Naperville-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

Naperville-Illinois Hard Money Loans

A hard money loan is a real estate loan that uses your property as collateral, instead of your ability to repay. Generally only offered for investment purposes, a hard money loan is a source of short-term funding.

 

Types of Hard Money Loans

 

As private firms and individuals offer these loans, they’re provided on a case-by-case basis. Some of the more common types include:

 

  • Bridge loans let individuals purchase a new property with the goal of refinancing or reselling it.
  • Fix-and-flip loans let people buy properties for quick renovation with the intention to resell.
  • Construction loans give real estate developers the ability to begin a new construction project without having to go through traditional lending options.
  • Owner-occupied loans allow consumers who don’t qualify for traditional financing to buy personal property.

What You Should Know About Hard Money Loans

 

Most hard money loans are for short periods—12 months being the most common term. You’re often only required to pay interest-only payments, and in some cases, don’t have to make any payment at all. Expect to make a down payment. Lenders require cash based on the after-repair-value or loan-to-value ratio of the property. Hard money loans are paid off in full at the end of the funding period.

 

Differences Between Traditional Loans and Hard Money Loans

 

It’s much easier to receive approval for a hard money loan in comparison to a traditional loan. Lenders are more likely to overlook bankruptcies, recent foreclosures and bad credit. However, if the loan’s for personal use, the lender must follow Dodd-Frank regulations and verify your ability for repayment. Most hard money lenders don’t offer loans for personal use, as they’re required to undergo strict, expensive licensing requirements.

 

Pros and Cons

 

Some benefits of a hard money loan include:

 

  • Quick funding. Expect to receive funding within a week or less, as opposed to a multi-week or multi-month process for a traditional loan.
  • Lenient requirements. Hard money lenders focus on the value of your collateral, paying less attention to your credit score, debt and income level.
  • Flexible financing terms. If you’re getting a loan to invest, the flexible terms let you personalize the loan to fit your situation.
  • Superior investment opportunities. Because you can get cash in a matter of days, you’re able to quickly take advantage of real estate deals or other investment opportunities.

Cons of hard money loans include:

 

  • High-interest rates and fees. Consider the included costs while determining if quick access to financing is worth it.
  • Short loan terms. You need to make sure that you’ll be able to repay the loan in full once the term ends. Keep in mind that some lenders let you pay off your loan over longer periods of time, but you’ll receive a higher interest rate.

Requirements and Costs

 

It’s a bit difficult to pinpoint requirements, as each lender has different things they’re looking for. The current value of the property you’re using as collateral is the most important thing for most lenders. If you’re planning to use the money to buy and flip home, lenders typically want to know the after-repair value and an appraisal on the property.

 

Alternative Loan Options

 

Consider the following alternative financing options:

 

  • A home equity loan, where you get a loan backed by the amount of equity in your current property.
  • Cash-out refinancing, which is similar to a mortgage refinance. The difference is that instead of refinancing the remainder of your mortgage, you’re able to borrow a larger amount of money and have the extra equity loaned to you.
  • A home equity line of credit or HELOC gives you access to a line of credit based on the equity in your current properties.
  • If you’re affiliated with the military, a veteran’s administration (VA) loan is a possible option. These loans have high credit requirements, but they offer interest rates that are more favorable.

Hard Money Loans

Need funding for your next project?

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