Hard Money Loans in New York

There is this phenomenal possibility for rehabbing and flipping this wonderful out of date property in a very good part of town and it seems a lot like the deal you've been wanting for quite a while. Many people know that expert professional flippers, such as Tarek and Christina El Moussa who star in HGTV's reality home flipping show, Fix or Flop, can generate a typical profit of $40,000 to $50,000 on their flips. Naturally, you also understand that their results are attributed to the simple fact that they're industry experts, are well versed in hard money loans, they understand the marketplace quite well and furthermore, they know how to work an auction to purchase their homes at an appropriate deal. Nonetheless, your rehab and renovation skills aren't bad either — besides, you've already located a good licensed contractor to take on the home.

But capital can be a separate question altogether. If you go after a traditional loan from the bank, you will have to wait around approximately 1 to 2 months before the mortgage is approved and the money is accessible. With all the sellers wanting a fast closing, that doesn't seem like a great idea to you in the slightest.

Moreover, if you have a less-than-perfect credit situation or do not have a conventional income, it is usually harder to be eligible for a a bank loan, with the stricter loan requirements banks have issued in recent times. So does that leave you with no other option, but to abandon your aspiration of venturing into rehabbing? By no means, considering that you could always go the New York hard money loan route to finance your rehab project.

A hard money home loan in New York gives you what's possibly most desired by real estate investors — a very fast closing time of as little as two weeks. Plus, the LTV value can range up to 70% of the property value, as evaluated by a competent appraiser. With interest rates starting off at about 10%, hard money real estate loans may seem, at first, to be higher in price in comparison with traditional bank financing. But the term lengths for these loans are comparatively shorter, which means the interest rate is far less important. Short-term loans of several months to a few years are best looked at as cost of capital, the same as all other costs associated with a project. After you remodel and sell off the property, recuperating this expense is the same as recuperating the one for new kitchen appliances you put in the home.

Furthermore, even a person with weak credit can still be eligible for a hard money mortgage. Instead of focusing exclusively on the applicant's credit score or wages, New York hard money lenders, who may be a private company or an individual, say yes to a loan after examining the property value, ease of marketability, where it is located, and the likelihood of recuperating their capital in the event of foreclosure. How much an individual can put down in advance towards the house, his real estate experience, and selling price of comparative properties in the same neighborhood are various other details that go into ascertaining an individual's suitability for a hard money real estate loan.

So any time you come across an outstanding and lucrative investment opportunity, relax knowing you will have a hard money lender in New York, ready to lend you the cash you will need. Enter your info into the contact form or get in touch with us via phone and let's talk about the property or properties you have in mind.

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