Need an Illinois hard money loan because you’re interested in properties there? Do Hard Money is here to help you get a hard money loan quickly and easily for your next REI deal or refinance property in the Prairie State.
Do Hard Money will approve your asset-based loan completely by assessing the property not you as the borrower. A true hard money lender will base your loan approval on the investment property and the overall quality of the deal. Once we’ve evaluated the property, the LTV (loan to value) ratio of the deal will determine your loan amount. This loan amount, combined with our gap funding resources, can make it possible for you to get 100% Financing on your deal.
Illinois Hard Money Loan Terms on House Flips Funded by DHM
What Kind of Funding Is Available?
Up to 100% Financing Available
We fund up to 70% of the ARV
Minimum ARV of $70,000
No minimum loan amount
Maximum loan amount $250,000
Loan term 5 months
What Will It Cost?
Interest starting at 1.25% per month
Origination starting at 5.5%
No monthly payments
No and low cash to close options available
Gap financing allowed
No pre-payment penalty
Why Use DoHardMoney?
Full disclosure at time of loan offer
Proprietary foreclosure protection
No experience required
No minimum credit score required
Simultaneous deals allowed
We completed our 1st deal with DoHardMoney.com Our representative was instrumental in getting our deal completed. We now have a rehabbed property on the market in Evergreen Park, IL. Once you understand the process and have a good representative to basically hold your hand, it will be smooth sailing. We will definitely use DoHardMoney.com again.
* DHM does not guarantee that each or any particular deal financed in Illinois will result in profit.
Can I Get An Illinois Hard Money Loan Even If I Have Bad Credit?
Our mission is to help as many investors find financial freedom as possible, so this means we have found a way to loan to borrowers with bad credit . We can extend a house flipping loan to borrowers who enroll in our Find-Fund-Flip program. We created this system to give you a step by step process to follow, along with property finding and marketing software, tools to help you value your property and more.
IL House Flipping Loans
We can fund your house flip – purchase and rehab.
Friendly terms whether you need low rates, low cash to close or no monthly payments
Loan based on after repair value
IL Investment Property Refinance Loans
These Illinois refinance loans are available even if you’ve not invested before
Cash out or no cash out – you determine what you need to accomplish your objectives
50%-65% ARV depending on property
Can My Illinois Fix and Flip Get 100% Financing?
Illinois Real Estate Market Statistics (2015)
With beautiful rivers and exciting cities, Illinois has something for everyone, making the state a popular place to call home. Chicago, the third largest city in the U.S., is booming with opportunity while many other counties in Illinois have a charming, small-town feel popular with families. The property value in Illinois has risen 3.8% in the past year along with the number of housing flips increasing by 21%. Now is the perfect time to invest in Illinois properties, as median home prices and sales activity have both increased in the past year, which is great news for those rehabbing and flipping in the area. According to Homebuyinginstitute.com, “the Chicago market currently favors sellers over buyers.” There is a great buying demand, so your real estate investment won’t sit on the market – you’ll be able to get your REI deal sold in record time.
Number of Houses Flipped
% Change in Houses Flipped
About Hard Money Loans in Illinois
Among other things, Illinois is famous for producing big business, big names, and big crops. Hard money loans are famous for their big advantages to real estate investors.
Our Illinois hard money loans help investors who need to get into deals with little or no money down. This is especially helpful to first-time investors, new investors and investors getting back into the REI game after some downtime.
First of all, hard money loan approval works differently than approval for traditional loans because hard money loans are based on the profit potential of an investment property and the overall deal. Traditional loans, on the other hand, use intense borrower scrutiny — such as credit checks and personal information — for their approval.
With DoHardMoney, we wont even check your credit score to approve your loan. After a detailed analysis of all your loan application information, well determine your lending amount, or loan to value ratio (LTV), on the after repair value (ARV) of the investment property.
To add additional, unmatched convenience to our lending service that other hard money lenders just cant beat, you make no payments on your loans until your fix and flip is complete. We find that this helps investors get the peace of mind in the middle of the rehab that they need to be successful.
Youll find at DoHardMoney that were here to do more than fund your rehab loans and refinance loans, were here to help REIs be successful every way we can.
Real Estate Investing in Illinois
Illinois real estate investors brave more than just insane snowstorms to get the job done, they also brave a highly-competitive real estate market to come out ahead on deals.
The state of Illinois continues to shine through with one of the best real estate markets in the country.