Illinois Fix & Flip / Bridge Loans
Fix and Flip Lender in Illinois
CoreVest works with seasoned real estate investors on funding fix and flip loans / bridge loans for Illinois distressed properties. With a bridge loan from CoreVest, investors can get access to funds immediately with loans up to 80% of cost. Whether you need fix and flip financing for single family rentals, condos, townhouse or multi-family units, CoreVest is your leading lender in the state of Illinois.
With our fix and flip credit line, you can have reliable funding to purchase new rental properties or refinance your existing portfolio of investments. When you need access to capital quickly, this product might be the answer for your next loan. The Illinois market is booming right now and many fix and flip investors have successfully leveraged their capital with CoreVest. CoreVest is a fix and flip lender in the state of Illinois with over $3 billion in loans closed since the companies existence.
CoreVest actively lends fix and flip bridge loans for rental properties throughout IL – Aurora, Peoria, Rockford, Joliet, Naperville, Chicago and all other major cities in Illinois.
Fix & Flip Loans Custom Built for Illinois Investors
Whether you buy and hold or fix and flip in Illinois, CoreVest has the capital for your investment needs
Questions About The Illinois Market?
Peter Pelafas
Illinois Territory Executive
E: [email protected]
P: 312.724.8785
- Stable inventory of distressed assets within the desired target price range
- Growing demand for newly renovated affordable housing for owner occupants
- Over 50% of the population of Illinois rents. Illinois has an incredibly deep pool of potential renters at all levels of the market.
- Rent for a 2 bedroom apartment is now $2,254 per month.
- 3rd largest MSA in the nation with over 9MM population base
- The 2019 median home value in Illinois is projected to increase 3.9% to $241,145 *
*Housing Price Forecasts, 2019 – Regional Economics Applications Laboratory, Institute of Government and Public Affairs University of Illinois December, 2018
Illinois Rental Market Updates
What Property Types does CoreVest Finance lend on in Illinois for investment properties?
We lend on single family homes, condos, townhouses, 1-4 unit residences and small multi-family assets.
What are CoreVest Finance’s Fix & Flip Rates for Illinois?
CoreVest Finance in Illinois has interest rates starting at 8% for investment property rental loans. Rates vary due to investor’s past history and experience. For current Illinois rates, give us a call.
Does CoreVest finance rehab expenses and ground up construction in Illinois?
We finance certain Illinois rehab expenses under our Fix and Flip Bridge Loans. We also offer Ground Up Construction loans to qualified investors throughout IL.
What is the minimum number of rental properties needed for a Rental Portfolio Loan in Illinois?
For our Rental Portfolio Loan, we require a minimum of 5 properties. We also offer a single asset rental loan on individual properties in Illinois.
What is the minimum/maximum loan amount for fix and flip loans in Illinois?
CoreVest Finance rental loans vary from $95k – $5 Million.
What is my turnaround time for an application?
We usually respond back to potential Illinois borrowers with a term sheet between 2-7 days.
How long will it take my Loan to close?
Our Single Asset Bridge loans typically close within 10 days. Most of our Illinois Rental Loans close within 4-6 weeks.
Why Partner with CoreVest to Fund Your Next Fix & Flip Loan?
Experienced – we know your business.
We have partnered with thousands of borrowers to finance residential investment properties across the nation.
Efficient – we get the deal done.
Our streamlined closing process and dedicated support allows you to focus on your business, not our paperwork.
Efficient – we get the deal done.
Our streamlined closing process and dedicated support allows you to focus on your business, not our paperwork.
| Types of Properties | Single family homes, Condos, Townhouses, 1-4 unit residences, Small multi-family assets |
| Loan Amount | $95k to $5 million |
| LTV | Starts at 80% |
| Interest Rates | Starts at 8% |
| Minimum Qualifications / Documentation | Credit score: at least 620, Borrower must be a business entity, Call for more details |
| Other Financing Available | Rental Portfolio Loan, Single Asset Rental Loan, Bridge Loans, Fix and Flip Credit Line, Rental Aggregation Line, Single Asset Bridge Loan |
"As a Chicago resident and real estate practitioner for over a decade, I am delighted to represent CoreVest American Finance as a Correspondent Lender for the Illinois market. CoreVest is the premier liquidity provider for small and middle market developers and long term investors with a deep understanding and commitment to the space. The dynamic Chicago real estate market requires a "boots on the ground" approach to underwriting and execution, and the BlackSquare - Corevest relationship provides it. ”
– Thom Kraley, Illinois Territory Executive
For more information on Illinois fix and flip loans, please call Thom Kraley at 312.724.8785, fill out the form below or email [email protected].
Together We Grow
CoreVest continues to grow with our borrowers and remain active participants in the industry
