Investment property loans in Illinois
Investment property financing built for Illinois real estate investors.
Whether you’re buying your next rental, refinancing an existing property, pulling out equity, or growing a portfolio, Andes Mortgage can help you get the right financing for your Illinois rental.
Illinois hands investors a paradox: some of the most affordable prices in a major U.S. metro, sitting under some of the highest property taxes in the country. Financing here is about underwriting that tension correctly — qualifying on the rent the property earns, with clear eyes on the tax bill that decides whether the deal works.
That’s what a business-purpose loan does and exactly our expertise at Andes Mortgage.
- Business-purpose lending only
- Investor loans in ~46 states
- NMLS #2187991
Financing for Illinois investors
The Illinois investor we work with is usually doing the math most lenders won’t: a Chicago two-flat that cash-flows once you account for the tax bill, a Rockford or Peoria rental with room to run, a portfolio that’s outgrown what conventional financing will allow. These are business-purpose loans, judged on the property and your strategy — not your W-2s or personal income and DTI.
Business-purpose products we originate in Illinois
Every program below is business-purpose financing for non-owner-occupied property.
Follow your situation into the details — terms, down payment, and the documents each one needs. For anything DSCR-specific in Illinois, start with the dedicated Illinois DSCR page.
Finance an Illinois rental on the property’s income. Our highest-demand investor program.
Pull equity from a rental to fund your next deal.
Our national DSCR loan page covers the full program in depth. Andes does not offer owner-occupied or consumer mortgages in Illinois.
What Illinois rents and prices are doing
Illinois is a growth state and cash flows here can yield more than elsewhere in the country thanks to affordable prices and strong rents. Here is where the Illinois housing market stands.
Illinois housing market
Realtor.com listing data · as of September 2026
Figures are Realtor.com listing data (what sellers are asking) — not sale prices. Source: Realtor.com via FRED (Federal Reserve Bank of St. Louis). Updates monthly.
Metro figures are Realtor.com median listing prices (not sale prices), published via FRED.
Inventory and accessible prices in one of the country's largest metropolitan areas
Few markets pair Illinois’s combination of scale and affordability. Chicago is one of the largest, most liquid rental markets in the United States — deep inventory, real tenant demand, and entry prices that sit well below the coastal metros investors usually compare it to. That accessibility is why out-of-state buyers and BRRRR investors keep circling back to it.
The number that decides whether an Illinois deal actually works, though, isn’t the price — it’s the property tax.
Illinois carries among the highest effective property-tax rates in the nation, and in Cook County that line can be the largest single piece of a rental’s monthly payment. It’s what separates a Chicago rental that cash-flows from one that looks cheap and quietly loses money. Investors who underwrite the tax bill up front — the way our DSCR loans do — find genuine cash flow here. Those who buy on sticker price alone often don’t.
The figures below track the Illinois rental market and update automatically each month.
Illinois rental market · single-family
Data through Aug 2026
| Metro | Typical asking rent | YoY change | Data through |
|---|---|---|---|
| Chicago | $2,556 | +4.4% | Aug 2026 |
| Rockford | $1,635 | +2.9% | Aug 2026 |
| Peoria | $1,312 | +4.6% | Aug 2026 |
| Springfield | $1,531 | +2.5% | Aug 2026 |
Data through Aug 2026 · updated monthly · source: Zillow (ZORI)
In Illinois, the tax bill can make or break your deal
Chicago is one of the largest and most liquid rental markets in the country, with entry prices that look almost too good next to the rents.
The catch is what nobody puts on the listing description: Illinois carries among the highest property taxes in the nation, and in Cook County the tax line can be the difference between a rental that cash-flows and one that quietly bleeds.
Investors who win here underwrite the taxes first and know the local rules — and for them, Illinois is a genuine cash-flow market. See the full breakdown on our Illinois DSCR page →
Have an Illinois Investment Property in Mind?
Answer a few quick questions about the property and what you’re trying to do. We’ll help point you toward the business-purpose financing options that may fit.
- Business-purpose lending in Illinois
Andes Mortgage is a mortgage broker that originates business-purpose investment property loans in Illinois, including DSCR and other financing for non-owner-occupied rental properties. We do not offer owner-occupied or consumer-purpose mortgages in Illinois. This is not a commitment to lend. Terms subject to change. NMLS #2187991.
Illinois investor loan questions
Can I finance an investment property in Illinois through Andes?
Yes. Andes originates business-purpose investment property loans on non-owner-occupied Illinois real estate — including DSCR loans, cash-out refinances, investor HELOCs, and short-term rental financing. These loans qualify on the property’s rental income, so there are no tax returns and no personal debt-to-income calculation.
Does Andes offer owner-occupied or consumer mortgages in Illinois?
No. In Illinois, Andes offers business-purpose investment loans only — financing for rental and other non-owner-occupied property. We do not originate owner-occupied, primary-residence, or other consumer-purpose mortgages in Illinois.
What is a business-purpose (investor) loan?
A business-purpose loan finances property held to generate income or profit — a rental, a BRRRR project, a short-term rental — rather than a home you live in. Because the loan is underwritten on the property’s cash flow and business use, it follows different rules than a consumer mortgage, and the property is typically non-owner-occupied.
Can I buy an Illinois rental property through an LLC?
Absolutely. You can title your property to an LLC using our DSCR loans in Illinois. For more information on having a business own the property, visit our DSCR LLC page.
Which Illinois markets are best for real estate investing?
Chicago dominates on depth and liquidity; Rockford, Peoria, and Springfield offer lower entry prices.
Finance your next Illinois rental
Answer a few quick questions and we’ll point you to the business-purpose program that fits your deal and what you’d need to qualify — no credit pull, no obligation.
Andes Mortgage LLC · NMLS #2187991 · Equal Housing Lender. In Illinois, Andes originates business-purpose investment property loans only (non-owner-occupied), and does not offer owner-occupied or consumer-purpose mortgages. Market figures are Realtor.com listing data (not sale prices), published via FRED (Federal Reserve Bank of St. Louis) and updated monthly. This page is informational and is not a commitment to lend; program terms and eligibility vary by lender and are subject to change.