Chicago Bridge Loan was founded in early 2011 in the heart of Chicago, with the goal of serving the Chicagoland area. We started the firm in response to the general lack of local real estate financing for all but the most financially secure real estate investors. We provide borrowers with financing options otherwise unavailable to them in today’s lending market. We are not brokers. Rather, we lend our own funds and the funds of investors. If you are interested in investing with us, please let us know.
Loan Terms span from 6 - 18 months. Chicago Bridge Loan offers real estate loans used for the acquisition or refinancing of investment real estate throughout the Chicagoland area. These loans are often referred to as bridge loans or hard-money loans.
We're less concerned with a borrower’s income, credit history or perhaps a troublesome prior real estate investment. More important to us is the borrower’s experience, plan for the property, and whether we feel the borrower is likely to succeed with their plan.
No two deals are alike, and so our loans are not boilerplate. If we can make accommodations to better suit your needs, we are happy to do so.
Chicago Bridge Loan provides valuation of real estate, thereby avoiding the cost – and delay – associated with appraisals and broker price opinions.
A bridge loan is a short-term loan. It is sometimes referred to as a “hard-money” loan or an asset-based loan.
Our typical term is 6-12 months, but can sometimes be as long as 18 months.
No. Mezzanine loans are by definition subordinate to another loan or loans. We are a senior-position mortgage lender. Sometimes our loans replace other loans on the property or properties, but we are always the senior lender.
They vary, but typically range from 12-15%.
We will go as high as 65% of the value of the property.
Yes, the amount varies. We’ll tell you up front what we will charge.
We usually value properties ourselves. We rarely use appraisals or Broker Price Opinions, so there are typically no costs associated with obtaining these items, nor the typical delay involved in waiting for receipt of them.
We can usually make a decision whether to lend within 2-3 business days. From then on, the only delay will be the time it takes an approved title company to prepare title insurance.
No application fee. No applications, either.
None. If we decide to proceed with your loan, we require a non-refundable deposit for our attorney to draft loan documents suitable to your specific circumstances (each loan is different, and we try very hard to cater to an individual borrower’s needs). Title insurance is charged at closing, as well as any title company charges such as recording fees, etc. But unlike many other lenders, there are no other fees for providing a loan to you (such as document preparation fees, loan processing fees, etc.).
We sometimes review credit scores but we don’t make determinations on the sole basis of a credit score.
From our underwriting standpoint, we believe that prior financial challenges are not an indication of a borrower’s trustworthiness or ability to repay a loan. Therefore these factors do not, by themselves, prevent us from lending.
We lend our own money in partnership with various investors. If you’d like to consider being an investor, please contact us.
Yes. Please contact us directly to discuss your client’s needs.
We do, but within approximately 40 miles. Please see our service area discussion under Loans We Provide for any update on our service area.