Hard Money Lender Chicago

When it comes to investing in real estate in Chicago, sometimes traditional financing options are not the best fit for your needs. In situations like these, hard money loans can provide the necessary funding to help you achieve your real estate investment goals. At Warner Equity Funding, we are dedicated to helping clients in Chicago obtain hard money loans through a hassle-free process. We are your premier hard money lender Chicago.

As experienced hard money lenders in Chicago, we understand that your financial situation may not always be perfect. We will consider your application even if you have bad credit, low income, or unstable employment status. What we care about most is the property that you want us to lend on, as long as it has a good amount of equity in it, we can work with you to develop a solid payback plan.

Our hard money loans in Chicago are designed to provide the necessary funding to help you bridge the gap between short-term financing and long-term funding. Whether you are looking to invest in residential, commercial, or industrial properties, our hard money lending solutions can help. We offer flexible loan terms, competitive interest rates, and a streamlined approval process, making it easy for you to get the funding you need.

At Warner Equity Funding, we provide a variety of loan options to meet the unique needs of each borrower. Our team of loan specialists will work with you to help you find the right loan solution, regardless of your experience level as a real estate investor. We have experience working with both seasoned investors and first-time borrowers, providing valuable insights and resources to help you succeed.

As your premier hard money lender in Chicago, we are committed to providing exceptional customer service and support throughout the lending process. Our team of experts will guide you every step of the way, from market analysis and property evaluation to loan processing and underwriting. Our expertise in the Chicago hard money lending market makes us the ideal partner for your real estate projects.

Hard Money Loans in Chicago

One of the main benefits of working with Warner Equity Funding is our quick funding options. Traditional banks often take months to fund a loan, which can cause you to miss out on a great real estate investment opportunity. However, with our hard money loans in Chicago, you can receive funding within a matter of days, allowing you to seize opportunities as they arise.

Whether you are looking to fix and flip a property, or need financing for a commercial real estate investment, our hard money lending solutions in Chicago can provide the funding you need. Our loans are perfect for investors looking for a short-term funding option, typically ranging from one to three years, allowing you to focus on your investment goals without worrying about long-term financing. We also offer loans in all states including New Jersey.

In summary, if you’re looking for a reliable and trustworthy hard money lender in Chicago, look no further than Warner Equity Funding. Our flexible loan options, quick funding, and personalized service make us the ideal partner for your real estate investment goals. Contact us today to learn more about our hard money lending solutions in Chicago.

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Frequently Asked Questions

1. I have bad credit or went through foreclosure, can I still get a hard money loans?

Conventional lenders such as banks will never lend to an investor with a recent foreclosure on his record, in most cases they won’t even lend to poor credit investors, no matter the reason, it’s just how these financial Institute work, and you won’t be able to get funding, at least for a set amount of time. Hard money lenders can fund bad credit investors in many cases as they are much more flexible and consider asset-based hard money loans in California and list the property value and the investor down payment as a major factor in assessing the loan.

2. What if I am self-employed and don’t have enough work experience?

That’s a great question, usually, traditional lenders don’t like to deal with self-employed borrowers, mainly because they like borrowers who work for big corporations and have steady pay checks and a minimum of 2 years work experience. The ” issue ” with full time real estate investors is that they don’t have steady pay checks, and they are usually self-employed.

Direct hard money lenders can provide funding for investors with no 2 years work experience and a steady pay check. For many, it’s a great start to get things going and after getting two years of work experience they may refinance the hard money loan into a more conventional loan.

3. What if I own many investments, will that effect my chances of getting a hard money loan?

Hard money direct lenders will not limit your loan amounts and will only look at other factors when assessing a loan request. Most banks will limit the number of loans each investor can get to 4. That’s just an arbitrary number that banks decided to set as it’s possible for an investor to be an excellent candidate for a loan and the only reason for his denial is the fact he already have 4 loans. Remember – Hard money lenders will not restrict the investor by the number of active loans he has.

4. Do hard money lenders really fund projects within days of applying?

It’s obvious that traditional lenders take more time to fund a loan. It’s not uncommon to wait 30-45 days until you can get a loan from a bank or other lenders. You will need to file a lot of paper work and come up with many documents before you can be approved. This might be the biggest difference between traditional lenders and Hard money lenders, with direct lenders, you can actually be approved within the same day of applying (once all files are submitted), for some real estate investors, this alone makes them choose a hard money lender other a bank many times.

5. Is having a financial partner better than hard money loans?

When real estate investors considers alternative funding sources to their projects, one such option is to get a funding partner, and while partnering up to fund a real estate property might be a good idea in some cases, there are many things to consider before doing so. The first and most obvious thing to consider is that with a partner you might give up some decision making control. It is also very common that the partner will ask for a payment of 50% of the profit once you sell your property, which is very expensive if you think about it.

When you consider these reasons, it might be more beneficial to get funding from a hard money direct lender and keep 100% of your profits at the end of the project.

6. What are the advantages of a hard money loan?

So, as we already discussed before, speed is perhaps the most obvious advantage of a hard money loan. While traditional lenders can take up to 45 days to evaluate your application, hard money lenders may approve your loan within days in some cases.

Hard money financing can actually help the buyer negotiate a better purchase price.

People with bad credit, no income history and other situations can still qualify or a direct hard money loan, compared to a traditional loan where specific and strict rules apply.

7. How fast can I get a hard money loan for my project?

It’s not rare that banks of other conventional lenders will give you a green light on a loan just to back out in the last second because something new came up, even if it’s a small detail that won’t have any effect on the loan, but they were just not aware of it before and need to go through the process. This might leave the investor in a very tough situation as they will never have enough time to find a new loan and the deal might be lost.

This is exactly where Hard money lenders like HML Investments come in. Direct lenders can asses and approve hard money loans within days and with no surprises. Short term hard money loans are a great choice for real estate investors for good reasons.

8. How much do hard money lenders charge?

Hard money lenders charge interest rates and points for the money they lend. Usually the interest rate is between 8% – 12% and the points range between 2 – 4. Some hard money lenders also charge additional fees such as: processing fee, document fee and others. There are other costs the borrower will need to pay and they are: escrow, title insurance, notary and recording.