasa™ provides analytics data for Illinois 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 Illinois
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.
