Oneof the most valuable tips in selecting true hard money lenders in Chicago is to evaluate how they view your credit history. Note that you can validate the genuineness of a specific hard money loan provider if he/she does not set a condition that you need to have an excellent credit score and desirable credit history to avail of their offered financing options. Remember that these lenders do not put a lot of emphasis on credit records when extending their loans to borrowers and this favors those who have no or bad credit.
Real hard money loan lenders in Chicago are also more concerned about the kind of collateral that you intend to invest in. They will be more interested in the stability and profitability of your property and will solely base their decision upon it real value. Because of this, it will no longer come as a surprise if your chosen lender will send someone who can professionally and expertly assess the value of your property. This will give them an idea about the property’s purchase price, estimated ARV or after repair value and repair cost. Your chosen lender will instantly fund you upon realizing that your property is a worthwhile investment.