Hard money lenders in New York are trusted professionals supporting real estate investors.
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An internationally recognized state, New York has much to offer. There’s no doubt that New York City is the largest city in the state and the country overall, with about two-thirds of the state’s population calling it home. New York State is home to over 20.2 million people, making it the fourth most populous state.
The state is easily recognized for the New York City area, including the Hudson River and the port area. It’s also home to 10 of the most popular tourist attractions, including Times Square, Niagara Falls, and the Statue of Liberty. Yet, New York is more than just the Big Apple. As a state, it has an economy that’s built on Wall Street, tourism, exports, agriculture, and energy production. Others know that New York also has some of the highest real estate values in the country.
As noted, New York’s real estate market is highly valued, especially in the New York City metro area. There is a lot of demand for housing in New York overall, especially in this region. The housing market in New York is highly competitive. The median sale price in June of 2022 was $428,825. That is a 13.1% increase from June of 2021. In some areas, there is significant demand and limited overall available property on the market. That’s data that comes from the New York State Association of REALTORS, Inc.
When it comes to the rental market, there is competition here. About 64% of people here own their homes, and 36% rent, according to the U.S. Census Bureau. More so, about 11% of the rentals in the state are vacant. That’s very subjective to the area of the state, though, with some areas having a much higher level of homes available than others.
Hard money loans are real estate backed mortgages that are issued by private investors and companies rather than the traditional big banks. These loans are designed to be more flexible and accessible to qualified borrowers who may be turned away from loans from other lenders. Hard money loans are not simple to get, as lenders still require qualified borrowers with income and proven credit history. Yet, for some, they are one of the most important options available when it comes to buying property that’s considered high-risk.
If you don’t want to or can’t refinance but want new investment properties, a hard money loan might help you get the results faster and easier than a traditional loan. Whether in Manhattan, Brooklyn, Buffalo, Queens, Long Island, the Bronx, Westchester, or somewhere else, investing in rental property in New York might be a goal of yours, but you might need a private money lender to make the property purchase possible.
One of the ways hard money lenders stand out is by offering loans for property that is considered higher risk. This may include fix it and flip it types of homes where borrowers purchase property that may need repairs, make upgrades to it, and then sell it. These homes tend to carry more risk to lenders, as do rental properties from lesser experienced investors. To compensate for the higher amount of risk present in these homes, hard money loans tend to have a higher interest rate than others.
Hard money loans are asset-secured loans. That means that if the borrower stops making payment or otherwise defaults on the loan, the lender has the legal right to pursue legal action, which typically means that they will force the sale of the home through a foreclosure. In doing so, the lender will recoup some of the money it is investing into the loan. This is one of the reasons why these hard money lenders are willing to take on the more challenging and hard to finance loans like those related to real estate.
If you’re ready to learn more about the best hard money lenders lenders in New York, here are the top options we’ve found through our research.
Alpha Funding is based in New Jersey but lends in multiple states throughout the eastern seaboard. The management team consists of Michael Strasser, Matthew Weber, David Hansel and Mark Callazo. They offer a wide range of private money programs, such as fix-and-flip loans, new construction loans, DSCR loans and more.
We contacted Alpha Funding to learn more about their private lending business and here are some of the highlights:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
We Lend is a private money lender based in New York. Co-founded by Ruben Izgelov, they focus on the typically suite of hard money products like fix and flip, bridge, rental loans, commercial real estate loans and construction loans.
We contacted We Lend to learn more about their private lending business and here are some of the highlights:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
Fund That Flip is a hard money lender based in New York that focuses on short term bridge loans for real estate investors looking to flip properties. Founded by Matt Rodak in 2014, Fund That Flip lends in most states.
We contacted Fund That Flip to learn more about their bridge loan program and here is what we found:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
East Street Capital is based in Austin, Texas but lends nationwide except in North and South Dakota. Founded by Stephen Hagerman in 2016, Easy Street Capital has over six years of experience in the real estate investing world.
We reached out to Easy Street Capital to learn more about their hard money loans and this is what we found:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
EquityMax is based out of Florida and most of its business in the state but is able to lend throughout the United States. Founded by Brad Emmer in 1990, EquityMax has decades of experience as a hard money lender.
We reached out to EquityMax to learn more about their hard money loans and these are the key highlights that you need to know:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
LendSimpli is a hard money lender based in Tampa, Florida. They can lend nationally in most states but may not be able to lend if the property is in a rural area. Founded by Brenden Crampton and Matthew Davies in 2018, they have nearly four years of experience in the private lending real estate investing market.
We reached out to LendSimpli to get more details about their bridge loan product and this is what we found:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
HouseMax Funding is based out of Austin, Texas but has a national footprint when it comes to real estate industry lending. Started by Jeff Fetcher and Alex Morris, HouseMax provides asset-based loan financing to investors for real estate transactions.
We reached out to HouseMax to learn more about their hard money lending program and here is what we found:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
Stratton Equities is a nationwide direct hard money lender for real estate investors. Founded by Michael Mikhail in 2017, Stratton Equities has over five years of experience in the private lending market.
We reached out to Stratton Equities to get more information about their hard money lending program and here are some highlights:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
For borrowers, hard money loans in New York can prove to be very valuable. These loans typically require a borrower to have some credit history and income they can verify. However, with the right qualifications, borrowers may be able to obtain these loans to buy investment property that they may not otherwise qualify to purchase. In some situations, this means securing real estate for fix it and flip it properties or high-risk rental properties. Other conventional lenders may be less willing to offer these loans.
One of the differences in these loans is the low down payment requirement. Hard money lenders typically require borrowers to have 2% down. That means that they must pay at least 2% of the sales price of the home. The key to note about this is that most other conventional loans require as much as a 20% down payment, which may be financially out of reach or not feasible to many investors.
The amount the borrower can obtain is also dependent on the property value after repairs are considered. That means that if the borrower needs more than just the sale price of the home, such as extra funds to do repairs or upgrade the property, the lender may offer a loan that’s large enough to cover those needs, as long as it adds value to the home.
Hard money loans tend to be easier to obtain and faster, too. It may be possible to close on these loans within a matter of weeks. That’s much different than the average New York home closing process, which can take 60 to 90 days and, in some situations, even longer. For those who want to act on a deal, that’s critically important.
If you want to find the best hard money lenders in other states, click on your state below.
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
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