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Hard Money Loans in Illinois
Find lenders offering hard money loans in Illinois. asset-based lending with speed and flexibility.
Typical Rate
10% - 15%
Down Payment
25-40%
Term
6-24 months
Closing Time
3-10 days
About Hard Money Loans in Illinois
Hard money loans are short-term, asset-based loans primarily secured by real estate. Funded by private investors or companies rather than banks, they prioritize the property's value over the borrower's creditworthiness. Ideal for fix-and-flip, distressed properties, and deals that need to close fast. Whether you're looking to finance a property in Illinois's major metros or smaller markets, Hard Money lenders in IL offer loan amounts from $50K to $10M with rates typically ranging from 10% - 15%.
Who Should Consider Hard Money Loans?
- Fix-and-flip investors
- Distressed property acquisitions
- Borrowers with credit issues
- Deals requiring immediate close
Key Requirements in Illinois
- Property as collateral (LTV 60-75%)
- Exit strategy
- Down payment or equity
- Property appraisal
Pros and Cons
✅ Advantages
- ✓Fastest closing (days, not weeks)
- ✓Credit score less important
- ✓Flexible terms
- ✓Finance distressed properties
⚠️ Considerations
- •Highest interest rates
- •Short terms
- •High origination fees (2-5 points)
- •Requires strong exit strategy
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