Private lending in Chicago: fund local houses, one at a time
Put your money into Chicagoland real estate you can drive past yourself. Each loan funds one house we’re buying, secured by a mortgage recorded with the county and a title insurance policy. We’ve been buying houses around Chicago since 2006.
- One lender per house, never pooled
- Recorded mortgage and title insurance on every loan
- Cash or self-directed IRA
Get on our Chicago lender list
Looking to borrow money? We don’t make loans. This page is for people who want to lend.
Join the Chicago lender list
Why lend on Chicagoland houses
Most private lending pitches ask you to trust a property in a city you’ve never seen. Here, the houses are in your backyard. Before you fund a deal you can drive the block, look at the house from the street, and judge the neighborhood with your own eyes.
Our Chicagoland purchases come mostly from the south and southwest suburbs: the brick ranches, bungalows and split-levels you find around places like Oak Lawn, Orland Park, Tinley Park, Bridgeview and the Joliet area, plus houses in the city and the west suburbs. These are homes owners need to sell as-is, often after an inheritance, a divorce or years of deferred repairs. A private lender lets us close in a couple of weeks instead of waiting on a bank.
How private lending with us works
- Join the list.
Fill out the short form. It takes a minute and doesn’t commit you to anything.
- We talk.
We call to learn what you’re looking for and answer your questions. Deals are only shared with lenders we’ve spoken with and approved.
- Review Chicagoland deals.
Approved lenders get deals by email and can see them in our private lender portal, run by our parent company, BAM Home Buyers. Each deal shows the purchase price, repair estimate and our plan for the house.
- Fund one house.
If a deal fits, you’re the only lender on it. You get a promissory note, a mortgage recorded on that property, and a title insurance policy.
- Get repaid.
Payments and the payoff date are written into the note before closing.
Loan basics
| Typical loan | $75,000 to $750,000, and some deals go above that |
|---|---|
| Security | Promissory note and a mortgage recorded with the county where the house sits |
| Protection | Title insurance policy |
| Rate and term | Set for each deal and discussed privately, unless already listed on that deal |
| Funds | Cash or a self-directed IRA |
| Where | Chicagoland, mostly the south and southwest suburbs (we also buy nationally through BAM Home Buyers) |
What Illinois lenders should know
Your mortgage is a public record
In Illinois, a mortgage is recorded with the county where the property is located. In Cook County that’s the Cook County Clerk’s Recordings Division; DuPage, Will and the other collar counties have their own recorder’s offices. Once it’s recorded, anyone checking title sees your lien on the house.
Foreclosure in Illinois goes through the courts
Illinois is a judicial foreclosure state, so enforcing a mortgage means filing in circuit court, and it can take many months. That’s why the setup of each loan matters: the property value, the repair budget and the exit plan should leave room for things to take longer than expected.
Lending from a self-directed IRA in Illinois
A self-directed IRA can hold a real estate loan on an Illinois house. Your IRA custodian sends the funds at closing, holds the note for your account, and payments go back into the IRA. Custodians have their own paperwork and timelines, so let us know early if you plan to lend this way, and check the rules with your custodian and tax professional.
The risks, plainly
Every loan carries risk, including loss of principal. Chicago-area values can soften, repairs on older brick homes can run over budget, and a sale can take longer than planned. If a loan isn’t repaid, Illinois foreclosure is slow.
Here’s how each loan is set up to protect you: one lender per house, a recorded mortgage on that specific property, a title insurance policy, and repair estimates from a team that has bought more than 500 houses. Review every deal yourself, and look at the house in person if you like.
Who you’re lending to
We Buy Houses in Chicago Fast is a brand of BAM Home Buyers LLC, a Chicago-based home buyer since 2006 with 500+ houses purchased and 120+ five-star ratings. Lender sign-ups from this page go to the same team and the same vetting call as BAM’s private lender program, which also covers deals outside Illinois.
Ready to lend on Chicagoland houses?
Join our Chicago lender list. It takes 30 seconds, and we’ll call to talk it through. No commitment.
Chicago private lending FAQ
Do you lend money to investors or homeowners?
No. We don’t make loans. This page is for people who want to lend on houses we’re buying.
Where are the houses?
In Chicagoland, mostly the south and southwest suburbs, plus the city and west suburbs. Each deal lists the town so you can drive by first.
Is my money pooled with other lenders?
No. Each loan funds one house for one lender.
How much do I need?
A typical deal needs $75,000 to $750,000, and some go above that. You pick which deals to fund.
What secures my loan?
A promissory note, a mortgage recorded with the county, and a title insurance policy.
Can I use my IRA?
Yes. Loans can be funded through a self-directed IRA. Your custodian funds the loan and holds the note.
What are the rates and terms?
They depend on the deal. We go over them with approved lenders, and some deals list them in the lender portal.
Can I see the house before I lend?
Yes. You’re welcome to drive by, and we can arrange a walk-through when the house is accessible.