Consumers thinking about purchasing rental properties in or surrounding areas of Chicago, Illinois routinely seek the best rental property loans they can find. There are numerous private money lenders in and around the Chicago area that provides short-term and long-term mortgage loans to investors in Illinois.

Consumers acquire rental property loans for the purchase of the property, to refinance a current rental property loan, acquire equity cash out, for the rehabilitation of the rental property, and of course to start new construction on a vacant property purchase.

Credit Reports and Credit Scores Mean Everything

A higher credit score and glowing credit report help to keep interest percentage rates lower, under five percent. The majority of commercial property lenders require a credit score of no lower than 640. There are three major credit reporting services in which lenders get applicants credit scores and payment histories. These credit agencies are TransUnion, Experian, …