Illinois Fix and Flip Loans
The Most Reliable Fix And Flip Loans
Asset Based Lending provides the best fix and flip loans Illinois has to offer, specializing in fast closing deals and flexible underwriting. These 12-month interest-only bridge loans are designed for real estate investors to purchase and rehab the property before flipping it for a profit and moving to their next project. Whether you’re a first-time investor looking for your first flip loan or you’re a seasoned professional looking for additional capital, ABL is ready to finance your next success.
These hard money fix and flip loans are for real estate investors that need:
- Fast closing – as quick as 2 days with appropriate paperwork
- Flexible underwriting – products designed for investors
- No prepayment penalties – never punished for a fast flip
- Full service – a one-stop shop for all your lending needs
|Experience||Credit Score Minimum||Interest Rate||Points||Advance Rate On Purchase||Advance Rate On Rehab||ARV||Property Types||Pre-Pay Penalty||Extensions||Blanket Loans||Loan Size||Loan Terms|
|Any||660||10%-12%||0-2%||Up to 80%||100%||Up to 70%||Single Family, Multi Family, Mixed Use||No||Available||Yes||$75K - $2.5M||12 Months|
ABL funds fix and flip investments at interest rates starting at 10% with a little as 0–2% points, and repeat borrowers receive preferred pricing. Loan amounts range from $75K – $2.5M.
Same Day Pre-Approval. Up To 95% LTC.
Illinois Fix And Flips Delivering High Returns
Almost the entire country is experiencing growth in its real estate markets due to high demand without available inventory, and Illinois is no different. With the housing market producing large returns for investors, fix and flips throughout the Prairie State are becoming more popular and more competitive. The average profit for Illinois fix and flips reached $82,500 in 2020 which represents a 75% ROI. As of now, the average home sale price for the state reached $285,700 which is a 5% increase year over year. This may not seem like a huge increase, but for context its by far a five-year-high for the state with no signs of a dip on the horizon. Currently, the hottest markets for Illinois fix and flips are Winnetka, Park Forest, Melrose Park, and Peoria. These markets are seeing the most growth in their average sale prices as well as consistent demand from home buyers, making them great opportunities for real estate investors.
With the state of Illinois becoming a competitive fix and flip market, its important for real estate investors to find a reliable lending partner that can move quickly. Asset Based Lending is the premier hard money lender for Illinois real estate investors, boasting an average 10-day closing time across thousands of loans. We work with investors of all experience levels, whether its your first rehab project or you’re a seasoned pro that’s looking to scale their business. As direct private lenders with full control of our capital, we’re able to lend on a variety of fix and flip properties with loans that are tailored to match your specific project. If you’re ready to partner with the best Illinois hard money lender, then contact us today.
How Illinois Real Estate Investors Finance Their Fix And Flips
Fix and flips are among the most lucrative and straight forward type of real estate investment, but it typically requires the help of outside capital to make the deal happen. There’s no shortage of financing options for real estate investors, but choosing the right one can make all the difference. An investor’s first thought might be to look towards a bank or similar financial institution- however, these types of financers don’t like to lend on risky investments such as fix and flips. Plus, traditional mortgages require intense documentation and have strict qualifications that disqualify many potential investors. Investors could also work with a private money lender, which typically uses less strict criteria and has the ability to close loans quickly. However, these private money loans lack the security and reliability of a bank, which puts more risk on the borrower.
The best option for financing fix and flips is to work with a hard money lender. That’s because hard money loans offer the flexibility and speed of a private money loan with the same reliability and security of financial institutions. Hard money lenders like ABL work with first-time investors and only use credit as part of the approval process, with the borrower’s cash reserves and experience level playing into the qualifications as well. These hard money flip loans also close quickly compared to other financial institutions, cutting the deal closing time down from a few weeks to a few days. The best hard money lenders combine flexible loan terms with quick closings to provide reliable financing to real estate investors. If you’re looking to invest in fix and flips in Illinois, choosing a hard money fix and flip loan is the right move, and no one does it better than Asset Based Lending. With quick closings, flexible underwriting, and reliable draw schedules, ABL provides the best hard money loans IL has to offer.
Investors Trust ABL Fix And Flip Loans
Successful real estate investors understand that time is of the essence, and Asset Based Lending works tirelessly to provide the fastest funding possible. With the ability to approve loans within 24 hours and provide initial funding in 10 days or less, we make sure you never miss out on your next fix and flip opportunity. Our loans featured flexible underwriting with loan sizes ranging from $75K – $2.5M and quick draw turnaround so you never experience a financial delay.
With the growing rate of fix and flips IL has seen, this state now has access to the most secure and reliable hard money fix and flip loans on the market. Asset Based Lending insists on a transparent lending process with no prepayment penalties. Contact us today to experience the five-star service ABL provides with IL hard money flip loans.