Hard Money Loans Illinois

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


High LTV

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



We promise to treat you like a partner


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.

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.

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.

100% Funded!


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

Residential Real Estate
Commercial Real Estate

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

Hard Money Loans Illinois

Delancey Street is a premier, and top rated, hard money lender. If you’re interested in a loan you can get quickly for financing a commercial property or buying a new residential investment property, a hard money loan is a great common option. It’s most commonly used by people who flip houses, and it’s important to understand the ins and outs of a hard money loan before you apply for one.
The Basics on an Illinois Hard Money Loan
A hard money loan is a secured loan, and its collateral is a piece of property (almost always real estate). You can borrow a hard money loan by using a piece of property that you own as collateral, but most borrowers get hard money loans to buy properties that they plan to improve, and then sell for a profit.
You may be wondering what the difference is between a hard money loan and a mortgage. The most significant difference is that with a hard money loan, the key factor in your approval on the loan is the value of the property attached as collateral, along with how much money you plan to put down. Unlike more traditional lending options, your credit score isn’t nearly as important in obtaining hard money loan.
Illinois hard money loans aren’t usually available through traditional lenders, such as banks and credit unions. Instead, individual investors and investor groups provide this type of loan.
Interest rates on hard money loans are higher than on mortgages, and terms tend to be much shorter. It’s normal for Illinois hard money loans to have balloon payments, with borrowers covering just interest with all their payments until the final one, and then needing to pay off the remaining balance.
This loan structure makes hard money loans ideal for house flippers, as they can get the money, make small loan payments while they upgrade the home, and then sell the home before the end of the loan’s term. The goal is for them to make enough money to pay back the loan, along with a sizable profit.
Advantages of Illinois Hard Money Loans
Now that you have an accurate idea of what a hard money loan is, it’s time to look at the reasons why you would choose a hard money loan over a mortgage.
There are two big advantages hard money loans have over other lending options:

  • You can get funded faster
  • The requirements to get approved aren’t as strict

As anyone who has ever tried to get a mortgage would know, it’s not an easy process. You need all kinds of documentation, the mortgage lender will be taking an extensive look at your financial profile, and all things considered, the process could take months. That may be fine if you have plenty of time to choose and buy your investment property, but it doesn’t work when you need to close a deal quickly.
The hard money loan application process is significantly faster. Depending on the lender, you may apply and have your loan fully funded within a couple weeks or even less than one week. And when you’ve worked with a hard money lender before, you can typically get loans approved faster. This makes a huge difference if you’re flipping homes and it’s a race between you and other interested parties.
Hard money lenders are more willing to take a risk versus traditional lenders. A mortgage lender may not be able to lend on real estate investment properties. If you can show a hard money lender the improvements you’re going to make to the home, you can get funding. And, of course, your credit score isn’t nearly as important for a hard money loan as it would be for a mortgage.
The last thing to know about hard money loans is that you’ll likely need to pay a solid chunk of the investment properties asking price yourself, because lenders usually only loan about 75 percent of the property’s current value, at most. If you’re lucky, you’ll find a lender that bases the amount they loan you on how much the home could be worth after you make your repairs and upgrades. While this reduces how much money you need to put down, expect a higher interest rate for that convenience.
Hard money loans certainly aren’t right for everyone, but their speed and flexibility can be extremely useful in certain circumstances. Evaluate what you need a loan for and how soon you’ll be able to pay back what you borrow to decide if a hard money loan is the best choice.
What distinguishes Illinois hard money lenders from regular lenders?
The critical difference between banks and  hard money lenders is the fact hard money lenders are asset centric lenders. They look at on the asset associated with the loan. But, traditional banks focus on the borrowers credit and how much cash on hand the real estate investor has. It is super important to remember hard money loans aren’t great for the long term. The objective of a hard money loan is to be a short term loan that which helps you get the real estate you’re attempting to purchase. Hard money lenders focus on short term loans that reap greater ROI than leaving the money in the bank. If you are unable to repay the loan you took, then the lender can take possession of your property in order to repay his/her loan.
why is a hard money loan a bad idea?
There’s plenty of reasons reasons why a hard money loan is a bad idea. For example, hard money lenders often charge higher rates of interest. This is due to the fact hard money companies think they’re taking substantial risks by lending on an investment property – and wish to be compensated according to the level of risk. High interest rates make hard money loans unaffordable for some types of deals. Moreover, hard money lenders have shorter loan terms than conventional lenders – that also makes them unattractive. Traditional lender offer 30 year periods but private money lenders offer only 1-3 year terms.
Hard money lenders can finance your deals fast
Hard money lenders work a very specific group of individuals, i.e. property investors. Hard money lending is a type of short term lending, which is secured by property. Specifically, the men and women who use hard money loans are typically real estate investors – typically, people who are being denied a traditional loan as a result of stringent guidelines.
Hard money lenders exist because they are fast, and provide loans with little to no headaches. Hard money lenders have a relatively simple application system. They expect collateral and do not look at your credit score. They focus on your expertise, as opposed to your credit score. If you’ve got a checkered financial history, it’ll be much easier to obtain financing by using a hard money loan as opposed to a conventional loan that’s granted based on your credit report. Below are situations where hard money lenders fill a void that conventional lenders don’t touch:
Illinois Hard money loans can be used for fix and flip real estate investors
Most traditional lenders will not give you a loan for a fix and flip job. If the home is in poor condition, or there is some other abnormality with the house, then a traditional lender will not give you funding. Additionally, most reverse and fix potential deals”go fast.” The seller is extremely motivated to sell the property, and will accept the first offer. Traditional lenders take forever, so by the time the loan is approved – you’ve already lost the property since someone paid money for it. If you have a hard money lender on your side who will close a loan in 5-10 days, you can get the fix and flip property.
Hard money loans a type of bridge financing
Sometimes, your job goes over-budget and because of this you need additional funding. Some traditional lenders will deny, because the job isn’t completed. Though this can be catastrophic, a hard money lender may be willing to lend you the funds. Hard money lenders are delighted to give money to bridge the gap in funding, and can work with you to fill this void.
Private Money Loans can be used for Residential Properties
Hard money loans can be used for many types of real estate investment properties, ranging from commercial properties to residential properties. Typically property investors who contact us are searching for a hard money loan for single family investment property. Many do a fix and flip, or they’re purchasing the property to hold it long term and rent it out. Investors that want to fix and flip typically find a property in distress, buy it below market value, rehabilitation the property, and then resell it in order to make a profit. Most fix and flip transactions conclude after 6-9 months. Real estate investors who purchase rental properties with a long term plan, typically buy it and hold it. Irrespective of your purpose – we can give you funding. We fund all types of residential real estate investment properties. Many borrowers come to us because they want to create multiple sources of long term wealth. Some investors use a hard money loan to purchase the investment property and then use a conventional loan to repay the hard money loan. Regardless of what your purpose is, we may give you financing for your next loan.

Hard Money Loans

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