DSCR Loans in Illinois

Illinois DSCR lenders and the Chicago split

Illinois has the fastest rent growth of the eight DSCR states on this site, a court foreclosure process, and one city that splits the lenders: Chicago. Ten DSCR lenders here say they lend in Illinois, but not all of them lend in the city itself.

• Easy Street Capital: Statewide, including Chicago and Aurora (its Illinois DSCR page)
• Upright: Its Illinois page excludes the city of Chicago, and it does not offer short-term loans in Illinois.
• CoreVest: Has an Illinois DSCR page, which shows DSCR (1.0x); its 30-year DSCR page says 0.80x

Easy Street Capital's Illinois page says statewide and names Chicago and Aurora, even though its fix-and-flip program skips Chicago. Upright's Illinois page offers DSCR loans in Illinois but not in the city of Chicago, and no short-term loans; its main state list still shows Illinois as coming soon, so confirm with Upright. CoreVest has an Illinois DSCR page. Kiavi keeps Illinois on its state list.

Visio Lending requires an LLC or other entity for Illinois loans. New Silver, Express Capital Financing, Lima One, LendingOne, Ternus and Griffin Funding cover Illinois through their state lists.

Illinois median rent in the ratio

Illinois's median gross rent was $1,419 in 2025 (Census ACS 2025, table B25064). New Silver publishes a 0.75 minimum DSCR, so that rent can support a payment of $1,892, against $1,419 at 1.00x.

At New Silver's advertised 6.875% over 30 years, and an assumed $350 a month set aside for taxes and insurance, that is a loan of roughly $234,700 at 0.75x, $162,700 at 1.00x or $119,500 at 1.25x. Use the county's actual tax bill in place of the $350 example.

With an assumed $350 a month for taxes and insurance, Illinois's median rent supports these maximum loans:

• New Silver: 0.75x minimum at its advertised 6.875% gives about $234,700
• Kiavi: 0.8x minimum at its advertised 6.375% gives about $228,200
• Upright: 0.9x minimum at its advertised 5.99% gives about $204,800
• Express Capital Financing: 1x minimum at its advertised 6.25% gives about $173,600 (it also offers a no-DSCR option)
• Lima One Capital: 1x minimum at its advertised 6.5% gives about $169,100

Illinois values, taxes and 2 to 4 unit stock

Full PITIA at the median home. Assume 20% down on the $263,300 median value, so a $210,640 loan at 6.875% (the starting rate New Silver advertises) over 30 years: $1,384 a month in principal and interest. Add the median property tax ($5,298 a year, $442 a month) and an assumed $1,200 a year for insurance, and PITIA is $1,925. Against the $1,480 median 3-bedroom rent the DSCR is 0.77. That clears New Silver's published 0.75x minimum. To reach 1.00x at that rent, the loan would have to fall to about $142,800, which means about $120,500 down (45.8% of the value).

Illinois median rent is $1,284 for two bedrooms and $1,480 for three (B25031). The typical home was built in 1971 (B25035), and 11.6% of homes sit in 2 to 4 unit buildings (B25024), the highest share of these eight states.

Illinois rent growth

Renters occupied 32.2% of Illinois's 5,134,283 occupied homes in 2025 (table B25003). Median gross rent jumped 7.3% from $1,322, and prices rose +5.5% over the year to 2026 Q2 (FHFA), led by Elgin +7.5% and Chicago-Naperville-Schaumburg +5.8% (FHFA metro index).

Illinois prices are up +43.9% over five years, behind Wisconsin (+46%) but ahead of Missouri (+38.3%), Kentucky (+39.8%) and Iowa (+32.4%).

Illinois court foreclosure

Illinois foreclosures are court cases; the statewide court forms include an appearance and answer for a foreclosure case. The standard Illinois instrument is a mortgage (Form 3014). Source: Illinois Courts mortgage foreclosure forms.

Illinois transfer taxes

Illinois charges a state transfer tax of 50 cents per $500 ($300 on a $300,000 purchase), and counties may add up to 25 cents per $500 ($150). Home rule cities, including Chicago, may add their own transfer tax. Sources: 35 ILCS 200/31-10, Illinois Department of Revenue, real estate transfer tax.

On the $263,300 median Illinois home the state tax is $263.50, and a county at the top rate adds $131.75.

What this means for an Illinois DSCR deal. Property tax is the problem: the median bill is $5,298 a year, the highest of the eight states, and it drags the median home down to a 0.77 ratio, just above New Silver's 0.75 floor. The upside is stock: 11.6% of Illinois homes are in 2 to 4 unit buildings, the classic DSCR property, and several units of rent against one tax bill can lift the ratio.

Before you apply in Illinois

• For a Chicago address, leave Upright off the list.
• Form an LLC if you want Visio Lending as an option.
• Budget both the state and county transfer taxes.

General requirements, rate tables and rent rules for every lender: DSCR loans compared, DSCR loan rates, DSCR calculator. Short-term lenders: hard money lenders in Illinois. Other states: Florida, Texas, Michigan, Ohio, North Carolina, California, Georgia.

Short-term loans by city: hard money lenders in Chicago.