hard-money-lenders-New-YorkWith the help of hard money lenders New York real estate investors can secure private funding for commercial property in a matter of weeks.  This is perfect for any investor who needs money to close on a deal, and does not have the time to wait for a traditional bank loan.

What Is a Hard Money Lender?

If you are not familiar with hard money loans and lenders, the name can be a little confusing.  The term “hard money” has nothing to do with the process or difficulty of obtaining the loan. In all actuality, it can be easier to get a hard money loan than it is to get a traditional bank loan.

Hard money lenders, also known as private lenders, are an individual or group of individuals that provide investors with short-term loans secured by real estate investments.  These loans have higher interest rates than typical bank loans, but do not require as much documentation and are paid out at a much faster rate.  They are also available when an investor has too many mortgages to secure any more funding through a bank.

How to Get a Hard Money Loan?

In order to get a loan from hard money lenders New York investors should seek referrals from someone they know or ask their bank if they have a list of prospective lenders.  Before contacting the lender, the borrower should gather all the information they will need to provide.

  • Any deadlines and dates that are important for the loan – This should include the closing date for the property, the date you expect the renovations to be completed at (if needed), and how long you think it will take you to sell it;
  • The address of the property;
  • Whether the loan is for a new property being purchased or to refinance a property already owned.
  • The price of the property;hard-money-lenders-in-new-york
  • If there are any renovations to be performed and how much they are expected to cost;
  • Intended selling price for the property.

 With private financing from hard money lenders New York real estate investors can easily secure short-term loans.