Hard Money Lenders Illinois

Fast Illinois Hard Money Loans
Ready to close in less than a week

  • Interest rates 10 – 12.75%
  • Credit score 650+
  • Loan-to-Cost Up to 90%
  • No income verification
  • Get approved online in 5 minutes
  • Instant proof of funds letter
  • Interest only payments
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Need financing for your upcoming real estate project? Get approved for a hard money loan in 5 minutes using our online application

Need funding fast? Look no further than New Silver. New Silver has the perfect selection hard money loans for property investors in Illinois.

New Silver is one of the highest-rated hard money lenders in the US, and we have a variety of different hard money loan products available to meet the needs of real estate investors in Hawaii. Run by a team of experienced real estate professionals, our loans are ideal for real estate investors in IL.


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Loan Programs


Fix & Flip

For house flippers hoping to purchase a fixer upper to renovate and resell in Illinois. Interest rates from 10 – 12.75%, Loan-To-Cost up to 90%, with loan terms up to up to 24 months. Hard Money Refinance Loans also available.

  • Get up to $5,000,000
  • Interest rate 10 – 12.75%
  • Origination fee from 1.875%
  • Up to 100% construction
  • More info
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30-year rental loans for stabilized rental properties. Ideal for investors hoping to acquire an investment property. Interest rates from 7, loan-to-purchase price up to 80%. Built for buy and hold investors that purchase rental properties.

  • Get up to $3,000,000
  • Interest rate 7
  • Origination fee 1.75-2.5%
  • 30-year fixed rate
  • More info
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Ground Up

Designed for residential builders, our ground up construction loans can finance up to 90% Loan-to-Cost (LTC). Interest Rates from 10 to 13.25%

The perfect solution for builders in Illinois that need quick access to capital to fund construction costs.

  • Get up to $5,000,000
  • Interest rate 10 - 13.25%
  • Origination fee from 1.875%
  • Up to up to 24 months
  • More info
Get Approved Online

Illinois Hard Money Lenders

Getting a traditional loan is a slow, drawn-out and exhausting process. At New Silver, our hard money loans are designed for real estate investors that value speed, efficiency and transparency. As one of the highest rates Illinois hard money lenders,  we specialize in house flipping loans, rental property loans and construction loans. Our team of experienced real estate experts are available to help you get quick access to capital and overcome any obstacles that stand in your way.

New Silver is unlike other hard money lenders in Illinois. As licensed real estate investment professionals, we know what real estate investors need: quick and easy online applications, terms of up to twenty-four months and most of all, fast loan closing and attractive rates. At New Silver, we specialize in hard money loans for single-family residential, but we can also cater to multi-family and commercial real estate projects. Contact our Illinois hard money lending team today to find the best loan fit for your next real estate project.

Ultimately, if you need fast closing hard money loans with competitive interest rates, New Silver is the hard money lender for you.


New Silver lends in these cities:

  • Arlington Heights
  • Aurora
  • Bloomington
  • Bolingbrook
  • Champaign
  • Chicago
  • Cicero
  • Decatur
  • Des Plaines
  • Elgin
  • Evanston
  • Joliet
  • Naperville
  • Normal
  • Oak Lawn
  • Orland Park
  • Palatine
  • Peoria
  • Rockford
  • Schaumburg
  • Skokie
  • Springfield
  • Waukegan
  • And More

Illinois House Market Overview

Average Home Value


1-Year Home Appreciation


1 Bedroom Rent


Average 3 Bedroom Rent


Homes In Illinois Are More Affordable Than Most States: The median sale price in Illinois is $240,100. This is more than $94,000 less than the average home value in the US ($334,269). Based on these numbers, it’s fair to say that homes in Illinois are affordable by US standards.
This makes it an attractive entry point for first time home buyers and real estate investors.

Inventory Has Decreased In The Last Year: In 2022, 35,741 single family homes were sold in Illinois. This represents a 22.5% drop from 2021, when 46,109 single family homes were sold. The drop in inventory partially explains why Illinois home values have increased by 5.0% in the last 12 months.

Median Home Price by MSA

MSA Name Median Home Price 1-Year Appreciation 3-Year Appreciation
Bloomington $217,700 9.3% 32.6%
Champaign $200,400 7.2% 23.2%
Chicago $349,400 3.4% 29.6%
Decatur $122,700 4.8% 13.7%
Kankakee $188,700 2.1% 19.7%
Peoria $148,200 8.6% 19.9%
Rockford $174,000 4.9% 29.5%
Springfield $167,400 5.3% 14.5%

Illinois Real Estate Market Analysis

Chicago Is The Most Lucrative Market In Illinois: Of the key metropolitan areas in Illinois, Chicago is the only area with a median sale value that is more than $340,000. All the other metro areas range from $122,700 to $217,700, which is notably less than Chicago and a far cry from the median sale price in the US ($388,211).

As a real estate investor, this effectively means that you can maximize your gains by focusing on Chicago. There is simply more money to be made when dealing with higher value properties, and this applies to house flippers and rental property investors alike.

Appreciation Rates Are Low Across Illinois: None of the key metro areas in Illinois appreciated by more than 10% over the last 12 months. In addition, the 3-year home appreciation rates are also low, with Springfield (14.5%) and Decatur (13.7%) being prime examples.

When analyzing the 3-year appreciation rates, only Chicago (29.6%) and Bloomington (32.6%) are delivering acceptable returns. This is still well below the US average of 41.4%. In essence, Illinois home values are not keeping pace with the rest of the country, and the low appreciation rates could serve as a red flag for discerning real estate investors.

Illinois Associations For Real Estate Investors

Reasons to Fund Your Investment Property with New Silver

It doesn’t matter if you are a buy and hold investor or a house flipping specialist. New Silver is one of the best Illinois hard money lenders with a selection of real estate loans perfectly matched to meet your real estate investing needs. Unlike a conventional mortgage which can take ages to complete, our hard money loans can be approved online in less than 5 minutes, with an instant proof of funds letter to help you secure the purchase. We are ready to help you solve your real estate investment needs, with a fast closing hard money loan.

Frequently Asked Questions

Yes. New Silver is a private lender that offers short term loan products for house flipping projects, but we also have 30 year rental property loans for investment properties. We also cater to real estate entrepreneurs hoping to build multi-family apartments with our new construction loans.

Yes, New Silver is a private money lender that provides asset-based loans at scale. With asset-based lending, the underwriting process can be more lenient than conventional lenders. This is because the underlying value of the asset is more important than the financial background of the investor when setting the terms of a private money loan.

As a result, the financing and credit score requirements are less stringent, income verification is not needed and the debt-to-income ratio of the borrower doesn’t matter. Plus, we can get you approved and closed within 7 days.

Yes. We offer ground-up construction loans for real estate developers that build single family (1-4 unit) residential properties.

Yes. Our fix and flip loans can act as a bridge loan for real estate investors with a loan term ranging from 6 to 24 months in duration. More information can be found on the loan product page, together with the maximum loan amounts available.

The main reason hard money loans have higher interest rates than traditional loans is because of the risks involved in the transaction. Unlike a residential home purchase, a fix and flip project could run over budget or the real estate market could take a turn for the worse, making the property difficult to sell quickly.

In other words, you could potentially lose money with a fix and flip. This risk is applicable to the borrower and the lender. The higher interest rate compensates for this risk, which most conventional lenders are unwilling to take on. Hard money lenders effectively fill the gap, using an asset based lending model to fund real estate deals.

The origination fee (loan points) is usually between 2-3%, but this varies with each deal. To work out the expected monthly payments, it is best to use our hard money loan calculator.

On this point, it is also worth noting that the monthly payment of all New Silver hard money loans work on interest only payments. This helps reduce the cash flow burdens of the investor while the project is underway. Interest only payments are one of the best benefits that you can unlock by working with a reputable hard money lender like New Silver.

In short, yes. While the credit requirements of hard money lenders are not as stringent as a traditional lender, we do review the credit history of all our borrowers. If you’re worried about bad credit, it is best to look at our hard money loans product page to see the minimum credit score for a hard money loan

You should find that our interest rates are lower than other private money lenders. In addition, we don’t require income verification during the credit history check.

  1. House Flipping Loan – Designed for house flippers
  2. Rental Property Loan – 30 year loan for investment properties
  3. Construction Loan – For new residential building projects

Right now, we do not specialize in commercial hard money loans. However, we can connect you with a commercial lending partner.

Where We Lend

Hard Money Loans Across The US

Apply for a loan at New Silver today!

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