Chicago Rehab Loans

About Chicago Rehab Loans

Based in Chicago, IL, Chicago Rehab Loans is an asset-based lender offering funding throughout Chicago, Milwaukee, Madison, Gary, and South Bend. They offer commercial loans, construction loans, loans for rental properties, hard money bridge loans, fix-and-flip loans, and cash out hard money loans. They issue rates ranging between 10% and 15%, terms between 12 months and 60 months, and loan amounts ranging from $40,000 to $3,000,000 with a maximum LTV of 65%. They lend funds to any borrower based on the property value but also require a minimum FICO score of 580. They make loans on all the following property types: single family, multi family residences, apartments, office buildings, retail storefronts, mixed use, raw land, industrial buildings, and medical offices.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, New Construction Loans, Refinance / Cash Out Loans, Bridge Loans

Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Mixed Use, Land, Industrial, Medical

Areas Served: Chicago, Milwaukee, Madison, Gary, South Bend

Lending Guidelines for Chicago Rehab Loans

Below are the general loan guidelines published on the Chicago Rehab Loans website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by Chicago Rehab Loans.

Loan Example 1

Lauren finds a townhouse in Chicago, IL to rehab and resell. Since she does not have enough cash on-hand to purchase the $260,000 property outright, she takes out a fix and flip loan from Chicago Rehab Loans. The loan-to-value (LTV) on the loan is 50%. This means Lauren will have to bring 50% of the purchase price to the closing and the principle amount will be $130,000 on the loan. The interest rate on the note is 8% for a length of 18 months and the lender requires a two point origination fee at closing. The interest payments are to be paid on a monthly basis and the principle amount will be returned after the sale of the property.

Lauren will have to bring a total of $32,400 upon closing to pay the $130,000 down payment plus the $2,600 origination fee. Once the deal closes, she will need to pay the lender $867 in monthly interest fees, or 8% multiplied by $130,000 divided by 12 months in a year. If she sells the renovated house for $312,000 at the end of the 18 month term, her gross profit (not accounting for renovation expenses) would be $33,800. This is computed by taking the purchase price ($312,000) and subtracting the original note amount ($130,000), the origination cost ($2,600), the cash she contributed to closing ($130,000), and the total interest payments ($15,600).

Loan Example 2

Kellie takes out a private money loan from Chicago Rehab Loans so she can renovate a townhome to flip in Chicago, IL. The deal has the following terms:

$230,000 purchase price
85% loan to value (LTV)
12 month term
10% interest rate
4% origination fee

Assuming a $345,000 sales price at the end of the 12 month term, the final numbers for the project would look like the following:

$345,000 sales price
- $195,500 loan principle (85% LTV)
- $34,500 cash paid at closing (15% on 85% LTV)
- $7,820 origination points (4% of the $195,500 principle)
- $19,550 interest payments (12 months x 10% interest)
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= $87,630 total profit (doesn't include taxes or renovation costs)