Final answer:
The Illinois statutory usury ceiling for real estate financing is 'D. No statutory limit.' Illinois does not have a general statutory cap on interest rates for real estate loans.
Step-by-step explanation:
The Illinois statutory usury ceiling for real estate financing is actually D. No statutory limit.
The state of Illinois does not impose a general statutory maximum on interest rates for real estate loans, allowing the market to dictate the interest rates for these types of loans. While some types of loans may be subject to certain regulations and caps, there is not a universal ceiling that applies to all real estate financing.
It's worth noting that while usury laws can impose upper limits on interest rates, these caps are often set above current market rates. Therefore, unless market conditions elevate interest rates significantly, these usury laws may not have any practical effect.
If a hypothetical usury law were to limit interest rates to no more than 35%, this would generally be nonbinding in a healthy market, as rates are likely not to reach that level without extraordinary market conditions.