Elgin-Illinois Hard Money Loans

We empower entrepreneurs, real estate investors, and businesses of all sizes challenge the status quo. We take risks on the go-getters, and do’ers – who have an opportunity and need a partner.At Delancey Street, we invest in people and their ideas – not abstract concepts like credit scores, or other financial metrics. Tell us about your idea, let’s discuss your opportunity

1

High LTV

We fund hard money loans up to 80-90% LTV with no issues.

2

Fast

We promise to treat you like a partner

3

No $ Limit

No limits on what we can do for you.

Business Funding

Our client was a trucking company based out of NY, that needed quick funding. In 24 hours, we arranged $100,000 in funding.

Raised
APR
ARV
700,000
9,0%
60%
100% Funded!

Residential Refinance

We funded a purchase in California, for $1.2 million with 65% LTV. We helped the developer with with a 11% loan with balloon payment.

Raised
APR
ARV
1,200,000
11%
82%
100% Funded!

Lawsuit Funding

Client was injured in a car accident and needed a cash advance on the future value of his lawsuit. In 48 hours, our funders wired funds over.

Raised
APR
ARV
830,000
8,99%
75%
100% Funded!

PARTNERS FIRST.
LENDERS SECOND.

Hear from people we've helped

Delancey Street makes lending easy. They took a chance on me when no one else would.

Leo kovacz

Founding Partner (Zooomr Car Leasing)
Delancey Street funded our e-commerce shop and really gave us the chance to grow our business significantly.
Delancey Street makes lending easy. They took a chance on me when no one else would and helped my...

Steven Goldman

Founding Partner (Goldman & Associates
Chicago Lawyer)

Industries We Service

Cannabis
Residential Real Estate
Commercial Real Estate
Startups

Our team is always available, and ready to help

Our team of industry experts is ready to help with all of your business needs. Whether you’re looking for a reliable hard money lender, looking to go public via a reverse merger, or need private capital for a venture – we can help.

Industry Experts

Our team consists of extremely qualified industry experts

Quick Service

We work diligently, and quickly, to help you

Our team is always available, and ready to help

Our team of industry experts is ready to help with all of your business needs. Whether you’re looking for a reliable hard money lender, looking to go public via a reverse merger, or need private capital for a venture – we can help.

Industry Experts

Our team consists of extremely qualified industry experts

Quick Service

We work diligently, and quickly, to help you

We’re here to answer your
questions. Contact us anytime:

Minimum Qualifications Requirements

Delancey Street’s team consists of builders, developers, hard money lenders, and entrepreneurs. We understand your project has unique needs, and not every project is going to be easy and be ideal. These are general guidelines which should be interpreted as a suggestion, rather than mandatory.

At the end of the day, we look at you – just as much as the quality of the deal and the qualifications.

  • Risk Free. No Application Fees.
  • Decisions Within 48 Hours.

Hard Money Loan Guidelines

Speed We close within 24-48 hours
Paperwork Not much
Qualification Project and LTV matter. We don’t care about your credit.
Maximum LTV 80-90%
Loan Terms 12-48 Months

It’s Simple

  • 1 Tell us your financial request
  • 2 We consult & provide terms
  • 3 We finalize the transaction

Get pre-qualified

  • Looking to purchase a property
  • No obligation and no effect on y
Get pre-qualified today

Elgin-Illinois Hard Money Loans

Understanding Hard Money Loans – Elgin-Illinois
Qualifying for a traditional mortgage loan is great, but not always possible. Fortunately, real estate investors can look to hard money loans as an alternative solution when things don’t quite go as planned. In fact, many people appreciate hard money loans because they are fast and easy. There’s a lot to know about this asset-based loan product. Here’s a breakdown of the facts.

About Hard Money Loans

Instead of your ability to repay, hard money loans are made based on the value of your property because it serves as collateral. While your financial standing isn’t altogether insignificant, it’s far less important to hard money lenders than it is to traditional mortgage lenders. Hard money lenders take a different approach during the lending process too. They tend to look at each individual situation as opposed to simply following a template of requirements.

Real estate investors have a wide range of needs when it comes to loan products. Some of the common types of hard money loans are construction, bridge, fix-and-flip and owner-occupied. Real estate developers have the benefit of a construction loan that can be used to start a new construction project and either quickly sell it or refinance. A bridge loan lets you buy a property and then refinance or resell it. With a bridge loan, you can also buy a new property before you get the cash down payment from the sale of a property in your portfolio. A fix-and-flip loan is for buying, fixing and then flipping a property, at which point you will pay off the loan.

Unlike the other products mentioned, there is an owner-occupied loan that’s uncommon and only a small percentage of hard money lenders offer them. It’s because owner-occupied consumer loans are highly regulated and complicated. However, there is still a chance that you can find a hard money lender that offers this product to individuals who plan to live in the property, but are unable to secure a traditional mortgage.

How Hard Money Loans Work

One of the biggest benefits of hard money loans is the easy application process that is free of hassle and boasts a turnaround time of just days. That’s definitely a perk to real estate investors. You are generally required to have a cash down payment that depends on your property’s Loan-To-Value (LTV) ratio or After-Repair-Value (ARV) ratio.

The term for hard money loans is just a few years, but typically one year. Instead of making the usual principal and interest monthly payments, there’s a chance that you will only need to make monthly interest payments. There’s also a chance that you won’t have to make any payments until the maturity date, at which point you will make a balloon payment. The balloon payment includes the principal, any remaining interest and all fees.

Is a Hard Money Loan Right for You?

When it comes to the benefits of hard money loans, it’s clear. They offer quick money, relaxed requirements and flexible terms. Specifically, you could apply for a loan and receive funding in less than a week. There’s a chance that your loan could be approved with low credit scores and other issues. The bottom line is that you will have access to financial resources, which can increase your investment portfolio.

On the opposite end of the spectrum are the aspects of hard money loans that require due diligence in making a decision. Simply put, the interest rates are high, there are often a lot of fees, and the terms are short. Due to the minimal government oversight, you’ll need to be cautious about choosing a lender. You might also have an issue with refinancing before the “seasoning” period required by traditional lenders. Nevertheless, when all of the pros and cons are weighed, many investors decide that hard money loans are a valuable tool.

Hard Money Loans

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