Illinois New Construction Loans
A total of 16 records for construction private money lenders were found in Illinois. The average amount for loans is $302,974. Rates on loans made to Illinois borrowers average about 10.7%. The average length for notes is 14 months. The average note includes a 2.8 point origination cost. Lenders typically offer a 74% LTV on loans in Illinois.
Loan Example 1
Maggie wants to purchase a vacant lot in Blue Island, IL and build a new house and sell it. Maggie expects that the building costs will be about $150,000 and the plot costs $340,000. South End Funding Company will contribute to the project at a 70% loan-to-value (LTV) with a 13%, 18 month construction loan with 2 origination points to be paid at closing. Building fees will be paid out in multiple draws and there will be no pre-payment penalties assessed. According to the specifications of the loan, Maggie will need to pay $147,000 plus $6,860 in origination costs at the closing, then will begin making $3,716 monthly payments. Maggie 's goal is to sell the home for $610,000. If she succeeds, she will pocket a total profit of $46,255 after subtracting all expenses ($343,000 principle, $147,000 cash down, $6,860 origination charges and $66,885 for 18 months of payments).
Loan Example 2
Mike wants to buy a land plot in Carol Stream, IL to build a new duplex in order to sell it. Because he doesn't have enough money to fund the total project, he obtains a construction hard money loan from Flourish Lending with these stipulations:
If his achieves a $710,000 sales price after the 18 month term, the numbers for this deal will be as follows:
$710,000 sales price
- $245,000 principle on note (50% LTV)
- $245,000 cash paid at closing (50% on 50% LTV)
- $12,250 origination fee (5% of the $245,000 principle)
- $47,775 total interest paid (18 months x 13% interest)
-----------------------
= $159,975 net profit
Anchor Loans is a Calabasas, CA based private lender. They provide loans in 34 states throughout the US. They offer new construction loans, fix-and-flip hard money loans, loans for rental properties, refinancing, hard money bridge loans, and ...
Based in Atlanta, GA, Angel Oak Prime Bridge is an asset-based lender offering loans throughout Georgia. They provide loans for many different scenarios, including fix-and-flip hard money loans, short term bridge loans, construction loans, and investment property loans. ...
NSB Financing is a Miami, FL based hard money lender. They offer loans in 10 states throughout the United States. They offer loans for many different situations and needs, including commercial hard money loans, hard money construction loans, ...
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 ...
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 ...
Island View Private Loan Fund is a hard money lender based in Colorado Springs, CO offering funding in 42 states across the US. They offer lending solutions for a variety of situations and needs, including fix and flip hard ...
Global Integrity Finance are commercial hard money lenders based in McKinney, Texas. They specialize in hard money loans for commercial properties, bridge loans, fix and flip loans, and construction loans in some cases. They fund all loans using ...
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 ...
Headquartered in Long Beach, NY, NLDS Corp is a private lender providing funding in 32 states throughout the US. They offer lending solutions for a variety of scenarios, including hard money bridge loans, fix-and-flip hard money loans, investment property ...
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 ...
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 ...
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. ...
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 ...
Based in Colorado Springs, CO, Red Rock Capital is a private money lender providing loans in 42 states across the United States. They offer construction loans, bridge loans, fix-and-flip loans, and loans for investments properties. Their loan ...
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 ...
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