Purchase + Rehab. One Loan.
A fix and flip loan in Springfield funds purchase and renovation in one short-term, asset-based loan — hard money, underwritten on the deal and the after-repair value rather than your income. The Springfield specifics: Historic rehab in Enos Park and Vinegar Hill and cosmetic flips across the post-war stock. Leverage, rehab caps and experience rules vary more between lenders than any other criterion, which is why LendingStreet places the file across thirty capital sources instead of one.
Check My Springfield Purchase & Rehab Options →The stock is pre-war stock in Enos Park and the historic districts, post-war ranches across the city, and a stable government and medical tenant base. Historic rehab in Enos Park and Vinegar Hill and cosmetic flips across the post-war stock. Knob-and-tube and roof are standard.
Illinois is judicial. Springfield has a state-government tenant base that produces stable, low-turnover demand, and a basis below the Chicago-area markets. Sangamon County property taxes are high relative to value. Historic-district rules apply in several neighborhoods.
Pre-war stock in Springfield means the scope is rarely what the walkthrough suggests. Budget for the mechanicals — wiring, supply lines, drain lines — before the finishes, and expect the inspector to find what the seller did not disclose.
Standard ranges across our capital sources: $150,000 to $5M+, up to 95% of total project cost, up to 100% of the rehab budget in draws, 6 to 18 months interest-only, 5 to 10 business days to close with 5-day expedited for experienced investors. Full detail and the current rate floor are on the fix and flip loan page. First-time flippers generally see lower leverage.
The Springfield metro — Springfield plus Chatham, Sherman, Rochester, Riverton and Jacksonville — and the rest of Illinois via the Illinois fix and flip page. The active rehab corridors in Springfield include Enos Park, Vinegar Hill, Historic West Side, Washington Park, Leland Grove.
Size the loan and the cash to close in the ARV calculator, add the carry in the carrying costs calculator, and build the budget in the rehab cost estimator.
Also see: Chicago, IL →Rockford, IL →
The gap between the loan and total project cost, plus points, third-party costs and the rehab you carry between draws. The ARV calculator returns it for your numbers.
Yes, through sources that write them — lower leverage, licensed GC attached.
Knob-and-tube and roof are standard. Budget contingency for it.
5 to 10 business days on a complete file; 5-day expedited for experienced investors. A BPO in lieu of appraisal is available on bridge structures.
Yes — fix-to-rent. Separate underwrite on rent and appraised value. Run it before you buy.
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By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.