Illinois Rental Loans
Illinois Rental Loans
With home sale numbers starting to drop but rent prices continuing to rise, many real estate investors are looking to diversify their strategy with rental property. Asset Based Lending makes rental loans easy, providing fast and reliable financing to acquire a single rental property or to expand your rental portfolio. We help buy & hold investors fund the acquisition of rental property in Illinois, allowing them the capital to purchase their rental property and hold it as either a long-term or short-term rental. These rental loans can benefit BRRRR investors as well as those looking for Airbnb loans, providing flexible financing for a variety of rental properties.
ABL approves loans as fast as 24 hours and closes loans in 30 days on average. After one conversation with a loan officer, we can approve your loan and move forward with your rental loan process. Our team moves quickly to prevent your rates from changing in this rate-rising environment, utilizing a fully in-house team to service your rental loan from start to finish. We provide five-star service to all of our borrowers, offering unparalleled assistance and guidance throughout your loan process. If you’re ready to be approved for the rental loans Illinois investors trust the most, then contact us today.
IL Rental Loan Highlights
- No personal income verification
- Light doc program
- Portfolio loans available
- Mixed-use property eligible
- Available for 1 – 8 unit properties
- 30 year, ARM, I/O options
- Rates as low as 6%
- Up to 80% LTV
- 620 minimum credit score
- Close term rental loan in 30 days
- Rate locks available
Enjoy The Best Rental Property Financing In Illinois.
No Broker Fee
Peace of Mind
Competitive Rates & LTVs
The ABL Difference
Rental Property In Illinois Metro Area Thriving
With the popularity of Chicago and the surrounding metro area continuing to rise, rental property in this area is producing strong returns for real estate investors. Buy and hold investors already enjoyed the return that Illinois rental property brought with them, but from 2021 to 2022 there has been a 38% increase in the average monthly rent for the Chicago metro area. This type of growth looks to continue over the next few years, as low housing inventory has made people consider renting their residence for longer than expected, thus increasing the demand for stable rental property.
Asset Based Lending is in touch with local real estate markets and trends, which has brought our rental loans and rental refinancing programs to Illinois. We now offer our services throughout the entire state, including the Chicago metro area, allowing real estate investors to grow their business quickly and efficiently using our hard money loans for rental property. Whether you want to begin your rental portfolio or expand on your current investments, ABL is here to help. Contact us today to be approved for the most reliable rental loans IL has to offer.
How BRRRR Investors Use Illinois Rental Loans
If you’re looking to grow your rental portfolio quickly and invest in a long-term financial future, then you’ve probably heard of the BRRRR method. It’s a simple acronym that stands for buy, rehab, rent, refinance, repeat. Some investors just want to own one or two rental properties to generate a small amount of monthly income, but those that want to make their living off the monthly income need to put in extra time and energy that comes with extra financial rewards. By buying the property and renovating it, you increase its property value and therefore raise the potential rent you can bring in from the asset. Then, by refinancing the property, you can use the newly available funds to purchase your next rental property and repeat the process, growing your rental portfolio faster and forcing a quicker turnaround to become cashflow positive.
Asset Based Lending are ready to help serious investors use the BRRRR strategy to grow their rental portfolio and reach their financial goals. Whether you need a rental loan with the maximum LTV, lowest possible rates, no income verification loan, or something else, our flexible underwriting can tailor a loan to meet your specific project. If you’re wondering how to get a loan for rental property, Asset Based Lending is ready to talk. Contact us today to experience the most reliable Illinois rental loans available.