Double Close Funding in Illinois | Swift Deal Funding
Double Close funding in Illinois
Double close funding lets an Illinois wholesaler buy from the seller (A-to-B) and resell to the end buyer (B-to-C) the same day, through one closing agent, without using their own capital for the middle leg. We wire the cash that closes the A-B side and recover it from the C-buyer’s proceeds.
Illinois has one of the deepest wholesale markets in the country. Chicago and Cook County drive enormous volume, while downstate markets — Aurora, Rockford, Peoria, Springfield — offer lower prices and active investor flow. Funded amounts here commonly run $150,000–$500,000, with capacity up to $100,000,000+ on larger transactions.
How a double close closes in Illinois
The defining Illinois fact isn’t funding mechanics — it’s the wholesaling law. The 2019 Public Act 101-0357 amended the Real Estate License Act of 2000 so that an unlicensed person may complete only one wholesale transaction in a 12-month period; doing more requires an Illinois broker’s or managing broker’s license, with penalties for unlicensed activity. The statute is aimed at marketing and reselling a contract or beneficial interest in property without taking title.
A double close is structurally different: you actually buy the property (A-to-B) and then sell it (B-to-C), two genuine closings with real title transferring through you. That’s why many Illinois investors favor double closing over assignment — it’s a true purchase and resale rather than the contract-flipping the License Act restricts. This is not legal advice. Confirm how the law applies to your volume and structure with an Illinois real-estate attorney.
On mechanics, Illinois is a wet-funding state, so the title company can disburse at the table once funds and documents are in place — keeping the same-day A-B-C sequence efficient. Chicago-area deals close through title companies; one agent must run both legs.
Pricing
Tiered flat fee on the funded amount, collected at close, nothing upfront:
| Funded amount | Fee |
|---|---|
| Up to $1,000,000 | 1.25% |
| $1M – $10M | 1.0% |
| Above $10M | Custom |
You pay only if the deal funds and closes.
What you’ll need
- Executed A-to-B purchase contract
- Executed B-to-C assignment or purchase contract
- Verified end buyer with proof of funds or a financing pre-approval
- A same-day closing scheduled for both legs
- A single Illinois title company or closing agent running both transactions
No credit pull, no income docs, no tax returns. Local note: if you intend to run more than one wholesale deal a year, get written guidance from an Illinois attorney on licensing — the License Act penalty exposure is real.
A typical Illinois double close scenario
You contract a two-flat in Chicago’s Avondale at $360,000 and resell to a buy-and-hold investor for $400,000. To keep the deal as a clean purchase-and-resale rather than a contract assignment, you double close. We wire $360,000 to your Cook County title company by 9 AM Eastern. A-B closes, B-C closes immediately after at the table (wet funding), and our $360,000 plus the 1.25% fee ($4,500) is repaid from the C-side. Your spread nets around $35,500.
Apply
Send your two contracts and end-buyer verification through the online form. Standard turnaround is about 48 hours to wire-ready; same-day is possible for complete files in before 11 AM Eastern.
Frequently Asked Questions
Does Illinois's wholesaling law affect a double close? +
It can, and it's worth understanding before you scale. Illinois's 2019 Public Act 101-0357, which amended the Real Estate License Act of 2000, limits unlicensed individuals to one wholesale transaction in a 12-month period; doing more requires an Illinois broker's or managing broker's license. The law targets the resale of a contract or beneficial interest. A double close where you actually take title (A-to-B) and resell (B-to-C) is a real purchase and sale, which is structurally different from assigning a contract. Many Illinois investors prefer double closing for exactly that reason. This is not legal advice — confirm your situation with an Illinois real-estate attorney.
Do I need a broker's license to do more than one double close a year in Illinois? +
That's a question for an Illinois attorney, and it depends on how your deals are structured and how a regulator would view them. The one-per-year limit in the License Act is aimed at marketing and reselling contracts or interests in property without taking title. Because a double close involves two genuine closings where you own the property between them, many practitioners treat it differently from assignment-based wholesaling. We fund the transaction either way; we don't provide licensing determinations. Get a written opinion from local counsel if you plan volume.
How fast can you fund a double close in Illinois? +
Standard turnaround is about 48 hours from a complete file to wire-ready, and same-day is possible for complete applications in before 11 AM Eastern. Illinois is a wet-funding state, so the title company can disburse at the closing table once funds and documents are in place, which keeps an A-B-C double close tight. We wire to your title company or closing attorney by 9 AM Eastern on closing day.
Apply for Double Close Funding in Illinois
Submit your application online — same-day decisions for complete files before 2 PM Eastern.