Chicago construction loans
Ground-up or a gut job. We do not wire the full budget on day one. Funds come out on a draw schedule as work is inspected — the same process we already run for borrowers in the portal.
Who this is for
- You are building new or taking a property down to the studs, and a bank construction loan will take months to close.
- You have a contractor, a budget, and a timeline, and you need a lender who will inspect and release draws instead of arguing about a single lump sum.
- The project is a single-family, small multi, or mixed-use job in Chicago or elsewhere in the U.S. — we lend nationwide from Deerfield.
How it works
Step 1
Budget and plans first
Send the scope, contractor bids, and drawings if you have them. We size the loan off the property and the work, not a generic construction multiple. Permits in Chicago add time; we want that on the calendar before we lock a maturity.
Step 2
Close, then build against draws
Typical close is 3–7 days after a complete file. After closing, renovation or construction funds are held and released as work is completed and inspected. You are not asked to float the entire job on a personal line.
Step 3
Hold through the build
Terms are often 12–24 months on construction, longer than a straight flip, because winter and the Department of Buildings will eat a schedule. Interest-only during the work. Exit is a sale, a refinance, or a conversion once the project is complete.
Typical terms
These are examples we already publish on the site. Your rate, points, and LTV depend on the property, your experience, and the exit.
Rates
Typically 9–14%
Origination
Typically 2–4 points
Advance
Purchase LTV plus rehab/construction draws
Draws
Released as work is inspected
Term
Often 12–24 months
Close
3–7 days after a complete file
Investment-property lending only. Not all applicants qualify. Closings depend on title, inspections, and complete documents.