Capital Kings LLC · Non-QM Mortgage Broker

Hard Money Lenders inChicago, Illinois

Fix and flip, DSCR rental and new construction financing for Chicago investors. We do not lend our own money, we shop your deal across a 400+ lender network and come back with real terms you can compare on total cost.

Get a term sheet →Price a Chicago deal

Prefer to talk it through? Call or text Micah at (281) 636-5682.

Reviewed by Micah Foster, Founder & CEO, September 2026

Price a Chicago deal right now

Prefilled with a realistic Chicago deal. Change any number and it reprices on the programs that lend in Illinois, with the same math as our term sheets.

Sizing your flip on the same terms as the term sheet. Get a real term sheet →

Financing a deal in Chicago

Chicago flips are built on two house types most of the country doesn’t have: the brick bungalow belt that rings the Southwest and Northwest Sides, and the two-flat. Both were built between roughly 1910 and 1940, both are solid masonry with full basements, and both sell to buyers who want space and a yard inside the city limits. Prices here have been climbing again, and a first flip can be priced in Illinois, but the city adds paperwork, taxes and basement water that a Sun Belt investor has never budgeted for.

The Chicago deal is decided at the neighborhood and building-type level. A renovated bungalow in West Lawn, Garfield Ridge or Portage Park sells to an owner-occupant, often a city worker, teacher or a family moving up from an apartment. A two-flat sells on a mix of rent and owner-occupant demand, and the math is different: the buyer is often living in one unit and renting the other. Pick one plan before you write the offer. Deconverting a two-flat to a single-family is expensive and, in some neighborhoods near the 606 and Pilsen, restricted by ordinance, so assume it stays a two-flat unless zoning and the numbers both say otherwise.

What a Chicago deal looks like on paper

Chicago example: $230,000 purchase, $75,000 rehab, $420,000 after repair value, 700 credit, first flip. The engine puts that borrower on the Best Rate program at 9.49%. Think a 1920s brick bungalow in Chicago Lawn: tuckpointing, a kitchen and two baths, electrical and a flood control valve on the sewer line. Every number below is what the instant term sheet prints for that deal, so the picture cannot contradict the page.

Loan amount$270,500

Cash to close$49,076

Proof of funds to show$80,661

Where the $49,076 goes

Down payment (15% of the purchase)You$34,500
Origination (0.5%)Lender$2,000
Lender fees (flat)Lender$1,989
Broker fee (1%)Broker$2,705
Title and closing (estimate at Texas rates)Title$3,672
Prepaid interest (15 days)Lender$762
Property insuranceInsurer$2,898
AppraisalAppraiser$550

Interest while you rehab: $1,546 a month on the $195,500 funded at closing, $2,139 once every draw is out. Proof of funds is cash to close plus $18,750 of rehab reserve and $12,835 of interest reserve. Sample borrower, sample address; the sheet is issued by the same engine as the borrower’s instant term sheet.

Fix and flip programs in Chicago

Swipe the table for rates, credit and terms →

Program	Down payment	Min credit	Experience	Rate	Origination	Max loan	Term	Close
Best Rate	15% of purchase	700+	First flip OK	8.99% to 9.49%	0.5%	70% of ARV	12 months	5-14 days
First Flip, 10% Down¹	10% of purchase + rehab	660+	First flip OK	9.99%	2%	75% of ARV	12 months	21-30 days
7.5% Down, 3+ Flips²	7.5% of purchase + rehab	660+	3+ completed flips	9.99%	1.5%	75% of ARV	12 months	21-30 days
5% Down, 5+ Flips³	5% of purchase	660+	5+ completed flips	9.99% to 10.99%	2%	75% of ARV	9-24 months	10-14 days
100% Financing, 2+ Flips⁴	0% (100% financing)	620+	2+ completed flips	9.50% to 12.00%	2.5%	70% of ARV	9 months	7-14 days

Rate 9.99% with 2% to 2.25% origination by credit; more origination buys the rate down as far as 8.99%. Loans under $150,000 add 0.5% to the rate and 0.5% to the origination, under $100,000 1.5% and 1%. Under 680 credit the loan caps at 87.5% of cost. Standard interest, charged only on funds drawn. The loan is capped at a share of purchase plus rehab, the full rehab held back for draws, and the ARV must be at least 1.25 times purchase plus rehab. Processing $500, legal $1,495 and underwriting $795.
Rate 9.99% with 1.5% to 1.75% origination by credit; more origination buys the rate down as far as 8.99%. Loans under $150,000 add 0.5% to the rate and 0.5% to the origination, under $100,000 1.5% and 1%. Under 680 credit the loan caps at 90% of cost. Standard interest, charged only on funds drawn. The loan is capped at a share of purchase plus rehab, the full rehab held back for draws, and the ARV must be at least 1.25 times purchase plus rehab. Processing $500, legal $1,495 and underwriting $795.
Rate is set per file from 9.99%; origination about 2% plus a $995 processing fee.
Needs 2 completed flips in the last two years and about $75,000 in verified liquidity. Rate 9.5% to 12% with 2% to 3% origination, set per file. Purchase plus rehab must fit under 70% of ARV.

Origination has a $2,000 minimum on most programs (a few lenders set a higher one, noted above) and our broker fee is 1% with a $2,000 minimum and a $10,000 maximum. These are the numbers our term sheets use as of October 2026. Strong credit, cash and a track record can price lower through specific lenders in the network.

Where Chicago prices sit right now

Before we price a Chicago flip, we look at where sales in the city sit today. Your block can run well above or below these numbers, so treat them as the starting point, not the answer.

Redfin puts the Chicago median sale price at $426,000 for the three months ending August 2026, about 9% above a year earlier, with homes selling in around 49 days; that figure blends condos with houses. Zillow’s home value index for the city is $334,030, up 5.2% over the year. On the Southwest Side, Zillow puts McKinley Park at $344,072, Heart of Chicago at $348,642 and Douglas Park at $293,967.

Median sale price, Chicago (Redfin, 3 months to Aug 2026)	$426,000
Days on market, Chicago (Redfin)	49
Zillow home value index, Chicago (Aug 2026)	$334,030
Zillow home value index, McKinley Park	$344,072
Zillow home value index, Heart of Chicago	$348,642
Zillow home value index, Douglas Park	$293,967

Sources: Redfin, Chicago housing market, Zillow, Chicago home values, City of Chicago, Full Payment Certificates, City of Chicago, anti-deconversion ordinances

How a Chicago file actually gets priced

Cook County appraisers comp tightly by community area and building type. A bungalow won’t comp against a raised ranch or a frame cottage on the same block, and a two-flat is valued against other two-flats with an eye on rent. We set the ARV on closed sales of the same type inside the same community area over the last 90 days and discount anything that sold with heavy concessions. Illinois property taxes are paid a year in arrears, so the seller credits the buyer at closing, and on a Cook County house that proration is a real number in your cash to close; we show it rather than surprise you with it.

Basement water is the Chicago risk. The city runs on a combined sewer, and in a heavy storm it backs up into basements across the bungalow belt, so an overhead sewer or a flood control valve and a working sump are worth budgeting on almost every house. Much of the pre-1986 housing stock still has lead water service lines that the city is working to replace. Every transfer of real property in Chicago needs a water and sewer Full Payment Certificate from the Department of Finance, the city charges its own transfer tax on top of the state and county, and anything beyond cosmetic work needs a permit through the Department of Buildings. Tuckpointing, parapets and chimneys are the masonry line items to price.

Who buys your finished Chicago deal

The finished Chicago bungalow goes to an owner-occupant on an FHA or conventional loan, and in the Southwest Side community areas that buyer is price sensitive and comparing your house to other bungalows two blocks away, not to new construction. Finish to the block: clean masonry, a dry basement, an updated kitchen and a second full bath carry the most weight. Two-flats exit to house hackers and small landlords, and they can also be refinanced on a DSCR loan when the rents cover it, which makes them a flexible exit. Redfin has Chicago homes selling in around seven weeks, so plan the carry with some runway.

What happens after you apply

Apply once and the whole Chicago loan lives in the borrower portal: the term sheet you can accept and sign in the browser, where the loan stands, one place for documents, and the list of what the lender is still waiting on. These are real screens from the portal.

Capital Kings borrower portal: Welcome to your file — **Welcome to your file**Sign in and the term sheet is waiting, with every fee and who it goes to.

Capital Kings borrower portal: Where the loan stands — **Where the loan stands**Application, appraisal, title, underwriting, clear to close.

Capital Kings borrower portal: Run the deal again — **Run the deal again**The analyzer priced off your real numbers, before and after the appraisal.

Capital Kings borrower portal: What the lender still needs — **What the lender still needs**Every open condition, what clears it, and who it is waiting on.

The full walkthrough is on how it works, and you can tour the borrower portal before you apply.

What we fund in Chicago

Fix and flip

10%down on a first flip

Rates: from 8.99% at 760+ credit
With experience: 0% down with 2+ completed flips, purchase plus rehab under 70% of ARV
Rehab: 100% funded, paid in draws

Fix and flip loans in Illinois →

Rental (DSCR)

7.00%rates from, 30-year fixed

Qualify on: the rent, no W-2s or tax returns
Down: from 20% at 700+ credit
Good for: buy-and-hold, and the refinance when a flip becomes a rental

DSCR loans in Illinois →

New construction

95%of cost with a financed interest reserve, after 1 completed build

Rates: from 8.49% with 5+ completed builds
First build: 85% of cost with a GC who has 5+ builds
Builds: single family to small multifamily

New construction loans in Illinois →

Where we lend in Chicago

We broker deals across the whole Chicago market. The submarkets investors ask us about most are Chicago Lawn and West Lawn (60629), Ashburn and Scottsdale (60652), Garfield Ridge and Clearing (60638), Brighton Park, McKinley Park and Archer Heights (60632 / 60609), Belmont Cragin and Portage Park (60639 / 60634 / 60641) and Chatham, Avalon Park and South Shore (60619 / 60617 / 60649).

How long does a Chicago loan take to fund?

You send the address, purchase price, rehab budget and your ARV, which takes about five minutes and no credit pull. We take it to the lenders in our network that fit it and are licensed in Illinois, and the rate, origination, leverage and cash to close come back side by side. 5-14 days to fund. We stay on title and the lender through funding.

Chicago hard money FAQ

Do you lend hard money in Chicago?

Yes. Capital Kings is a broker, not a direct lender, so we shop your Chicago scenario across a 400+ lender network and bring back real terms instead of one lender’s rate sheet. The programs on this page are the ones whose lenders are licensed in Illinois, and the numbers come from the same engine that prices our instant term sheet.

Which fix and flip programs apply in Chicago?

As of October 2026: Best Rate (15% down, from 8.99%); First Flip, 10% Down (10% down, from 9.99%); 7.5% Down, 3+ Flips (7.5% down, from 9.99%, 3+ completed flips); 5% Down, 5+ Flips (5% down, from 9.99%, 5+ completed flips); 100% Financing, 2+ Flips (100% financing when purchase plus rehab fits under 70% of ARV, from 9.50%, 2+ completed flips). Rehab is funded 100 percent in draws on every one of them, and we shop the file against the rest of the network before anything is signed.

How fast can a Chicago hard money loan close?

Most Chicago fix and flip files fund in 5-14 days once the file is complete. The First Flip, 10% Down program and the 7.5% Down, 3+ Flips program close in 21-30 days. The biggest delays are usually title issues or missing borrower documents, so getting those started early makes a big difference.

How much do I need to bring to close on a Chicago flip?

The worked example on this page is a $230,000 Chicago purchase with a $75,000 rehab and a $420,000 after repair value at 700 credit, first flip: $34,500 down (15% of the purchase) and $49,076 total cash to close, with $80,661 of proof of funds to show the lender. The lowest down payment for a first flip in Chicago is 10% down from 9.99% at 660+ credit. Investors with a track record can go to 0% down (100% financing) from 9.50% at 620+ credit with 2+ completed flips, when purchase plus rehab fits under 70% of ARV, and you still bring the closing costs in cash. Rehab is funded 100 percent through draws in every case. Run your own numbers in the calculator above, or send us the deal and we will price it.

Do you fund the rehab budget in Chicago?

Yes, 100 percent of the rehab is funded, but it is a holdback released in draws rather than cash at closing. You pay for each phase, request a draw, an inspector verifies the work, and the lender reimburses. That means you need working capital to float the first phase, which is the single most common thing new investors miss on their first deal.

What credit score do I need for a Chicago fix and flip loan?

The lowest credit floor among the Chicago programs is 620, on 100% financing (under 70% of ARV) with 2+ completed flips. A first flip needs 660 or higher. The lowest rate here, 8.99%, needs 760+ credit. Depending on the program, rates step down at 760 credit and origination steps down at 700 and 740. Credit matters less here than on a conventional loan because the deal carries the file, but it moves your rate and your leverage, so know where you stand before you make offers.

Can I refinance a Chicago flip into a rental loan?

Yes. That is the BRRRR exit, and it is the most common way a Chicago flip becomes a hold. A DSCR loan qualifies on the property’s rental income rather than your W-2, so once the rehab is done and it is leased, you refinance out of the short-term hard money loan into 30-year financing. Worth deciding before you start, because it changes what finish level makes sense.

Can I get a hard money loan on a Chicago two-flat?

Yes. Two to four unit properties fit the fix and flip and DSCR programs, and two-flats are one of the most common Chicago files. The ARV is set against other two-flats in the same community area, with rents in view. If your plan is to sell, we price the flip; if you want to rent one or both units, we price the DSCR refinance at the same time so you can see both endings.

What Chicago closing costs should a flipper plan for?

Beyond the usual title and lender fees, plan for the city, county and state transfer taxes on the sale, the water and sewer Full Payment Certificate on every transfer, and the property tax proration, since Illinois taxes are paid a year behind and the seller credits the buyer at closing. The worked example on this page shows lender-side costs; your attorney will quote the Chicago-specific items, and we’d rather you budget them before you buy.

Micah Foster

Founder & CEO, Capital Kings LLC

Micah brokers Non-QM and hard money loans for real estate investors across 38 states from his base in Texas. He founded Capital Kings to give investors a broker who shops the market on their behalf instead of pitching one lender product.

What to read before you sign a term sheet

Hard money near Chicago: Rockford, Peoria, Naperville, Aurora and Kenosha. More Illinois city guides: Joliet and Springfield. Or see everything we fund in Illinois.

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