Frequently Asked Questions
What is hard money?
A hard money loan is a loan that is backed by real estate. As a hard money lender, the typical underwriting (i.e. review) of a loan – looking at things such as credit score and finances – are less important than for a traditional lender (such as a bank). Our loans are secured by a mortgage against the real estate, usually a first-mortgage.
We are a local hard money and bridge loan company located in Chicago. We serve real estate investors in the Chicago area.
We are not brokers. We are direct lenders.
In Chicago (Wicker Park)
1520 N Damen
Suite D
Chicago, IL 60622
We don’t use them. You have better things to do with your time.
Please call or e-mail, we will discuss pricing on your deal.
Please call or email
WHAT UNDERWRITING CRITERIA DO YOU USE?
WHAT UNDERWRITING CRITERIA DO YOU USE?
We lend up to 65% of what we believe an asset is worth. We underwrite deals ourselves, and although we may rely upon an appraisal, we often do not require them.
ISN’T A BANK CHEAPER?
If you can obtain bank financing, it is usually a less expensive option, and you should certainly exhaust those avenues first within the time frame you have to work in.
DO YOU HAVE A MINIMUM AND MAXIMUM LOAN TERM?
Our loans are usually for up to 18 months maximum term. There is no minimum amount of time you must keep the loan funds, or a minimum interest period – You can pay back the funds whenever you wish, at any time prior to the maturity date.
HOW DO I GET STARTED?
Call or email us, you’ll be farther along than you think.
Please call or email
What about owner-occupied property?
We do not lend on anything that the owner lives in or intends to live in while our loan is in place.
Where do you lend?
We only lend in the Chicagoland area, meaning the city and within approximately 1 hour away.
DO YOU LEND IN MICHIGAN, WISCONSIN OR INDIANA?
Is it important to use a local lender?
We think it’s the only way to go, even if you don’t use us! We come out to meet you. We see your property ourselves. We don’t wait on an appraisal and we usually don’t even use one. We tell you directly what you need to get the loan done quickly. And usually, we come see you as soon as you call or email.
What type of loan are you interested in?
What type of loan are you interested in?