Hard Money Loan Glossary Illinois

This website offers a glossary on the most important terms associated with hard money loans.

Local Companies

Investment Planners, Inc.
(309) 692-1460
311 SW Water St
Peoria, IL
David Vaughan Investments Inc
(309) 685-0033
5823 North Forest Park Drive
Peoria, IL
Werther Financial Services
(708) 366-8447
7220 Madison St
Forest Park, IL
Professional Mortgage
(815) 301-6868
129 N Main St
Crystal Lake, IL
Advanced Mortgage Solutions
(847) 966-1205
8700 Waukegan Rd
Morton Grove, IL
First Regent Mortgage Funding Inc
(773) 772-1559
1830 N Milwaukee Ave
Chicago, IL
Sunbeam Realty
(708) 848-9500
1515 N Harlem Ave
Oak Park, IL
Mobium Mortgage Group
(312) 440-4007
319 W Ontario St
Chicago, IL
Future Financial Llc
(630) 571-7283
2805 Butterfield Rd
Hinsdale, IL
United Financial
(847) 805-1660
755 W Golf Rd
Schaumburg, IL

Accelerate: An option given to lenders through an "acceleration" clause in the mortgage or deed of trust requiring the borrower to pay the entire balance of the loan all at once if their loan is in default.

Appraisal: The process in which a licensed or authorized person gives an estimate of property value.

Appreciation Assignment: The transfer of property to be held in trust or to be used for the benefit of the creditors (lenders).

Assignment: The written transfer of an interest in a lease of mortgage. The lessee, or assignor transfers the remainder of the term and the assignee becomes liable ot the original lessor for the rent.

Balloon Payment Mortgage: A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal. It is common for these loans to be rather short terms, less than 10 years.

Bridge Loan: Bridge loans are loans intended to be used for a short period of time between the initial requuirements for funds and a permanent, usually less costly, financial solution.

Commercial Lender: Commercial lenders offer a variety of mortgage-backed loans for commercial property. Each commercial lender sets economic, demographic, and geographic criteria.

Deed of Trust: A three party security instrument conveying the legal title to real property as security for the repayment of a loan. The three parties included in a deed of trust are the borrower, lender, and trustee.

Fair Market Value: The price a property would sell for on the open market.

First Mortgage: The primary mortgage on a property that has priority over all other voluntary liens.

Hard Money: A hard money loan when the borrower's situation does not conform with common real estate lenders' standards for funding. Real estate provides the collateral for a hard money loan.

Hard Money Lender: A lender who offers loan funding based on real estate as the primary collateral asset.

Letter of Intent: A non-binding agreement between parties involved in a contract to move forward with negotiations or complete a project.

Lien: A legal claim upon real or personal property for the satisfaction of a debt.

LTV - Loan to Value: A simple ratio of the requested loan amount to the full market value of the collateralized property.

Market Value: A certified, written estimate of value calculated by an independent, licensed appraiser.

Personal Property: Property other than real property (real estate) consisting of things that are temporary or movable.

Point: A point is 1 percent of the amount of the mortgage.

Pre-Approval A loosely used term which is generally taken to mean that a borrower has completed a loan aplication and provided debt, income, and savings documentation which an underwriter has reviewed and approved. This process is independent of, and previous to, the same underwriting review of a property.

Prepayment Penalty: A charge, usually given as a percentage, that is listed in the origination terms of a loan.

Non-Conforming Loan: A non-conforming loan refers to a type of loan that does not meet bank standards for funding. The flexibility of private money can allow for a much wider range of projects to be funded, although additional collateral and documentation may be required by the lender.

Right of Redemption: A borrower's right to reacquire property lost due to a foreclosure. Governed by state law.

Underwriting: The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.

Featured Local Company

Investment Planners, Inc.

3096921460
311 SW Water St
Peoria, IL

Regional Articles
- Hard Money Loan Glossary Addison IL
- Hard Money Loan Glossary Algonquin IL
- Hard Money Loan Glossary Alsip IL
- Hard Money Loan Glossary Alton IL
- Hard Money Loan Glossary Arlington Heights IL
- Hard Money Loan Glossary Aurora IL
- Hard Money Loan Glossary Barrington IL
- Hard Money Loan Glossary Bartlett IL
- Hard Money Loan Glossary Batavia IL
- Hard Money Loan Glossary Belleville IL
- Hard Money Loan Glossary Bellwood IL
- Hard Money Loan Glossary Belvidere IL
- Hard Money Loan Glossary Bensenville IL
- Hard Money Loan Glossary Berwyn IL
- Hard Money Loan Glossary Bloomingdale IL
- Hard Money Loan Glossary Bloomington IL
- Hard Money Loan Glossary Blue Island IL
- Hard Money Loan Glossary Bolingbrook IL
- Hard Money Loan Glossary Bourbonnais IL
- Hard Money Loan Glossary Bridgeview IL
- Hard Money Loan Glossary Buffalo Grove IL
- Hard Money Loan Glossary Calumet City IL
- Hard Money Loan Glossary Carbondale IL
- Hard Money Loan Glossary Carol Stream IL
- Hard Money Loan Glossary Carpentersville IL
- Hard Money Loan Glossary Champaign IL
- Hard Money Loan Glossary Chicago Heights IL
- Hard Money Loan Glossary Chicago IL
- Hard Money Loan Glossary Cicero IL
- Hard Money Loan Glossary Clarendon Hills IL
- Hard Money Loan Glossary Collinsville IL
- Hard Money Loan Glossary Country Club Hills IL
- Hard Money Loan Glossary Crete IL
- Hard Money Loan Glossary Crystal Lake IL
- Hard Money Loan Glossary Danville IL
- Hard Money Loan Glossary Decatur IL
- Hard Money Loan Glossary Deerfield IL
- Hard Money Loan Glossary Dekalb IL
- Hard Money Loan Glossary Des Plaines IL
- Hard Money Loan Glossary Dolton IL
- Hard Money Loan Glossary Downers Grove IL
- Hard Money Loan Glossary East Moline IL
- Hard Money Loan Glossary East Peoria IL
- Hard Money Loan Glossary East Saint Louis IL
- Hard Money Loan Glossary Edwardsville IL
- Hard Money Loan Glossary Effingham IL
- Hard Money Loan Glossary Elgin IL
- Hard Money Loan Glossary Elk Grove Village IL
- Hard Money Loan Glossary Elmhurst IL
- Hard Money Loan Glossary Elmwood Park IL
- Hard Money Loan Glossary Evanston IL
- Hard Money Loan Glossary Evergreen Park IL
- Hard Money Loan Glossary Fairview Heights IL
- Hard Money Loan Glossary Franklin Park IL
- Hard Money Loan Glossary Freeport IL
- Hard Money Loan Glossary Galesburg IL
- Hard Money Loan Glossary Glen Ellyn IL
- Hard Money Loan Glossary Glendale Heights IL
- Hard Money Loan Glossary Glenview IL
- Hard Money Loan Glossary Godfrey IL
- Hard Money Loan Glossary Granite City IL
- Hard Money Loan Glossary Grayslake IL
- Hard Money Loan Glossary Gurnee IL
- Hard Money Loan Glossary Harvey IL
- Hard Money Loan Glossary Harwood Heights IL
- Hard Money Loan Glossary Hazel Crest IL
- Hard Money Loan Glossary Highland Park IL
- Hard Money Loan Glossary Hinsdale IL
- Hard Money Loan Glossary Homewood IL
- Hard Money Loan Glossary Jacksonville IL
- Hard Money Loan Glossary Joliet IL
- Hard Money Loan Glossary Kankakee IL
- Hard Money Loan Glossary Kewanee IL
- Hard Money Loan Glossary La Grange IL
- Hard Money Loan Glossary Lake Bluff IL
- Hard Money Loan Glossary Lake Villa IL
- Hard Money Loan Glossary Lake Zurich IL
- Hard Money Loan Glossary Lansing IL
- Hard Money Loan Glossary Lemont IL
- Hard Money Loan Glossary Libertyville IL
- Hard Money Loan Glossary Lisle IL
- Hard Money Loan Glossary Lockport IL
- Hard Money Loan Glossary Lombard IL
- Hard Money Loan Glossary Loves Park IL
- Hard Money Loan Glossary Machesney Park IL
- Hard Money Loan Glossary Matteson IL
- Hard Money Loan Glossary Mattoon IL
- Hard Money Loan Glossary Maywood IL
- Hard Money Loan Glossary Mchenry IL
- Hard Money Loan Glossary Melrose Park IL
- Hard Money Loan Glossary Midlothian IL
- Hard Money Loan Glossary Mokena IL
- Hard Money Loan Glossary Moline IL
- Hard Money Loan Glossary Morris IL
- Hard Money Loan Glossary Morton Grove IL
- Hard Money Loan Glossary Morton IL
- Hard Money Loan Glossary Mount Prospect IL
- Hard Money Loan Glossary Mundelein IL
- Hard Money Loan Glossary Murphysboro IL
- Hard Money Loan Glossary Naperville IL
- Hard Money Loan Glossary New Lenox IL
- Hard Money Loan Glossary Niles IL
- Hard Money Loan Glossary Normal IL
- Hard Money Loan Glossary North Chicago IL
- Hard Money Loan Glossary Northbrook IL
- Hard Money Loan Glossary O Fallon IL
- Hard Money Loan Glossary Oak Forest IL
- Hard Money Loan Glossary Oak Lawn IL
- Hard Money Loan Glossary Oak Park IL
- Hard Money Loan Glossary Orland Park IL
- Hard Money Loan Glossary Palatine IL
- Hard Money Loan Glossary Palos Hills IL
- Hard Money Loan Glossary Park Forest IL
- Hard Money Loan Glossary Park Ridge IL
- Hard Money Loan Glossary Pekin IL
- Hard Money Loan Glossary Peoria IL
- Hard Money Loan Glossary Plainfield IL
- Hard Money Loan Glossary Prospect Heights IL
- Hard Money Loan Glossary Quincy IL
- Hard Money Loan Glossary Riverdale IL
- Hard Money Loan Glossary Rochelle IL
- Hard Money Loan Glossary Rock Falls IL
- Hard Money Loan Glossary Rock Island IL
- Hard Money Loan Glossary Rockford IL
- Hard Money Loan Glossary Rolling Meadows IL
- Hard Money Loan Glossary Romeoville IL
- Hard Money Loan Glossary Roscoe IL
- Hard Money Loan Glossary Roselle IL
- Hard Money Loan Glossary Round Lake IL
- Hard Money Loan Glossary Saint Charles IL
- Hard Money Loan Glossary Schaumburg IL
- Hard Money Loan Glossary Skokie IL
- Hard Money Loan Glossary South Elgin IL
- Hard Money Loan Glossary South Holland IL
- Hard Money Loan Glossary Springfield IL
- Hard Money Loan Glossary Streamwood IL
- Hard Money Loan Glossary Streator IL
- Hard Money Loan Glossary Sycamore IL
- Hard Money Loan Glossary Taylorville IL
- Hard Money Loan Glossary Tinley Park IL
- Hard Money Loan Glossary Urbana IL
- Hard Money Loan Glossary Vernon Hills IL
- Hard Money Loan Glossary Villa Park IL
- Hard Money Loan Glossary Waukegan IL
- Hard Money Loan Glossary West Chicago IL
- Hard Money Loan Glossary Westchester IL
- Hard Money Loan Glossary Westmont IL
- Hard Money Loan Glossary Wheaton IL
- Hard Money Loan Glossary Wheeling IL
- Hard Money Loan Glossary Wilmette IL
- Hard Money Loan Glossary Wood Dale IL
- Hard Money Loan Glossary Woodridge IL
- Hard Money Loan Glossary Woodstock IL
- Hard Money Loan Glossary Zion IL
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