Harpoon Capital for Illinois investors
Harpoon Capital is a broker-only private money lender with no stated minimum DSCR — it will consider deals below 0.75 DSCR. Minimum credit score is 620, with loan sizes from $50,000 to $3,500,000 and maximum 85% LTV. The company does not publish rate or state-coverage figures in the sources reviewed.
Illinois context
Illinois property tax burden second-highest in nation. Chicago south/west neighborhoods produce strong DSCR cash flow with Section 8 vouchers. Cook County investor-class tax assessment.
How Harpoon Capital positions in Illinois
The Illinois lender pool for DSCR includes Harpoon Capital among the active platforms. Illinois top metros (Chicago, Springfield, Peoria) see meaningful Harpoon Capital loan volume.
City-level coverage in Illinois
Harpoon Capital provides DSCR coverage across Illinois metros including Chicago, Springfield, and Peoria. Within each metro, submarket variation drives deal-specific underwriting more than lender selection. Harpoon Capital program terms apply uniformly across Illinois metros; the specific deal characteristics determine final pricing.
Terms and pricing
| Loan type | Private money |
|---|---|
| Products | rental DSCR |
| Loan size | $50K - $3.5M |
| Rates | Not publicly published |
| Points | Not publicly published |
| Max LTV | 85% of ARV |
| Term lengths | Not publicly published |
| Typical close time | Not publicly published |
| Illinois property tax | 2.3% |
| Illinois state income tax | 4.95% |
Harpoon Capital strengths in Illinois
- No minimum DSCR requirement — approves deals below 0.75
- Loan sizes from $50,000 to $3,500,000
- 620 minimum credit score
- Broker-only origination
Ideal borrower: Investor with a cash-flow-negative property (DSCR below 0.75) seeking a broker-originated private money lender with no DSCR floor.
FAQ
Likely; verify direct Illinois coverage. Harpoon Capital is based in an undisclosed location and operates in states not publicly disclosed.
Chicago is the top investor market in Illinois and is generally within Harpoon Capital states not publicly disclosed footprint. Chicago property tax follows the Illinois state rate of 2.3 percent. Harpoon Capital typically underwrites Chicago acquisitions at standard rate sheets.
Yes. Springfield ranks among the larger Illinois investor metros and sees consistent DSCR loan volume from Harpoon Capital. Submarket variation within Springfield matters for property selection.
Harpoon Capital applies the same rate sheet across Illinois metros. Pricing variation comes from property-specific factors rather than metro location within the same state. Chicago, Springfield, and Peoria all qualify for the same Harpoon Capital program.
Harpoon Capital does not publish a rate sheet. Pricing is quoted per deal and depends on credit, leverage, coverage ratio and experience.
Illinois property tax burden second-highest in nation. Chicago south/west neighborhoods produce strong DSCR cash flow with Section 8 vouchers. Cook County investor-class tax assessment. Harpoon Capital follows standard business-purpose loan structures.
Harpoon Capital funds rental DSCR in Illinois.
Illinois allows standard DSCR prepay structures; Harpoon Capital typically uses 3-5 year step down.
Harpoon Capital typical close: Not publicly published.
Bottom line
Illinois investors considering Harpoon Capital should verify current rate sheets directly and confirm specific submarket coverage.
Independent directory listing. DSCR Loan Program is not affiliated with Harpoon Capital.