Hard Money In Chicago from the leading lenders in the Chicagoland area NLDS Corp. We lend purchase, purchase and rehab, cash out and commercial Hard Money/Private Money in all of the Chicagoland area.
Loan amounts from 15k and up on 1-4 unit investment properties and 75k and up for commercial properties.
Most loan programs are NOT credit driven!
Closings in as little as 7 days in many cases.
We are now offering 65% ARV loans with a 600 fico and up in all of Chicago. You must have 15% cash in the deal and a 600 credit score to qualify.
What Makes Hard Money Lenders in Chicago Indispensable to Borrowers?
For those who live in Chicago, having negotiations with hard money lenders in Chicago is the best way for them to finance prospective projects that failed to obtain funding from other conventional sources. You can actually use the loan for a number of purposes including bridge financing, property acquisition, commercial deals, debt consolidation and many more. Its utmost popularity nowadays can be attributed to the fact that the disbursement of its amount is quickly done.
The loan amount is frequently determined by hard money lenders in Chicago using the security?s value. This value varies from around forty to seventy percent though there are certain exceptions to this norm since there are some lenders who offer an amount beyond this limit. What makes the hard money lending industry impressive is the fact that it entertains high-risk loan applicants including those with undesirable credit records. If you plan on seeking their help, then you should know that as a borrower, you get the chance to acquire the loan either through brokers or the direct lenders, themselves. You can seek the help of a broker especially if you find it hard to directly contact a lender. Dealing with brokers can also benefit you since most of them are capable of guiding borrowers when it comes to selecting the best bargains. You can also directly approach your chosen lender especially if you do not want a third-party to be involved in the transaction.
Directly approaching hard money lenders is also more beneficial because it is cost-effective. You no longer need to pay for brokerage fees if you go and negotiate directly to hard money lenders in Chicago. But more often than not you will need to employ a hard money broker that has access to large amounts of capital. If you are a prospective hard money borrower, then you should remember that its interest rate varies from time to time so you need to research about the present standard rate before submitting your application. After selecting the right hard money lenders for your unique monetary needs, you can expect them to genuinely serve you by furnishing you with the best deals.
As a borrower or real estate investor, it is just right for you to look for the fairest deal whether you decide to get loans from traditional lenders or from hard money lenders in Chicago. Fortunately, lots of tips dedicated towards helping you make sure that you obtain a fair deal from hard money lenders are now publicized. One of these is to directly negotiate with the actual lender or the boss. One thing that sets hard money lenders apart from other conventional types of loan providers is that their lending programs are usually operated by just one investor or a small team. In most cases, it is possible for you to directly reach the owner of the lending business who can quickly make a unilateral decision after just 1 to 2 phone calls.
Another tip is to make sure that you let the hard money lenders in Chicago understand the major reasons behind the uniqueness and profitability of your deal. If possible, show them proof of your extensive experience in the real estate investment industry and the effectiveness and proficiency of your team members and your resources. Presenting evidences that your previous projects and deals turned out the way you expect them to be is also a wise move. You can also present basic info about the potential buyers of the property, if there are already any. This can make your project more desirable to hard money lenders.
Another great tip is to make sure that you develop the best exit strategy for your project. Most hard money lenders in Chicago would like to see their borrowers present the most ideal exit plan for their project so they wouldn’t end up obtaining a vacant property which just sits around without increasing their profits. Consider showing your chosen lenders evidences or a strong plan that indicates their ability to immediately sell the collateral in the event that you fail to get your desired results from your proposed project.
NLDS Corp is quickly becoming the market leader as Hard Money Lenders in Chicago.
For some of our other loan programs click this link http://www.hardmoneyman.com