Financing in Chicago>Question Details

Nora, Other/Just Looking in Chicago, IL

How can I find a reputable Hard Money Lender in the Chicago area?

Asked by Nora, Chicago, IL Sat May 2, 2009

Have a family home in Chicago, IL which has been ours for over 40 years. Parents have passed away. My brother lives there and I live in California. We are looking for a cash out loan to pay off a number of bills and get repairs done on the house. I will be the one making the loan payments thru a auto-payment plan and I have the greater income. Its around 68,000.00 and it is from a Fed government job and military retirement so continued income is assured. Brother had a accident and is in the hospital recovering so while trying to to pay everything from California my credit rating went into the toilet to put it nicely. Our attorney suggested I get a loan on our house to get everything paid off and then can work on getting my credit rating back up again. We are looking for a loan of about $100,000 - $140,000. to get everything back on track but due to my credit score I have not been able to find a loan company to approve the loan.

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If your credit is as low as you suggest, a hard money lender may be the only way to go, please keep in mind that these loans definitely come at a cost but in certain situations, are a great solution to a short term capital problem. (I'm a member of an investor group, there are lots of savvy individuals there, the first poster could possibley even be one of them =)

Next, to address the previous post, you can't do a cash-out refinance under a 203K, it's a program designed specifically for purchase/rehab of owner occupied homes and does NOT allow any cash-out to the borrower. Fortunately, I may have a solution for you, my company has a product that we can do a cash-out refinance AND a rehab loan on a refinance which would allow you to be able to accomplish your goals, subject to credit and income requirements of course (this information is accurate as of this post). However, if your credit is really as bad as you say (this is subjective so I never assume, I've had someone think their 680 was terrible before), this option will not be available to you.

Lastly, I noticed that the previous poster has five posts all within the last day or two that all say pretty much the same thing, promoting two companies and the posts are in both related and non-related threads. This looks suspiciously like anonymous advertising. If the poster is from either of those two companies, it looks pretty obvious. If it is truly a happy customer, fantastic, I suggest though that you put your comments in threads where the advice you're providing is being solicited (review your threads, you'll see what I mean) otherwise someone may start reporting your posts.
0 votes Thank Flag Link Thu Jun 11, 2009
Hi, Well I was able to fix my problem. We are selling our home in California and I will be using some of the money to pay up the bills with our house in Chicago. Since I could not find a lender I will take this route. Thanks for your help.

Nora
0 votes Thank Flag Link Wed Jun 10, 2009
I am involved with a group of investors that might be able to help fund or puchase that home either via a straight-up purchase or possible joint venture arrangement. If you give me specifics on it, I can more fully advise as to the options.
0 votes Thank Flag Link Wed Jun 10, 2009
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