Hard Money Lenders in Springfield, IL | Capital Kings LLC
Capital Kings LLC · Non-QM Mortgage Broker

Hard Money Lenders inSpringfield, Illinois

Fix and flip, DSCR rental and new construction financing for Springfield 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 Springfield deal

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

Reviewed by Micah Foster, Founder & CEO, October 2026

Price a Springfield deal right now

Prefilled with a realistic Springfield 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 Springfield

Springfield is the state capital, and state government is the anchor of its housing market. A large state workforce, plus the hospitals and the medical school, keep a steady stream of buyers looking for solid older houses at moderate prices. The core is full of 1900s to 1930s foursquares, bungalows and brick two-stories, with ranches and newer subdivisions to the west. Homes here are moving very quickly right now, which shortens the carry on a well-priced flip.

Speed is what decides a Springfield deal. Finished houses are going under contract in days, so retail buyers aren’t the bottleneck; supply is. The discount has to come at the buy, from an estate, an absentee owner or a house with a roof and a mechanical system nobody wants to finance. Washington Park and the west side carry the cleanest owner-occupant comps. Enos Park and the near north side are cheaper with more upside and more risk, and buyers there are a mix of owner-occupants and landlords.

What a Springfield deal looks like on paper

Springfield example: $125,000 purchase, $50,000 rehab, $245,000 after repair value, 700 credit, first flip. The engine puts that borrower on the Best Rate program at 9.49%. Picture a roomy 1920s foursquare near Washington Park, bigger than the typical Springfield house so the loan clears the program floor: roof, boiler or furnace, a kitchen, two baths, rewiring and paint inside and out. Every number below is what the instant term sheet prints for that deal, so the picture cannot contradict the page.

Loan amount$156,250
Cash to close$30,474
Proof of funds to show$51,388
Where the $30,474 goes
  • Down payment (15% of the purchase)You$18,750
  • 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$3,108
  • Prepaid interest (15 days)Lender$414
  • Property insuranceInsurer$1,663
  • AppraisalAppraiser$550

Interest while you rehab: $840 a month on the $106,250 funded at closing, $1,236 once every draw is out. Proof of funds is cash to close plus $13,500 of rehab reserve and $7,414 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 Springfield

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 Springfield prices sit right now

Before we price a Springfield 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 Springfield median sale price at $195,000 for the three months ending September 2026, up 1.4% on a year earlier, with homes selling in around 6 days.

Median sale price, Springfield (Redfin, 3 months to Sep 2026)$195,000
Change from a year earlier (Redfin)+1.4%
Days on market, Springfield (Redfin)6

Sources: Redfin, Springfield housing market

How a Springfield file actually gets priced

Sangamon County values move street by street around Washington Park, Enos Park and Harvard Park, so we set the ARV on renovated sales close by from the last 90 days. A west side subdivision comp won’t support a near north side two-story. Because the typical Springfield sale is modest, a first flip often needs a bigger house or a bigger scope for the loan to reach the program’s minimum size; the example here is built that way. Illinois taxes are paid in arrears, so the seller credit at closing shows up in your cash to close.

This part of Illinois was mined for coal, and some older neighborhoods sit over abandoned workings; Illinois runs a state mine subsidence insurance fund for that reason, so stair-step foundation cracks get a closer look here than elsewhere. Spring Creek, Sugar Creek and the Sangamon River are the flood lines to check. Two tornadoes hit the city in March 2006, and storm-damaged roofs are a recurring line item. Pre-1978 houses bring lead paint, and older homes may have lead water service lines. Electric and water come from City Water, Light and Power, the city-owned utility.

Who buys your finished Springfield deal

The finished Springfield house sells to a state employee, a nurse or resident at Memorial or St. John’s, a medical school staffer, or a young family moving up from a rental. Many use FHA or conventional financing with a careful inspection, so a clean, dry, well-wired house sells fastest. The price ceiling is set by the neighborhood, and the fast market rewards pricing right on day one rather than testing a high list price. On the near north side, where rent is strong relative to price, a DSCR refinance is a real alternative to selling.

What happens after you apply

Apply once and the whole Springfield 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 Springfield

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 Springfield

We broker deals across the whole Springfield market. The submarkets investors ask us about most are Washington Park and the west side (62704), Enos Park and the near north side (62702), Harvard Park and the southeast (62703), Downtown and the Lincoln Home area (62701), Far west side subdivisions (62711) and Northeast Springfield (62702).

How long does a Springfield 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.

Springfield hard money FAQ

Do you lend hard money in Springfield?
Yes. Capital Kings is a broker, not a direct lender, so we shop your Springfield 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 Springfield?
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 Springfield hard money loan close?
Most Springfield 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 Springfield flip?
The worked example on this page is a $125,000 Springfield purchase with a $50,000 rehab and a $245,000 after repair value at 700 credit, first flip: $18,750 down (15% of the purchase) and $30,474 total cash to close, with $51,388 of proof of funds to show the lender. The lowest down payment for a first flip in Springfield 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 Springfield?
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 Springfield fix and flip loan?
The lowest credit floor among the Springfield 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 Springfield flip into a rental loan?
Yes. That is the BRRRR exit, and it is the most common way a Springfield 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.
Is Springfield a good first flip market?
It can be, because finished houses sell fast and the buyer pool is steady. 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 catch is size: the typical Springfield house is modest, so to clear the program minimums a first flip often needs a larger house or a deeper renovation, like the example above. The other catch is finding the deal, since inventory moves quickly.
Should I worry about mine subsidence on a Springfield flip?
Look at it, don’t panic about it. Stair-step cracks in a block foundation, sloping floors or doors that won’t close are worth a structural opinion before you buy. Check whether the homeowner policy includes mine subsidence coverage and whether there’s a past claim on the property. The next buyer’s inspector will ask the same questions.
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 Springfield: Peoria, St. Louis and Chicago. More Illinois city guides: Aurora, Joliet, Naperville and Rockford. Or see everything we fund in Illinois.

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