The #1 New York  Hard Money Lender

(A+ Rated with BBB | Hundreds of Closed Loans | Direct Lender)

How to find the lowest rate for a hard money lender in New York in 2024

New York Hard Money Lending Parameters (2024):

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The #1 Hard Money Lender in New York in 2024

The real estate market in New York  can be highly competitive and prices can vary significantly depending on the location. Some neighborhoods and cities within the New York  metropolitan area may be more attractive for real estate investment due to factors such as their location, local amenities, income levels, demographics, and potential for appreciation.

With a population of over 8,750,000 people with iconic skyscrapers throughout; New York City is one of the most beautiful and desired cities in the world. As a result, New York is one of the most expensive and active cities in the world for real estate investors.

New York City is comprised of 5 large “boroughs” between where the Hudson River meets the Atlantic Ocean:

1. Bronx
2. Brooklyn
3. Manhattan
4. Queens
5. Staten Island

Here are some of the top rated neighborhoods in New York City to consider for real estate investment:

1. Financial District: Located in lower Manhattan, the Financial District is known for its iconic skyscrapers and is home to many major financial institutions. It has seen significant development in recent years and is a popular choice for investors.
2. Brooklyn Heights: Located in Brooklyn, this historic neighborhood has tree-lined streets, brownstone houses, and stunning views of the Manhattan skyline. It is a popular choice for families and has a strong rental market.
3. Greenwich Village: Located in lower Manhattan, Greenwich Village is known for its bohemian culture, charming streets, and iconic music and art scenes. It is a popular choice for young professionals and has a strong rental market.
4. Upper East Side: Located on the east side of Manhattan, the Upper East Side is known for its upscale atmosphere and is home to many wealthy residents. It is a popular choice for investors and has a strong rental market.
5. Park Slope: Located in Brooklyn, Park Slope is known for its charming brownstone houses, excellent schools, and vibrant culture. It is a popular choice for families and has a strong rental market.
6. TriBeCa: Located in lower Manhattan, TriBeCa (which stands for “Triangle Below Canal Street”) is known for its luxury apartments, high-end shops and restaurants, and celebrity residents.
7. SoHo: Located in lower Manhattan, SoHo (which stands for “South of Houston Street”) is known for its trendy atmosphere, high-end shopping, and iconic cast-iron buildings.
8. Upper West Side: Located on the west side of Manhattan, the Upper West Side is known for its upscale atmosphere and is home to many wealthy residents.
9. Dumbo: Located in Brooklyn, Dumbo (which stands for “Down Under the Manhattan Bridge Overpass”) is known for its trendy atmosphere and stunning views of the Manhattan skyline.

All of these neighborhoods have experienced strong rent growth and appreciation over the last few years averaging double digit returns in both categories. Rent Growth and Appreciation are the two major keys in investing in New York  real estate as a long term investor.

Additionally, the other surrounding large cities near New York  which are experiencing wide scale rent growth and appreciation are:

• Philadelphia: Located about two hours to the south of New York City, Philadelphia is the sixth-largest city in the United States and is known for its rich history and cultural attractions.
• Boston: Located about four hours to the northeast of New York City, Boston is the capital and largest city in Massachusetts. It is known for its universities, historical landmarks, and thriving economy.
• Baltimore: Located about three hours to the south of New York City, Baltimore is the largest city in Maryland and is known for its vibrant culture, historic neighborhoods, and seafood.
• Washington, D.C.: Located about four hours to the south of New York City, Washington D.C. is the capital of the United States and is known for its iconic landmarks and museums.
• Newark: Located about 15 miles to the west of New York City, Newark is the largest city in New Jersey and is known for its diverse culture and convenient location.

Once you have found the right property in the correct location you will need to obtain a reliable and cost-effective source of financing for the project.

If you are looking for a New York  private money lender who can offer low rates, close quickly, and not require any income docs or a minimum credit score, Capital Funding Financial is the perfect hard money lender in New York  for you.

Capital Funding Financial specializes in asset based private money loans on non-owner-occupied investment properties nationwide particularly in states such as New York . Capital Funding Financial is backed by a Family Office with over 1,000 Single Family Developments built across the United States and over 250 million deployed in loans.

If you are a real estate investor, developer, mortgage broker, or individual in New York  who needs a FAST, RELIABLE, & HONEST PARTNER for rental investment, commercial, or multi-family properties… Contact us today for a complimentary consultation. Obtain a pre-approval letter and soft quote for your particular scenario today.

APPLY NOW & GET PRE-APPROVED TODAY

Or Call Us At 866-999-2011

RATES STARTING AT 9.99%*+ ON HARD MONEY LOANS,

6.49%+ ON RENTAL INVESTMENT LOANS,

AND 8.99%+ ON FIX AND FLIP LOANS!

FAQ’S

What is a hard money loan?

A hard money loan is a loan based primarily on the value of the property and not on the income or credit of the borrower. Where asset-based lenders aka hard money lenders in New York  focus primarily on the value of the asset used as collateral for the loan traditional banks and lenders focus chiefly on the credit and income of the borrower in making their decision on whether to extend credit.

Furthermore, where traditional loans are generally for 15–30-year durations, hard money loans are used as a temporary alternative (1–3 years usually) as a bridge to acquire a property, rehab, stabilize it, and have it ready to be sold or refinanced. Hard money loans are provided to all asset classes ranging from commercial, retail, office, industrial, multi–family, or single-family residential homes. Hard Money loans are similar to loans on chattel in other countries but in the US they are primarily associated with real estate loans based primarily on the asset value.

Why choose a New York  hard money loan over a conventional loan?

1. Quick Funding– conventional banks take the absolute minimum of 30-45 days to finance an individual family residential loan and anywhere between 60–90 days to finance a commercial loan. Whereas a New York  hard money loan by Capital Funding Financial is generally funded within 5-10 days.
2. The Property Needs Work– due to the conventional bank‘s very conservative underwriting guidelines, most will not lend on properties needing repair. However, a private money lender will be happy to loan on a property that either lacks cash flow or needs upgrades.
3. Not based on credit or income– Traditional banks rely heavily on a borrower’s credit score, reported income, and the borrower’s ability to repay the debt. As a result, traditional banks turn down even strong income borrowers such as doctors, lawyers, and solicitors who have high incomes but also have a lot of debt. So, there is a key role that private lenders such as Capital Funding Financial play in lending to borrowers based on the asset value versus the debt to income of the individual borrower.

What type of properties qualify for Hard Money Loans?

• Single Family (Investment)
• Duplex, Triplex, Quadplex
• Large Developments
• Condo Conversions
• Multi-Family Properties
• Mixed-Use Properties
• Commercial Properties (Office, Retail, Industrial)

How long is the term of the hard money loan?

Typically, hard money loans or bridge loans are 12 months. However, Capital Funding Financial offers hard money loans for up to 36 months (24-month term with up to a 12 month extension).

How fast can hard money loans close?

In some cases, Capital Funding Financial can close within 48 hours where title, valuation, and insurance are in place! The average turnaround time is 3 to 7 business days.

How can I qualify for a hard money loan?

Simple… you just need equity in your property if you are refinancing OR if you are purchasing you will need to put down at least 15 – 20%. It is common practice to have a entity to purchase the property in to ensure it is for “business/commercial purpose.”

Are Hard Money Loans a Good Idea?

Yes… hard money loans allow real estate investors the flexibility to close quickly without having to go through a long and extensive underwriting process.

How do Hard Money Loans Work?

Hard money loans focus solely on the ratio of the loan amount to the value of the property. The higher the leverage the more the risk, whereas the lower the leverage the safer the transaction.

What is the average interest rate on hard money loans in New York ?

Most hard money loans range from 10% – 12% interest rates. However, Capital Funding Financials’ hard money loan rates in New York  start at 6.99%.

Do hard money lenders require a down payment?

On purchase transactions, yes. At least 10% is required.

WHAT LOAN DOCUMENTATION DO YOU NEED TO QUALFY FOR A HARD MONEY LOAN IN NEW YORK?

For Purchase Transactions:

• Loan Application & Disclosures
• Driver’s License or Passport (ITIN number if you are a Foreign National)
• Purchase Agreement and any addendum(s)
• Proof of Earnest Money Deposit with check or wire receipt
• 2 Months Bank Statements to show the necessary cash to close and liquidity
• Entity Docs – Articles of organization, Operating agreement or Bylaws, EIN #, CDD Form, Corporate Resolution
• ACH Setup Form
• Title Commitment, Survey, HOA/Condo Questionnaire (if applicable), E&O, Wire Instructions, Confirmation of GAP Coverage, CPL, Draft Deed, HUD
• Evidence of Insurance – RCE/Insurable Value Required for Dwelling Coverage and 6 Months Loss of Rent Coverage
• Appraisal Payment (Appraisal or BPO to be Ordered by Capital Funding Financial) – If you need to rush we can waive this condition if the equity is there!
• Lease Agreement (if applicable)

For Refinance Transactions:

• Loan Application & Disclosures
• Driver’s License or Passport (ITIN number if you are a Foreign National)
• Payoff Statement or Mortgage Statement (if applicable)
• 1 Months Bank Statement to show current liquidity
• Entity Docs – Articles of organization, Operating agreement or Bylaws, EIN #, CDD Form, Corporate Resolution
• ACH Setup Form
• Title Commitment, Survey, HOA/Condo Questionnaire (if applicable), E&O, Wire Instructions, Confirmation of GAP Coverage, CPL, HUD
• Evidence of Insurance – RCE/Insurable Value Required for Dwelling Coverage and 6 Months Loss of Rent Coverage
• Appraisal Payment (Appraisal or BPO to be Ordered by Capital Funding Financial) – If you need to rush we can waive this condition if the equity is there!
• Lease Agreement (if applicable)

 

HOW LONG DOES THE HARD MONEY LOAN PROCESS TAKE TO CLOSE IN NEW YORK?

Once we have received the Appraisal, Title Commitment, and Insurance we will the loan to Final Underwriting. Upon review of the loan file by our Underwriter, we will submit to Legal for Loan Documents pending any Clear to Close Conditions.

At Capital Funding Financial, we close loans in 1/3 of the time it takes to close a conventional mortgage loan! Our quick and easy loan process eliminates the stress and hassle that has plagued the mortgage lending industry for years. You will be able to leverage your capital, grow your portfolio, and enjoy better cash flow using Capital Funding Financials’ New York hard money loan program!

“Hard Money Lender New York ”

We provide hard money loans throughout the New York Metropolitan Statistical Area (MSA) with focus on the Bronx, Brooklyn, Manhattan, Queens, and Staten Island as well as Buffalo, Yonkers, Rochester, Syracuse, Albany, New Rochelle, and many other cities in New York.

If you’re in need of a hard money loan in New York for a rehab project, fix & flip, or rental investment loan, please contact us today at 954-320-0242 or toll free at 1–866–695–0092 for more info.