Any good lenders in Peoria IL

[Venky B.]

I am trying to find good lenders for investment properties that needs rehab in Peoria IL. Any suggestion on good lenders. Looking for 30Y Fixed with 80-95% LTV with good interest rates and who also provides loan for rehab. Thanks in advance.

Thanks,

Venkatesh

[Michael Herr]

Search the forums for non location specific info on what terms people are able to get, or look up fannie/Freddie underwriting criteria.

Main question is do you want commercial or residential.

If you are looking for 30 year you want residential.

Start by calling regional/local banks.

When you call ask to talk to the residential lender and ask if they do residential loans on single-family investment property. (Likely needs to be in your personal name, not LLC)

For some location specific guidance. CEFCU doesn't do investment property loans, Heartland bank will only do investment property loans on thier commercial side.

I recently had a great experience with First State Bank of Illinois. When other banks were saying I'd have to go to comercial financing, they were able to make it happen on the residential side like I wanted.