Hard Money Lenders in Joliet, IL | Fix & Flip | Capital Kings LLC
Capital Kings LLC · Non-QM Mortgage Broker

Hard Money Lenders inJoliet, Illinois

Fix and flip, DSCR rental and new construction financing for Joliet investors. We do not lend our own money, we shop your deal across a 400+ lender network and come back with real terms you can compare on total cost.

Get a term sheet →Price a Joliet deal

Prefer to talk it through? Call or text Micah at (281) 636-5682.

Reviewed by Micah Foster, Founder & CEO, October 2026

Price a Joliet deal right now

Prefilled with a realistic Joliet deal. Change any number and it reprices on the programs that lend in Illinois, with the same math as our term sheets.

Sizing your flip on the same terms as the term sheet. Get a real term sheet →

Financing a deal in Joliet

Joliet is the Will County seat, an old steel and limestone town on the Des Plaines River that has turned into a warehouse and logistics hub along I-80 and I-55. That job growth has pulled in buyers, and prices have been climbing. The flip stock is in the older city: 1900s to 1920s frame houses on the near west side, brick homes in the historic districts, and post-war ranches to the south and east. The newer subdivisions on the far west edge sell to a different, pricier buyer.

Joliet splits roughly at the river and again at the old city limits. The near west side, the Cathedral Area and the Upper Bluff hold the most character and the biggest houses for the money, but the renovations run deeper. The east and south sides are cheaper and more investor heavy, so the comps there can be thin. The far west side, inside Plainfield District 202 and partly in Kendall County, is almost all newer construction and isn’t where flips live. Pick your street by who will buy it finished, then buy deep enough to cover a real rehab.

What a Joliet deal looks like on paper

Joliet example: $160,000 purchase, $60,000 rehab, $305,000 after repair value, 700 credit, first flip. The engine puts that borrower on the Best Rate program at 9.49%. Say a 1920s frame two-story near the Cathedral Area: new roof and gutters, a gutted kitchen, a second bath, updated wiring, a furnace and tuckpointing on the foundation. Every number below is what the instant term sheet prints for that deal, so the picture cannot contradict the page.

Loan amount$196,000
Cash to close$36,463
Proof of funds to show$61,963
Where the $36,463 goes
  • Down payment (15% of the purchase)You$24,000
  • Origination (0.5%)Lender$2,000
  • Lender fees (flat)Lender$1,989
  • Broker fee (1%)Broker$2,000
  • Title and closing (estimate at Texas rates)Title$3,304
  • Prepaid interest (15 days)Lender$530
  • Property insuranceInsurer$2,090
  • AppraisalAppraiser$550

Interest while you rehab: $1,076 a month on the $136,000 funded at closing, $1,550 once every draw is out. Proof of funds is cash to close plus $16,200 of rehab reserve and $9,300 of interest reserve. Sample borrower, sample address; the sheet is issued by the same engine as the borrower’s instant term sheet.

Fix and flip programs in Joliet

Swipe the table for rates, credit and terms →

ProgramDown paymentMin creditExperienceRateOriginationMax loanTermClose
Best Rate15% of purchase700+First flip OK8.99% to 9.49%0.5%70% of ARV12 months5-14 days
First Flip, 10% Down110% of purchase + rehab660+First flip OK9.99%2%75% of ARV12 months21-30 days
7.5% Down, 3+ Flips27.5% of purchase + rehab660+3+ completed flips9.99%1.5%75% of ARV12 months21-30 days
5% Down, 5+ Flips35% of purchase660+5+ completed flips9.99% to 10.99%2%75% of ARV9-24 months10-14 days
100% Financing, 2+ Flips40% (100% financing)620+2+ completed flips9.50% to 12.00%2.5%70% of ARV9 months7-14 days
  1. Rate 9.99% with 2% to 2.25% origination by credit; more origination buys the rate down as far as 8.99%. Loans under $150,000 add 0.5% to the rate and 0.5% to the origination, under $100,000 1.5% and 1%. Under 680 credit the loan caps at 87.5% of cost. Standard interest, charged only on funds drawn. The loan is capped at a share of purchase plus rehab, the full rehab held back for draws, and the ARV must be at least 1.25 times purchase plus rehab. Processing $500, legal $1,495 and underwriting $795.
  2. Rate 9.99% with 1.5% to 1.75% origination by credit; more origination buys the rate down as far as 8.99%. Loans under $150,000 add 0.5% to the rate and 0.5% to the origination, under $100,000 1.5% and 1%. Under 680 credit the loan caps at 90% of cost. Standard interest, charged only on funds drawn. The loan is capped at a share of purchase plus rehab, the full rehab held back for draws, and the ARV must be at least 1.25 times purchase plus rehab. Processing $500, legal $1,495 and underwriting $795.
  3. Rate is set per file from 9.99%; origination about 2% plus a $995 processing fee.
  4. Needs 2 completed flips in the last two years and about $75,000 in verified liquidity. Rate 9.5% to 12% with 2% to 3% origination, set per file. Purchase plus rehab must fit under 70% of ARV.

Origination has a $2,000 minimum on most programs (a few lenders set a higher one, noted above) and our broker fee is 1% with a $2,000 minimum and a $10,000 maximum. These are the numbers our term sheets use as of October 2026. Strong credit, cash and a track record can price lower through specific lenders in the network.

Where Joliet prices sit right now

Before we price a Joliet flip, we look at where sales in the city sit today. Your block can run well above or below these numbers, so treat them as the starting point, not the answer.

Redfin puts the Joliet median sale price at $340,000 for the three months ending September 2026, up 11.1% on a year earlier, with homes selling in around 54 days.

Median sale price, Joliet (Redfin, 3 months to Sep 2026)$340,000
Change from a year earlier (Redfin)+11.1%
Days on market, Joliet (Redfin)54

Sources: Redfin, Joliet housing market

How a Joliet file actually gets priced

Will County appraisers comp tightly inside the old neighborhoods, so we set the ARV on renovated sales near the subject from the last 90 days and keep newer far west subdivisions out of the set. A Cathedral Area two-story comps against similar older homes, not against a 2005 build in 60586. Will County tax bills are heavy, they’re paid a year behind, and the seller credits them at closing, so we put that credit and the next year’s bill into the numbers. For the older stock, we want the basement, chimney and electrical looked at before we lock the scope.

The Des Plaines River and Hickory Creek flood low ground near downtown and the east side, so check the floodplain on anything near either. Pre-1940 frame houses bring lead paint, galvanized supply lines and old knob and tube in the walls. The Upper Bluff is a local historic district, and exterior work there can need review before permits issue. Northern Illinois is radon country, so test and budget mitigation. In the Chicago suburbs, buyer and seller each usually hire a real estate attorney, so plan for that fee on both ends of the flip.

Who buys your finished Joliet deal

The finished Joliet house sells to a local first-time buyer, a warehouse or hospital worker, or a family priced out of Plainfield and Naperville who wants an older house with room. FHA buyers are common, so a clean inspection matters. The ceiling depends on the neighborhood: a finished Cathedral Area house can stretch, while an east side ranch has to stay close to its block. Rents are solid near the logistics corridor, so a DSCR refinance is a fair backup if the resale is slower than planned.

What happens after you apply

Apply once and the whole Joliet loan lives in the borrower portal: the term sheet you can accept and sign in the browser, where the loan stands, one place for documents, and the list of what the lender is still waiting on. These are real screens from the portal.

Capital Kings borrower portal: Welcome to your file
Welcome to your fileSign in and the term sheet is waiting, with every fee and who it goes to.
Capital Kings borrower portal: Where the loan stands
Where the loan standsApplication, appraisal, title, underwriting, clear to close.
Capital Kings borrower portal: Run the deal again
Run the deal againThe analyzer priced off your real numbers, before and after the appraisal.
Capital Kings borrower portal: What the lender still needs
What the lender still needsEvery open condition, what clears it, and who it is waiting on.

The full walkthrough is on how it works, and you can tour the borrower portal before you apply.

What we fund in Joliet

Fix and flip

10%down on a first flip
Rates
from 8.99% at 760+ credit
With experience
0% down with 2+ completed flips, purchase plus rehab under 70% of ARV
Rehab
100% funded, paid in draws
Fix and flip loans in Illinois →

Rental (DSCR)

7.00%rates from, 30-year fixed
Qualify on
the rent, no W-2s or tax returns
Down
from 20% at 700+ credit
Good for
buy-and-hold, and the refinance when a flip becomes a rental
DSCR loans in Illinois →

New construction

95%of cost with a financed interest reserve, after 1 completed build
Rates
from 8.49% with 5+ completed builds
First build
85% of cost with a GC who has 5+ builds
Builds
single family to small multifamily
New construction loans in Illinois →

Where we lend in Joliet

We broker deals across the whole Joliet market. The submarkets investors ask us about most are Cathedral Area and Upper Bluff (60435), West side near Joliet Junior College (60431 / 60435), East side and Forest Park (60432), South side and Ridgewood (60433), Far west side, Plainfield schools (60586) and Downtown and the Des Plaines riverfront (60432).

How long does a Joliet loan take to fund?

You send the address, purchase price, rehab budget and your ARV, which takes about five minutes and no credit pull. We take it to the lenders in our network that fit it and are licensed in Illinois, and the rate, origination, leverage and cash to close come back side by side. 5-14 days to fund. We stay on title and the lender through funding.

Joliet hard money FAQ

Do you lend hard money in Joliet?
Yes. Capital Kings is a broker, not a direct lender, so we shop your Joliet scenario across a 400+ lender network and bring back real terms instead of one lender’s rate sheet. The programs on this page are the ones whose lenders are licensed in Illinois, and the numbers come from the same engine that prices our instant term sheet.
Which fix and flip programs apply in Joliet?
As of October 2026: Best Rate (15% down, from 8.99%); First Flip, 10% Down (10% down, from 9.99%); 7.5% Down, 3+ Flips (7.5% down, from 9.99%, 3+ completed flips); 5% Down, 5+ Flips (5% down, from 9.99%, 5+ completed flips); 100% Financing, 2+ Flips (100% financing when purchase plus rehab fits under 70% of ARV, from 9.50%, 2+ completed flips). Rehab is funded 100 percent in draws on every one of them, and we shop the file against the rest of the network before anything is signed.
How fast can a Joliet hard money loan close?
Most Joliet fix and flip files fund in 5-14 days once the file is complete. The First Flip, 10% Down program and the 7.5% Down, 3+ Flips program close in 21-30 days. The biggest delays are usually title issues or missing borrower documents, so getting those started early makes a big difference.
How much do I need to bring to close on a Joliet flip?
The worked example on this page is a $160,000 Joliet purchase with a $60,000 rehab and a $305,000 after repair value at 700 credit, first flip: $24,000 down (15% of the purchase) and $36,463 total cash to close, with $61,963 of proof of funds to show the lender. The lowest down payment for a first flip in Joliet is 10% down from 9.99% at 660+ credit. Investors with a track record can go to 0% down (100% financing) from 9.50% at 620+ credit with 2+ completed flips, when purchase plus rehab fits under 70% of ARV, and you still bring the closing costs in cash. Rehab is funded 100 percent through draws in every case. Run your own numbers in the calculator above, or send us the deal and we will price it.
Do you fund the rehab budget in Joliet?
Yes, 100 percent of the rehab is funded, but it is a holdback released in draws rather than cash at closing. You pay for each phase, request a draw, an inspector verifies the work, and the lender reimburses. That means you need working capital to float the first phase, which is the single most common thing new investors miss on their first deal.
What credit score do I need for a Joliet fix and flip loan?
The lowest credit floor among the Joliet programs is 620, on 100% financing (under 70% of ARV) with 2+ completed flips. A first flip needs 660 or higher. The lowest rate here, 8.99%, needs 760+ credit. Depending on the program, rates step down at 760 credit and origination steps down at 700 and 740. Credit matters less here than on a conventional loan because the deal carries the file, but it moves your rate and your leverage, so know where you stand before you make offers.
Can I refinance a Joliet flip into a rental loan?
Yes. That is the BRRRR exit, and it is the most common way a Joliet flip becomes a hold. A DSCR loan qualifies on the property’s rental income rather than your W-2, so once the rehab is done and it is leased, you refinance out of the short-term hard money loan into 30-year financing. Worth deciding before you start, because it changes what finish level makes sense.
Can I get a hard money loan on a historic house in Joliet?
Yes. Older houses in the Cathedral Area and Upper Bluff are some of the better flips in the city when the scope is realistic. The main difference is time: exterior work may need historic review before the city issues a permit, so build that into the schedule and the interest carry. We want the contractor bid, the scope and any review steps with the file.
What does a first flip in Joliet look like on paper?
In Illinois a first flip can be priced at 15% down with 700+ credit (from 8.99%) or 10% down with 660+ credit (from 9.99%). The example above is a first deal on an older west side house. Expect the Will County tax credit at closing and an attorney fee in your cash to close, and plan the carry with room, since Joliet homes have been taking several weeks to sell.
Micah Foster
Micah Foster
Founder & CEO, Capital Kings LLC
Micah brokers Non-QM and hard money loans for real estate investors across 38 states from his base in Texas. He founded Capital Kings to give investors a broker who shops the market on their behalf instead of pitching one lender product.

What to read before you sign a term sheet

Hard money near Joliet: Aurora, Naperville and Chicago. More Illinois city guides: Peoria, Rockford and Springfield. Or see everything we fund in Illinois.

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