To begin, review some of the aspects of each lender’s offer:
- Timeliness – How soon do you need the money? How quickly can the lender give it to you?
- Affordability – What are the costs? How much is the down payment? What is your budget and will this lender’s offer fit into it?
- Dependability – Will you receive ongoing support through this lender? Can you count on checks coming when you need them?
- Simplicity – How difficult is the process with this lender compared to others? How much paperwork is there to fill out? How well do they explain the entire process?
Once you have assessed what offers meet your needs, try to find out what companies hold the rating of best hard money lenders in New York City for commercial properties investors, as some may focus on residential projects only. Other things to consider before making your decision are:
- Does the lender specialize in commercial hard money loans or only finances occasional projects?
- How long have they been in business and what is their track record?
- What are the penalties they apply for late payment?
- Will they be available any time you have a question or concern?
- Who will be in charge of your loan and how smooth will communication be?
Make sure the lender is experienced in the type of loan you need, has a great reputation and all of the necessary qualifications. It will be an ongoing relationship with whichever lender you choose, so the decision must be made wisely.
NDLS Corp is one of the best reputed hard money lenders in New York City for commercial properties, offering accessible and transparent loans with minimum waiting period and ensuring excellent communication and support throughout the project.