Hard Money New York – #1 Lenders Brooklyn, Manhattan, Staten Island, Queens, Bronx, Long Island and Westchester
Call us at 516-526-8445 for all of your Hard Money NY requests
If you are looking for Hard Money Lenders New York – Commercial Hard Money, you have come to the right page!
We are Hard Money Lenders New York for the following property types and loan types:
- Purchase money, cash out, rehab loans (ARV)
- 1-4 unit investment properties
- 5+ unit apartment buildings
- Mixed use properties (commercial + residential)
- Ground up construction loans
- Land/Lot loans (250k minimum loan amount for improved lots, 1M loan amount for raw land)
- Commercial properties – Office buildings/condos, Strip malls, warehouses, light industrial, self storage, gas stations, auto repair/body, car washes
- 2nd mortgages on larger commercial properties up to 70% CLTV (Minimum 1M loan amount)
Why Choose Hard Money Lenders New York NLDS Corp to fund your deals?
Hard Money Lenders New York: The Deal
Hard money lenders New York NLDS Corp offers a specialized type of collateral backed loan secured by real-estate. They are sometimes called private lenders or trust deed investors. Examples are hard money lenders New York (NY) that lend short-term loans or bridge loans with relatively high interest rates than banks because they have lenient standards on the verification of the borrower’s income, assets, or credit score.
Standard bank loans offer a range of requirements varying on how much they are willing to lend, to what real estate types they accept as collateral, and the maximum or minimum amount of the loan. The primary factors that play into the consideration are the borrower’s credit worthiness: their willingness and their ability to pay. Another important factor is the actual value of the borrower’s property but this is a secondary consideration.
Hard money lenders New York flip this standard and consider the collateral as the most important factor. This includes how much the property is realistically worth, and how much equity cushion it provides to protect the loan. The primary concern of hard money lenders NY is if the borrower can easily and quickly dump the property and recover the entirety of the principal amount with interest and fees in the event that the borrower has to default and has to foreclose.
Another factor the Hard Money Lenders New York consider is the exit strategy or how the borrower will repay the loan at the end of the term. There has to be a clear and plausible repayment strategy because the loans are typically short-term, for example 1 to 5 years.
Hard money lenders New York are a great alternative to the conventional bank loans and provide business owners funding especially at times when their business is unable to handle all its financial requirements. Also, trustworthy hard money lenders are easier to find nowadays.
The Services Commercial Hard Money Loans NY Can Offer
Commercial Hard money loans NY are categorized as a type of credit based on asset. In this particular kind of loan, the borrower gets funds that are protected by the worth of a piece of valuable and equitable real estate property. This kind of loan is hardly distributed by the commercial banks or other traditional credit organizations so it is no longer surprising to see people who visit private lenders with an aim of acquiring hard money.
Commercial Hard money loans NY have rules and standards that are quite similar to bridge loans. The bridge loans naturally have the same principles for lending. However, there are also differences between the two. The main difference between a bridge loan and hard money loan is that the bridge loan normally denotes to an investment property or commercial property that is in changeover. The property might not entirely succeed for customary funding yet. Hard money profitable loans are applicable not only to asset based credits but also credits for an upset financial circumstance.
Residential and commercial hard money loans NY are completed by private depositors. They naturally make loans just in the local regions. The credit record of the borrower is not that important since the loan is held by the value of your offered collateral. If you need a quick closing, or a decision within 24 hours, this is your best option. Commercial hard money lenders are now among the most robust financial organizations with the credits and capabilities to create flexible decisions on loans which are non-compliant to conventional financing sources.