Foreclosures in Chicago are still moving steadily and many property owners are still in varying phases of pre-foreclosure, which has increased the demand for hard money lenders in Chicago. For real estate investors who buy and repair bank owned properties, bank loans are still difficult to get, particularly for the most dilapidated properties. For this reason, many rehab investors are actively seeking out hard money lenders in Chicago to help buy these foreclosures and get them back on the market after repaired.
Many real estate investors in Chicago are using these loans for new acquisitions. However these loans are used, hard money lenders in Chicago seem to be the only choice for real estate rehabbers. Until banks stop choosing only the best deals to lend on, most investors have no other choice than to use hard money lenders. Although the interest rates charged on investment hard money loans are higher than bank interest rates, the opportunity cost of losing a real estate deal is a lot higher.If youâ€™ve never used private money loans before, we invite you to visit our â€˜Hard Money 101â€™ Blog found at this link: http://privatemoneyutah.com/hard-money-101/Â Â Â