8 Best Hard Money Lenders In Chicago (Rates & Terms)

Closing on an investment property in Chicago often comes down to one thing: how fast you can secure funding. Traditional lenders take weeks, sometimes months, to approve a loan, and that timeline kills deals. That's exactly why hard money lenders in Chicago have become the go-to funding source for investors chasing fix-and-flips, rehabs, and rental acquisitions where speed and flexibility matter more than rock-bottom rates.

As a mortgage broker and active real estate investor here in Chicago, I've worked both sides of this equation. Over 25 years and more than $150 million funded, I've helped investors close with hard money when banks wouldn't pick up the phone. I also flip properties myself, so I understand what you're actually weighing when you compare lenders, not just the interest rate, but the draw schedule, the leverage, and whether they'll fund on the timeline your deal requires.

This list breaks down eight of the best hard money lenders serving the Chicago market right now, including their rates, terms, LTV limits, and what types of deals they're best suited for. Whether you're funding your first flip or scaling a portfolio, this should give you a clear starting point to find the right lender for your next project.

1. David Roa

When you're searching for hard money lenders in Chicago, you're looking for someone who understands what's actually at stake when a deal has a deadline. I work with real estate investors across the Chicago metro as both a senior loan officer and an active property flipper, which means I evaluate every deal the way you do: which loan structure actually fits your margins, timeline, and exit.

What you get with David Roa

You get direct access to a broker with 25-plus years of lending experience who has funded over $150 million across residential, commercial, and investment transactions. Because I personally flip properties, I structure hard money deals around what investors need in practice: high leverage, fast draw releases, and terms that hold up when the deal is unconventional.

Best fit borrowers and deal types

Fix-and-flip projects, BRRRR strategy acquisitions, bridge loans, and mixed-use property deals are where I add the most value. I also work regularly with ITIN borrowers and first-time investors who can't get a straightforward answer from institutional lenders.

Typical rates, points, and fees to expect

Rates generally run 10% to 13% interest-only, with 1 to 3 origination points depending on deal complexity and your track record. Loan amounts start around $75,000 and scale up based on the asset value and the scope of the project.

The rate you lock in will reflect how clearly you can document the after-repair value and how realistic your exit timeline is.

Speed to close and what can slow it down

Most deals close in 7 to 14 business days when you bring a clean file upfront: purchase contract, scope of work, and ARV support. What adds time is missing documentation, title surprises, or a scope of work that doesn't match the numbers on the contract.

What you need to qualify

You need a signed purchase agreement, a detailed scope of work with contractor estimates, and documented proof of funds for your down payment. Credit score thresholds are flexible, but a credible exit strategy is a firm requirement on every file.

Questions to ask before you accept a term sheet

• How are draws structured, and what triggers each release after inspection?
• Are there prepayment penalties if you sell or refinance before the term ends?
• What happens to the loan if the renovation runs past the original deadline?

2. Center Street Lending

Center Street Lending is a national private lender with active deal flow across the Illinois market, including the Chicago metro. They focus almost exclusively on residential investment properties, which means their underwriting is built around deal performance rather than personal income.

What Center Street Lending offers in Chicago

Their core product is fix-and-flip and bridge financing for non-owner-occupied residential properties. The program covers up to 90% of the purchase price and up to 100% of rehabilitation costs, making it one of the higher-leverage options for investors searching for hard money lenders in Chicago.

Best fit borrowers and deal types

This lender works best for experienced flippers with at least one completed transaction on record. Single-family and small multi-family fix-and-flip projects with a clear exit via sale or refinance are their primary deal type.

Typical rates, points, and fees to expect

Rates typically run 9.99% to 12% with 1.5 to 3 origination points. Minimum loan amounts start around $75,000, and terms run 12 months with extension options available on qualifying projects.

Your rate will improve with a stronger track record of completed flips and a well-documented ARV.

Speed to close and what can slow it down

Center Street can close in 5 to 10 business days on clean purchases. Appraisal delays and an incomplete scope of work are the most common factors that push that timeline back.

What you need to qualify

You need a signed purchase contract, proof of funds for the down payment, and documentation of at least one prior flip. Credit score requirements are flexible, with most approvals starting around 620.

Questions to ask before you accept a term sheet

Before signing, ask Center Street directly about the draw structure and extension terms:

• How does the draw schedule work, and what inspections trigger each release?
• Are there extension fees if your project runs past the 12-month term?

3. Renovo Financial

Renovo Financial is a Chicago-based private lender that has built its entire operation around residential real estate investors. Because they operate locally rather than treating Chicago as one of many national markets, they carry a stronger understanding of neighborhood-level valuations across the metro than most competitors.

What Renovo Financial offers in Chicagoland

Renovo centers its lending on fix-and-flip loans, bridge financing, and rental loans for non-owner-occupied residential properties. Their programs cover up to 90% of the purchase price and up to 100% of rehabilitation costs, which puts them among the stronger hard money lenders in Chicago for investors who need high leverage on both the buy and the build.

Best fit borrowers and deal types

Their primary focus is experienced residential flippers working single-family or small multi-family projects. They do accommodate first-time investors on a case-by-case basis, which sets them apart from programs that require a minimum deal history to qualify.

Typical rates, points, and fees to expect

Rates typically run 10% to 13%, with 1 to 3 origination points based on your experience level and deal profile. Loan minimums generally start around $100,000.

A documented track record of completed flips will pull your rate toward the lower end of their range.

Speed to close and what can slow it down

Renovo funds most deals in 10 to 14 business days. Appraisal delays and incomplete draw documentation are the most common factors that stretch that timeline.

What you need to qualify

You need a signed purchase agreement, a detailed scope of work with contractor estimates, and proof of funds for your down payment. Credit minimums typically start around 650.

Questions to ask before you accept a term sheet

• How are draw inspections scheduled after each phase of work?
• Are there extension fees if the project runs past the original loan term?

4. Easy Street Capital

Easy Street Capital is a national private lender with active deal flow in Illinois, offering investment property loans built around speed and asset-based underwriting rather than personal income verification.

What Easy Street Capital offers in Illinois

Their core products include fix-and-flip loans and DSCR rental loans for non-owner-occupied residential properties. For investors comparing hard money lenders in Chicago, Easy Street covers up to 90% LTV on purchases and up to 100% of rehab costs on qualifying projects.

Best fit borrowers and deal types

Easy Street works well for experienced flippers and rental investors focused on single-family and small multi-family properties. They also accommodate newer investors on bridge deals when the asset and overall deal structure support the loan.

Typical rates, points, and fees to expect

Rates typically run 10% to 13%, with 1.5 to 3 origination points. Minimum loan amounts generally start around $75,000, with 12-month terms standard on flip loans.

A lower loan-to-cost ratio and a documented project history will move your rate toward the bottom of their range.

Speed to close and what can slow it down

Easy Street can close in 7 to 10 business days on clean deals. Incomplete appraisals and missing contractor documentation are the most common reasons that timeline stretches.

What you need to qualify

You need a signed purchase contract, a detailed scope of work, and proof of funds for your down payment. Most approvals start around a 640 credit score.

Questions to ask before you accept a term sheet

• How are draw inspections handled, and what is the typical turnaround per release?
• Are there prepayment penalties if you sell or refinance before the term ends?

5. Kiavi

Kiavi is a technology-driven private lender that operates nationally with strong deal flow in Illinois, including the Chicago metro. Their platform is built around speed and scale, making them a solid option for high-volume investors who want a streamlined, data-driven process over a traditional broker relationship.

What Kiavi offers for Chicago investors

Kiavi's core products include fix-and-flip loans and bridge financing for non-owner-occupied residential properties. For investors comparing hard money lenders in Chicago, they offer leverage up to 90% of the purchase price and up to 100% of rehab costs on qualifying projects.

Best fit borrowers and deal types

Kiavi works best for experienced flippers who close multiple deals per year and want a repeatable process. Their platform favors single-family and small multi-family residential projects with clear ARV documentation and a defined exit strategy.

Typical rates, points, and fees to expect

Rates typically run 9.5% to 12%, with 1.5 to 2.5 origination points. Loan amounts start around $100,000, and terms run 12 to 24 months depending on project scope.

Your rate improves meaningfully with each completed flip you document in their system.

Speed to close and what can slow it down

Kiavi closes most deals in 8 to 14 business days. Their tech-forward underwriting speeds up the front end, but appraisal delays and title issues can push that window back like any other lender.

What you need to qualify

You need a signed purchase contract, a detailed scope of work, and proof of funds for closing. Credit minimums typically start around 660.

Questions to ask before you accept a term sheet

• How are draw releases structured, and what is the inspection turnaround per phase?
• Are there rate discounts available for repeat borrowers with a documented deal history?

6. Lima One Capital

Lima One Capital is a national private lender with strong deal volume across Illinois, including the Chicago metro. They offer a full suite of investment property loan products, which makes them one of the more versatile hard money lenders in Chicago for investors running multiple deal types at once.

What Lima One Capital offers in Illinois

Lima One's product lineup covers fix-and-flip loans, bridge financing, new construction, and DSCR rental loans for non-owner-occupied residential properties. Their programs offer up to 90% of the purchase price and up to 100% of rehab costs on qualifying fix-and-flip deals.

Best fit borrowers and deal types

Their programs work well for experienced investors running single-family or small multi-family projects. Lima One also supports rental portfolio builds using their DSCR product, which makes them a strong option if you want one lender across both your short-term flip activity and longer-term holds.

Typical rates, points, and fees to expect

Rates typically run 9.99% to 12.5%, with 1.5 to 3 origination points depending on your experience and loan-to-cost ratio. Minimum loan amounts start around $75,000, with 13-month terms standard on flip loans.

Stronger deal history pulls your rate down and can reduce required points at origination.

Speed to close and what can slow it down

Lima One closes most deals in 10 to 15 business days. Incomplete contractor documentation and appraisal delays are the most common reasons that window stretches.

What you need to qualify

You need a signed purchase contract, a detailed scope of work, and proof of funds for your down payment. Credit minimums typically start around 660.

Questions to ask before you accept a term sheet

• How are draw releases structured, and what triggers each inspection?
• Are there extension options if your project runs past the original loan term?

7. Groundfloor

Groundfloor operates as a crowdfunded private lending platform that funds residential investment loans through retail investors rather than institutional capital. That structure gives them flexibility to serve smaller deal sizes that many traditional hard money lenders in Chicago won't touch.

What Groundfloor offers for smaller projects

Groundfloor focuses on short-term bridge and fix-and-flip loans for non-owner-occupied residential properties. Their loan amounts start as low as $75,000, making them one of the few viable options for investors targeting lower-priced assets in emerging Chicago neighborhoods.

Best fit borrowers and deal types

Their platform works best for newer or mid-level investors running single-family fix-and-flip projects with modest rehab budgets. If your deal involves a lower purchase price or a tighter ARV, Groundfloor is worth including in your comparison.

Typical rates, points, and fees to expect

Rates typically run 7.5% to 14.5%, with 2 to 4 origination points depending on deal risk and borrower experience. Terms run 6 to 12 months standard.

The wide rate range reflects how Groundfloor grades each deal by risk tier, so your documentation quality directly affects where you land.

Speed to close and what can slow it down

Groundfloor closes most deals in 14 to 21 business days, which is slower than most lenders on this list. How quickly retail investors commit capital to your specific loan adds timing unpredictability that a direct lender won't have.

What you need to qualify

You need a signed purchase contract and a detailed scope of work. Credit minimums typically start around 600, making this one of the more accessible options for borrowers with limited credit history.

Questions to ask before you accept a term sheet

• How long does investor funding typically take before your loan closes?
• Are there extension options if your project runs over the original term?

8. Conventus

Conventus is a national private lender that focuses on bridge and rehab financing for residential investment properties. They operate across Illinois, which puts them in the conversation when you're comparing hard money lenders in Chicago for short-term deal funding.

What Conventus offers for bridge and rehab

Conventus centers its programs on fix-and-flip, bridge, and light-to-heavy rehab loans for non-owner-occupied residential properties. Their programs cover up to 90% of the purchase price and up to 100% of rehabilitation costs on qualifying deals.

Best fit borrowers and deal types

Their programs work best for experienced investors running single-family or small multi-family rehab projects. Conventus tends to favor borrowers with a documented history of completed flips and a clear exit strategy in place before the loan closes.

Typical rates, points, and fees to expect

Rates typically run 10% to 13%, with 1.5 to 3 origination points depending on your experience and deal profile. Minimum loan amounts generally start around $100,000, with 12-month terms standard on rehab loans.

A strong ARV backed by solid comparable sales will position you for better pricing at origination.

Speed to close and what can slow it down

Conventus closes most deals in 10 to 15 business days. Incomplete appraisal documentation and title delays are the most common factors that stretch that window on otherwise clean files.

What you need to qualify

You need a signed purchase contract, a detailed scope of work with contractor estimates, and proof of funds for your down payment. Credit minimums typically start around 660.

Questions to ask before you accept a term sheet

• How are draw inspections scheduled, and what is the average turnaround per release?
• Are there extension fees if your project runs past the original loan term?

Next steps

Every lender on this list funds deals in the Chicago market, but they don't all serve the same borrower or the same deal type. The right fit depends on your experience level, deal size, and how tight your closing timeline actually is. A platform lender might work fine for a straightforward flip, but a complex mixed-use deal or an ITIN borrower needs a lender who can think through the structure with you.

Before you submit a term sheet request to any of the hard money lenders in Chicago listed here, have your purchase contract, scope of work, and ARV documentation ready. That preparation is what separates borrowers who close fast from those who lose deals to someone who did. If you want to talk through your specific deal before committing to a lender, reach out to David Roa directly. You'll get a straightforward answer from someone who has funded these deals from both sides of the table.