Renovo Financial for Illinois investors
Renovo Financial is the largest Chicago-based hard money lender. Founded 2011, they've closed thousands of loans across the Midwest and have particularly deep penetration in Chicago, Indianapolis, and Milwaukee. Strong relationships with the local broker community make them a default first-call for many Chicago investors.
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 Renovo Financial positions in Illinois
For Illinois specifically, Renovo Financial fits investors who match the hard money approach. The medium cash flow profile of Illinois aggregate makes it workable for Renovo Financial.
City-level coverage in Illinois
Renovo Financial provides DSCR coverage across Illinois metros including Chicago, Springfield, and Peoria. Within each metro, submarket variation drives deal-specific underwriting more than lender selection. Renovo Financial program terms apply uniformly across Illinois metros; the specific deal characteristics determine final pricing.
Terms and pricing
| Loan type | DSCR non-QM institutional |
|---|---|
| Products | fix-and-flip, BRRRR, new-construction, bridge, rental, multi-family |
| Loan size | $100K - $5.0M |
| Rates | 9.5%-12.5% |
| Points | 1 - 3 |
| Max LTV | 85% of ARV |
| Term lengths | 6-24 months (hard money) / 30-year (rental) |
| Typical close time | 7-14 days typical |
| Illinois property tax | 2.3% |
| Illinois state income tax | 4.95% |
Renovo Financial strengths in Illinois
- Chicago-based — strongest local market knowledge
- experienced underwriting team
- national reach with local depth
- strong fix-and-flip program
Ideal borrower: Experienced Chicago-area investor doing 2+ deals/year on SFR or 2-4 unit projects
FAQ
Likely; verify direct Illinois coverage. Renovo Financial is based in Chicago, IL and operates in Chicago / national.
Chicago is the top investor market in Illinois and is generally within Renovo Financial Chicago / national footprint. Chicago property tax follows the Illinois state rate of 2.3 percent. Renovo Financial typically underwrites Chicago acquisitions at standard rate sheets.
Yes. Springfield ranks among the larger Illinois investor metros and sees consistent DSCR loan volume from Renovo Financial. Submarket variation within Springfield matters for property selection.
Renovo Financial 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 Renovo Financial program.
Renovo Financial indicative DSCR rate range is 9.5 to 12.5 percent with 1 to 3 points.
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. Renovo Financial follows standard business-purpose loan structures.
Renovo Financial funds fix-and-flip, BRRRR, new-construction, bridge, rental, multi-family in Illinois.
Illinois allows standard DSCR prepay structures; Renovo Financial typically uses 3-5 year step down.
Renovo Financial typical close: 7-14 days typical.
Bottom line
Renovo Financial in Illinois works for the right borrower-deal combination. Match the lender to your deal characteristics.
Independent directory listing. DSCR Loan Program is not affiliated with Renovo Financial.