Fix and flip loans in Illinois, funded in 48 hours.

Yes. PML funds fix and flip loans in all 50 states, with active flipper books in Chicago, Aurora, Naperville, and Rockford. Single-family, duplex, triplex, and fourplex properties. Loan size from $100,000 to $5,000,000 per asset, with cross-collateralized facility lines available for sponsors running three or more concurrent Illinois projects. No state-line carve-outs on pricing or leverage; a Cook County flip prices off the same rate sheet as a Cook County flip.

Illinois does not require a separate state lender license for business-purpose loans on 1 to 4 unit non-owner-occupied investment property held by an entity. The state Residential Mortgage License Act applies to consumer mortgages, not business-purpose loans. PML originates Illinois fix and flip loans under that posture, with closings handled through the customary Illinois closing process. Loans are not consumer mortgages; they cannot be used for a primary or secondary residence. The borrower is always an LLC, LP, or corporation, never a natural person.

The bulk of Illinois fix and flip activity in our book lands in a $225,000 to $575,000 ARV band, with loans typically between $180,000 and $465,000 on a single asset. Chicago and Chicago skew toward the lower half of that band on entry-level cosmetic flips; Logan Square and West Town stretch to $1,150,000 plus on full-gut projects. We will write an Illinois loan as small as $100,000 and as large as $5,000,000.

Illinois is a title-company state. Closings happen at a licensed title company that handles both the title commitment and the escrow function — there is no attorney-state requirement and no separate settlement attorney. PML has working relationships with title companies in every major Illinois metro and routes closings to whichever office produces the fastest commitment for the subject property’s county. A clean Illinois file regularly closes 5 to 7 business days from term-sheet acceptance.

Illinois imposes a state real estate transfer tax of $0.50 per $500 of consideration, plus county and (in Cook County) municipal transfer taxes. Chicago’s transfer tax is materially higher than the rest of the state. PML’s quote on the HUD reflects the actual Illinois tax and recording schedule for the subject county; there are no lender markups on third-party closing costs.

Northern Illinois winters slow exterior trade work (roofing, siding, concrete) from late November through March, but they do not slow our draw cadence. Inspector clears within one business day, wire goes out within 48 hours, year-round. Plan rehab budgets with a 2 to 4 week seasonal cushion on cold-weather exterior scopes.

Illinois is a judicial foreclosure state. A defaulted business-purpose loan moves through the courts in roughly 12 to 16 months from filed complaint to sheriff's or commissioner's sale — materially longer than non-judicial states like Texas or Arizona. As a sponsor this should never matter; as an underwriting input it is reflected in our Illinois risk pricing.

The Cook County e-recording system normally posts a deed and deed of trust the same business day they are submitted. Other major Illinois metros (Aurora, Naperville and Rockford) run similarly fast on e-recording. PML wires loan proceeds the day of close; the lien recording happens in parallel.

Yes. Illinois foreclosure sales are court-ordered judicial sales conducted by the county sheriff or court-appointed commissioner, with the sale date set by the court after entry of the foreclosure judgment. PML can fund acquisitions from courthouse-step foreclosure sales when title is clean and judgment is final, with a binding term sheet inside four business hours. Plan additional time for confirmation-of-sale where the Illinois courts require it.

Yes. PML can close into a newly-formed Illinois LLC even if you took the property under contract in your personal name. The closing party handles the deed transfer at closing — the property moves from your personal name into the new entity simultaneous with the loan funding, with the standard Illinois transfer-tax treatment applied at close. We do not lend to natural persons; the borrower is always an entity. We can help structure the entity if you do not yet have one in place.