Close in 10 Days. 90% LTC.
Chicago real estate investors: fast hard money financing for fix and flip projects. Up to 90% of purchase price, 100% of rehab costs. No W-2. 620+ credit. Close in 5-10 days.
Check My Chicago Rate →The stock is two- to four-flats across the city, bungalows in the Bungalow Belt, and a wide range of basis from the South and West Sides to the North Side. Two-flat and bungalow rehab on the South and West Sides — Chatham, Auburn Gresham, Humboldt Park — where renovation frequently approaches purchase. Knob-and-tube, lead paint and the city permitting timeline are the items.
Illinois is judicial and slow to foreclose, and Cook County property taxes are high and reassess in a way that regularly moves the ratio. Several national capital sources decline Cook County outright or price it separately, which narrows the lender field — one of the clearest cases for placing across many sources. Chicago's Residential Landlord and Tenant Ordinance is among the most tenant-protective in the country.
Pre-war stock in Chicago means the scope is rarely what the walkthrough suggests. Budget the mechanicals before the finishes and expect the inspector to find what the seller did not disclose.
Where renovation exceeds purchase, the loan sizes on total project cost and ARV. Many national lenders cap rehab near half of purchase and decline on that alone — it is the single most common Chicago deal we finance.
Also see: Rockford, IL →Peoria, IL →DSCR Loans in Chicago →Springfield, IL →
Fix & Flip loans in Chicago qualify based on the deal itself — purchase price, rehab budget, after-repair value (ARV) and your flip experience — not your W-2 or tax returns. Up to 90% LTC + 100% rehab financing, 6-18 month terms, close in 5-10 days, interest-only during rehab.
LendingStreet has structured $4.36B+ across 8,196 deals nationwide. NMLS #1734316 · 30+ capital sources · 50 states.
Chicago is the economic center of the Midwest — CME Group, Boeing, United Airlines, McDonald's HQs. Neighborhood investment strategies work well here; specific areas (Logan Square, Pilsen, Avondale) have seen significant gentrification. Lower appreciation than Sunbelt metros but strong rental yields in neighborhood plays. High property taxes must be factored in.
We finance rentals and projects throughout the metro. The loan is underwritten on the property, its rent or after-repair value and your experience — not on the neighborhood name.
We also fund investments throughout the greater Chicago metro including Evanston, Oak Park, Naperville, Aurora, and Schaumburg.
Illustrative examples of structures we finance — not specific funded loans. Terms depend on the borrower, property and capital source.
Accurate ARV is critical. Chicago submarkets like Lincoln Park have strong comp data. Lenders want 3-5 recent comps within a quarter mile.
Chicago rehab costs: $15-40/sq ft cosmetic, $40-75/sq ft moderate, $75-150/sq ft gut. Permits matter in Chicago — include permit timelines.
Lenders require a clear exit — sale or refi to DSCR. Market time in Chicago averages 30-60 days. Build a 6-month exit buffer.
First-time flippers can qualify. New flippers start at 80-85% LTC; experienced investors (2+ completed flips) reach 90%+.
How the numbers work: see what 90% of purchase plus 100% of rehab means in cash, or estimate your ARV in the ARV calculator.
Up to 90% LTC on purchase and 100% on rehab for qualified borrowers with flipping experience.
Typical Chicago fix and flip closings happen in 5-10 business days. Experienced borrowers can close in 5-7 days.
First-time flippers can qualify at 80-85% LTC. Experienced borrowers (2+ flips) access 90%+ LTC and lower rates.
The minimum credit score is 620. Stronger credit improves leverage and pricing.
Rehab funds via reimbursement draws — complete work, inspector verifies, lender wires funds every 2-4 weeks.
Fix and flip loans in Chicago range from $150K to $5M. Most SFR flips fall in $200K-$800K range.
Yes. All Chicago fix and flip loans allow LLC borrowing with a personal guarantee.
Most loans carry 12-18 month terms with extension options. Refinancing to DSCR is an alternative if you hold as a rental.
Yes. Sized on total cost and ARV. Lenders capping rehab at half of purchase are why it gets declined elsewhere.
Knob-and-tube, lead paint and the city permitting timeline are the items. Budget contingency for it.
It affects which capital sources are comfortable writing there and at what leverage. It does not change how you apply.
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