Illinois New Construction Loans
IL Hard Money New Construction Loans
Asset Based Lending is proud to partner with experienced builders & developers as their financing for their Illinois new construction investments. Investors can use these 12-month interest-only bridge loans to finance up to 85% of purchase and 100% of construction costs for their project. ABL provides these hard money loans to investors that have a proven track record of successful residential new construction, offering a variety of options including maximum leverage, lower interest rate, zero points, or something else. As direct private lenders for new construction loans in Illinois, we’re able to provide flexible loans that are written to match your specific business strategy, as long as it fits our criteria.
We specialize in closing deals fast, approving loans as quickly as 24 hours and closing loans in just 10 days on average. Our fast and reliable financing has made us the best choice for new construction loans in Illinois, as shown by our hundreds of five-star reviews and the fact that more than half of our borrowers return for repeat business! ABL is focused on helping you scale your real estate business through trusted lending, so contact us today if you’re ready to be approved for the best Illinois new construction loans.
New Construction Loans in Illinois
| Experience | Credit Score Minimum | Interest Rate | Points | Advance Rate On Purchase | Advance Rate On Construction | ARV | Property Types | Pre-Pay Penalty | Extensions | Blanket Loans | Loan Size | Loan Terms |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High | 660 | 9.99%-15% | 0-2% | Up to 70% Land Value | 100% | Up to 67.5% | Single Family, Multi Family, Mixed Use | No | Available | Yes | $100K to $3.5M | 12 Months |
Closing Speed
Underwriting Flexibility
Competitive Rates
Same Day Pre-Approval. Rates Starting At 9.99%.
Residential New Construction Needed For Illinois
Illinois is currently one of the most lagged behind states in the country as far as residential new construction meeting the housing demand, meaning builders and developers can take advantage of these market conditions. By filling the gaps in inventory with desirable real estate, they can use the demand to maximize their profit in a less-competitive market. As of April 2022 the average home sale price is $280,000 which marks a nearly 10% increase year over year. The number of homes sold during the month reached 15,015 which is a slight 5% decrease from the previous year and which is due to the lack of inventory that can be sold, rather than a lack of demand.
Since the Illinois market is in desperate need for new construction, its less competitive with better entry price points for real estate investors. Experienced builders and developers can utilize ABL’s new construction loans to quickly and reliably begin their Illinois investment journey, carving their niche in the market and walking away with some hefty profits. If you’re looking to start investing in IL new construction using our hard money loans, then contact us today.
How To Finance New Construction in Illinois
When it comes to financing new construction investments in Illinois, there aren’t too many options that are fast and reliable. Some investors would think to request financing from a bank or other large financial institution, but new construction investments are inherently risky so many banks will require intensive documentation and take several months to confirm a potential loan. These long time frames with many hoops to jump through make them inhibitive to fast-moving investors that are looking to scale their real estate business and chain together multiple successful deals throughout a year. Other investors may choose to work with a private money lender, but the lack of guarantee and loose guidelines make them risky for borrowers that are looking for reliable financing from start to finish. The most reliable new construction loans for real estate investors come from hard money lenders. This is because hard money loans combine the best parts of a financial institution with the best parts of a private money lender.
As direct lenders with full control of our capital, Asset Based Lending is a private money lender that offers flexible underwriting to provide Illinois new home construction loans that match the specific construction project. We’re also a trustworthy company that guarantee funding for the loans we close, with a fully in-house draw team that ensures you’re reimbursed for completed work in a timely manner. By choosing a direct hard money lender like ABL, you’re setting yourself up for success with financing your new construction investment. With quick closings, flexible underwriting, and reliable draw schedules, ABL provides the best hard money loans IL has to offer.
Investors Trust ABL New Construction Loans
When it comes to fast and reliable funding, Illinois real estate investors know to trust Asset Based Lending. Our track record speaks for itself, with more than half of our borrowers returning for repeat business and over $1 Billion in loan origination since our company’s inception. We have fully in-house teams for the entire loan process, providing you a five-star service from start to finish. ABL approves loans as fast as 24 hours and closes residential construction loans in Illinois as quickly as two days with the appropriate paperwork. This doc-light approach to new construction financing lets real estate investors scale their business faster than ever and with zero headaches.
With the Illinois real estate markets continuing to thrive and low housing inventory plaguing the most popular markets, now is the perfect time for builders and developers to take advantage of outside financing. By using hard money capital to fund their projects, they can move quickly and use the current market conditions in their favor. Asset Based Lending insists on a transparent lending process with no prepayment penalties or hidden fees, so you keep more of your money. Contact us today to be approved for your IL new construction loan.
