Illinois Refinance / Cash Out Loans
Illinois has 24 private money lenders offering refinancing in the state. In this state, the median note amount is $308,710. Interest rates on hard money loans issued to Illinois investors average about 10.7%. The median loan issued in the state is for 31 months. The mean origination percentage charged for loans is 2.9%. 74% is the median loan-to-value for offered by lenders in Illinois.
Loan Example 1
Michael operates a company in Vernon Hills, IL. He runs his operation out of an office building that he owns outright. He makes a deal with his partner to purchase their share of the partnership but he doesn't have enough personal cash for the deal. To make the deal move forward, he takes money out of the equity in the property through a hard money cash out refinancing from Coastal Lending Group . The lender agrees to fund 70% of the value of the real estate (LTV) for a first lien position and they conclude the building to be valued at about $2,500,000. The lender will subtract 4 origination points at closing and then be paid interest only payments at 12% for 1 years. The principle is to be repaid in a single balloon sum when the loan matures. The principle will be $1,750,000 but Coastal Lending Group will pay Michael $1,680,000 after charging the origination fees of $70,000. They will also collect $17,500 in monthly interest until they are paid off when the loan expires.
Loan Example 2
Debora owns a an industrial building she uses for her business operations in Vernon Hills, IL. She determines she requires cash for her business operations but she is turned down by her bank for a cash-out refinance, so she turns to Rising Sun Funding Company for a private money refi. The lender performs a market comparison and decides the building is worth $2,900,000. They decide to loan Debora 60% of this market value (the LTV). The lender will begin receiving interest only payments for a 4 year term. Additionally, they will subtract 1 points at closing and will then have the principle repaid in a balloon sum when the note expires. By the stipulations of the deal, Rising Sun Funding Company will loan Debora a total of $1,722,600 on her property ($2,900,000 market value x 60% loan-to-value - $17,400 in origination points). Debora will then pay $20,300 monthly in interest fees until the note expires and will finally pay back the $1,740,000 principle amount on the note.
Anchor Loans is a California based Hard Money Lender. They provide loans in 46 states throughout the US. They are the largest Fix-and-Flip lender in the U.S. lending over $6 Billion life-to-date in total loan volume to real estate ...
Conventus is a San Francisco, CA based private lender. They provide funding in 10 states throughout the US. They provide fix-and-flip loans, private commercial loans, cash out hard money loans, and rental property loans. Their loan ...
Based in Rockville, MD, ACC Mortgage is a hard money lender offering loans in 16 states across the country. They offer fix and flip loans, commercial loans, private refinancing, and buy and hold loans. Their loan parameters ...
Secured Investment Lending is private lender headquartered in Lake Mary, FL. They provide funding in 49 states throughout the country. They provide lending solutions for a variety of scenarios, including short term bridge loans, commercial loans, cash ...
Patch of Land is an asset-based lender based in Los Angeles, CA offering funding all throughout the US. They offer short term bridge loans, private commercial loans, long term rental property loans, refinancing, and fix and flip loans. ...
Temple View Capital is private lender headquartered in Bethesda, MD. They provide loans in 20 states throughout the US. They provide short term fix and flip loans, cash out loans, private commercial loans, loans for rental properties, ...
Based in Santa Ana, CA, Unlimited Capital Group is a private lender offering loans in 15 states across the country. They offer loans for a variety of situations, including fix-and-flip loans, refinancing, bridge loans, loans for rental properties, commercial ...
Bridge Well Capital is a hard money lender in Orlando, FL offering funding in 40 states throughout the United States. They provide loans for investments properties, cash out hard money loans, and fix-and-flip hard money loans. Their ...
Aero Capital Finance is a Kissimmee, FL based private lender. They provide loans in 18 states throughout the United States. They offer loans for a variety of scenarios, including private refinancing, fix and flip loans, hard money loans ...
Headquartered in Neenah, WI, Peak Choice Capital is a private lender providing funding in 45 states throughout the US. They offer short term bridge loans, buy and hold loans, cash out loans, fix-and-flip loans, and private commercial loans. ...
Sunset Equity Funding is a hard money lender based in Los Angeles, California. They issue loans in all states except for Alaska, North Dakota, and South Dakota. Their loan offerings include purchase loans, fix and flip loans, new ...
Lima One Capital is a hard money lender based in Greenville, SC providing loans in 40 states across the US. They offer loans for many different scenarios, including fix-and-flip hard money loans, construction loans, refinancing, and investment property ...
Genesis Capital is a Woodland Hills, CA based private lender. They provide funding in 17 states throughout the United States. They offer ground up construction loans, bridge loans, buy and hold loans, fix-and-flip loans, private refinancing, and ...
Straightline Funding is an Atlanta, GA based private lender. They provide loans throughout Alabama, Georgia, Illinois, North Carolina, and South Carolina. They provide bridge loans, loans for investments properties, new construction loans, cash out loans, fix and ...
Rental Home Financing is a private money lender headquartered in Indianapolis, IN offering funding in 26 states across the country. They provide lending solutions for a variety of scenarios, including refinancing, fix-and-flip loans, and loans for investments properties. ...
New Wave Loans is an asset-based lender based in Aventura, FL providing funding throughout New York, Arizona, Illinois, and Florida. They provide lending solutions for a variety of situations, including buy and hold loans, commercial loans, ground up ...
ReCasa Financial Group is a Columbus, OH based private money lender providing funding in 9 states across the US. They provide lending solutions for many different needs and situations, including hard money bridge loans, private commercial loans, refinancing, ...
Investor Rehab Funding is hard money lender headquartered in Atlanta, GA. They provide loans in 40 states throughout the US. They offer fix-and-flip hard money loans, private refinancing, investment property loans, and new construction loans. ...
Omega Funding is a hard money lender headquartered in Denver, CO providing funding in 8 states throughout the US. They provide hard money loans for commercial properties, short term loans, and refinancing. They provide terms between ...
Resolve Funding is a Boulder, CO based private lender who provides funding in 18 states across the US. They offer hard money bridge loans, fix-and-flip hard money loans, cash out loans, and commercial loans. Their lending guidelines ...
Headquartered in South Windsor, CT, RCN Capital is a hard money lender providing funding in 47 states across the country. They provide loans for many different scenarios, including cash out loans, fix-and-flip hard money loans, commercial hard money loans, ...
Headquartered in Miami Beach, FL, YC Funding is an asset-based lender offering loans in 23 states across the United States. They offer construction loans, cash out loans, buy and hold loans, short term bridge loans, fix and flip hard ...
Sharestates is a Great Neck, NY based hard money lender. They provide loans in 46 states across the US. They offer lending solutions for a variety of needs and situations, including hard money loans for commercial properties, fix ...
Asset Avenue is private money lender based in Los Angeles, CA. They provide loans in 44 states across the United States. They provide loans for a variety of needs and situations, including short term loans, investment property ...
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