Anyone seeing really high rates in IL?

[Carrie Alluri]

I asked a broker I have worked with before to quote me an interest only purchase + rehab loan. The last loan he did for me was just for the purchase (interest only) at 8.5%, 20% down, plus 2 points. The rates for this purchase + rehab are 12%, 30% down, plus 2 points. He is also requiring 3 months interest up front. He did look around to some of his other companies, but he said no one wants to do short term loans in IL. Has anyone else run into this since COVID has taken over?