A hard money loan is a loan that is backed by real estate such that the typical underwriting (i.e. review) of a borrower, looking at things such as credit score and finances, are far less important than for a traditional lender (such as a bank). Our loans are secured by a mortgage against the real estate, usually a first-mortgage.
We do not lend on anything that the owner lives in or intends to live in while our loan is in place.
We only lend in the Chicagoland area, meaning the city and within approximately 1 hour away.
We think it’s the only way to go, even if you don’t use us! We come out to meet you. We see your property ourselves. We don’t wait on an appraisal and we usually don’t even use one. We tell you directly what you need to get the loan done quickly. And usually, we come see you as soon as you call or email.
No. We lend our own money. We don’t have to search for a provider for your loan and hope someone will fund it. We fund it ourselves.
We can fund a loan in a day, but we don’t really like to. But we can and have!
In Chicago (Wicker Park)
1520 N Damen
Chicago, IL 60622
Please call or e-mail, we will discuss pricing on your deal.
Currently, we do not.
We lend up to 65% of what we believe an asset is worth. We underwrite deals ourselves, and although we may rely upon an appraisal, we often do not require them.
If you can obtain bank financing, it is usually a less expensive option, and you should certainly exhaust those avenues first within the time frame you have to work in.
Our loans are usually for up to 18 months maximum term. There is no minimum amount of time you must keep the loan funds, or a minimum interest period - You can pay back the funds whenever you wish, at any time prior to the maturity date.
Call or email us, you’ll be farther along than you think.