Are you a real estate investor who needs money to help you do a new deal or complete an existing deal? Are you looking for money in your state? Read this blog post all the way through learn the 4 tips to help you know how to find hard money lenders in Illinois…
In the real estate investing space, hard money lenders are usually private lenders who work with investors to lend a secured loan against a real estate asset. If you need money to help you acquire a deal or perhaps to finish fixing up an existing deal, a hard money lender is one option for you.
Tip #1. Know Yourself
There are different kinds of hard money lenders – some who only work in certain states, some who only lend to certain types of deals, etc. So the very first tip to know how to find hard money lenders in Illinois is to figure out why you need the money.
Create a short description of who you are and what your deal is like. That way you can start looking for a hard money lender in your area and use your description as a checklist to know if they’re the kind of lender to work with you. If you’re not sure, send them your description and ask if you fit their lending parameters.
Tip #2. Seek To Find
An online search of a term like “hard money lenders in Illinois” will help you find some hard money lenders near you. Of course that’s just the very first step – the may not all lend within the parameters that you need but at least you have a starting point or “short list” to start digging in and seeing who can help.
Tip #3. Join The Club
Chances are, you have several real estate investing clubs or real estate investing associations in your area and you should scope them out and see what kind of hard money lenders might be there. Some might be occasional guests but other lenders might be regular attenders. Join the clubs that offer the most prospective hard money lenders and get to know them.
Tip #4. Shake More Hands
There is simply no substitute for getting to know people. Start with your network of real estate investors that you may already know and begin asking them who they know or use for hard money loans. They may not use any hard money themselves so be sure to also ask what other investors they know. Simply meet more investors and ask every investor for a hard money loan introduction. Eventually you’ll meet great hard money lenders through a trusted source.
Another great starting point is to get in touch with us. As hard money lenders, we have access to capital and are looking for the right deals for it. And even if we can’t personally help you, you should still reach out to us and introduce yourself because perhaps we know someone who can help you. Every new connection in a network has some value!