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Fix and Flip Loans Illinois
Last updated: April 15, 2024
There are many options when it comes to getting a fix and flip loan for your next 1 to 4 unit residential project. Whether your exit strategy is a flip (sale), or to rent and refinance into a DSCR loan, we are here to help you.
OfferMarket has rebranded our fix and flip loan program in order to focus on serving rental property investors. We now call this our "Fix and Rent" loan program: a bundle of Fix and Flip loan + DSCR loan that provides industry-leading terms and discounts for Illinois rental property investors that buy, rehab, rent and refinance (BRRR) with OfferMarket. Get an instant quote and pre-approval.
1 to 4 unit residential properties in Illinois and Chicago are a great fit for fix and flip loans, which is otherwise referred to as "hard money" or "private money" or "bridge loan". If you have a distressed property you'd like to purchase and rehab, we have the capital and expertise to help you every step of the way.
We are currently advising our clients in Illinois to exercise caution when entering into new fix and flip loans. Use conservative estimates for ARV, protect your credit score. Fix and flip investors with an exit strategy to sell (flip), are strongly encouraged to underwrite for a rent and refinance exit strategy in case a sale is not a profitable or viable option.
Grow your real estate business with fast, reliable, competitively priced capital. Proudly serving real estate investors throughout Illinois and Chicagoland.
Fix and Flip Loans Chicago
If you're buying distressed properties in Chicago, we can fund up to 100% of the purchase price and 100% of the rehab. Plan your next project confidently -- common sense underwriting and deal structuring to help you achieve your goal and manage risk.
Illinois Fix and Flip Loan Program
Built for real estate investors who demand a better borrowing experience.
| Fix and Flip | Guidelines |
|---|---|
| Interest rate | Get quote |
| Time to fund | 10 - 20 days |
| Max loan to purchase price | 100% |
| Max loan to rehab | 100% |
| Max loan to ARV | 70% |
| Term | 12 - 18 months |
| Property type | 1 - 4 units, non-rural |
| Minimum loan amount | $50,000 |
| Minimum ARV | $100,000 |
| Origination Fee | 2 points |
| Interest type | Full Boat or As Disbursed |
| Draw type | Advanced or Reimbursed, Inspector-less |
| Underwriting fee | $495 |
| Legal/doc prep fee | $500 - $995 |
| Prepayment Penalty | No |
| Appraisal required | Yes |
