Illinois hard money lenders

[Shawn Q.]

Anyone have any experience with hard money lenders in Illinois? Preferably downstate/outside of Chicago? 

I've looked at a few and the options are a bit mind-boggling. Also, anyone know of a lender with no minimum? The deal I'm looking at is about $40K all in. I'm exploring bank financing, but I thought I'd run the numbers on a backup option if I can find one.

[Mike H.]

I'm about an hour south of chicago so not really considered a suburb of chicago. But I am still close enough where the HML's probably feel safe that its close to a large area.

That being said, here are 3 HML's that I use or have used and would recommend:
1) Caroline Lending
2) RMAC Lending
3) Recasa Financial

All 3 do 100% financing (purchase plus rehab) provided you are able to come in at 70% of the ARV. Still need to come out of pocket for the points/closing costs (recasa will let you roll those in as well).

Again, not sure if any of these lenders would do champaign given the logistics of what they do (i.e. inspections/appraisals etc).   And some of them require having at least 2 or 3 deals under your belt before they will do a loan with you.

But they are all very reliable and they all close......
If they can't do your area, they won't take your money.

Given that you're only an hour and half south of me, you might find one that will work with you - especially since champaign is a fairly sizable town. Definitely much bigger than the areas I'm investing in.