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The Premier Hard Money Lenders NYC
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What do Hard Money Lenders New York offer for Real Estate Investors?
Hard money lenders in New York provide financing options that are perfectly aligned with the needs of “fix and flip” investors. These lenders offer a shortened timeline and evaluate the value of the real property to be used as loan collateral. Here are some key points about hard money lenders in New York:
- Hard Money Loans: These loans allow real estate investments to happen even when traditional lenders may not approve, such as in the case of fix-and-flip properties or rental investments.
- Benefits for Borrowers:
- Lower Down Payment Requirements: Hard money loans typically require a lower down payment compared to conventional loans.
- Fewer Restrictions: Borrowers have more flexibility in using the funds for various investment purposes.
- Finding the Right Lender: Not all New York hard money lenders offer the same terms and conditions. It’s essential to choose a lender that suits your specific investment goals and project requirements.
Remember that New York’s real estate market is highly valued, especially in the New York City metro area. Demand for housing remains strong, making hard money lenders a valuable resource for investors looking to seize opportunities in this competitive market.
How to get a Hard Money Loan Video from Hard Money Lenders New York – HardMoneyMan.com LLC
What loan programs does HardMoneyMan.com LLC offer as NYC Hard Money Lenders?
HardMoneyMan.com LLC offers a variety of loan programs for real estate investors in Houston, including:
- New Construction Loans:
- Terms: 12-24 months
- Loan Amounts: $100k – $3M
- Up to 75% of initial advance
- Up to 90% total loan to cost
- Rates start at 12%
- Requirement: At least one new build and sale in the last 36 months
- Fix and Flip (ARV Loans):
- Term: 12 months (18 months for larger projects case by case)
- Loan Amounts: $50k – $7M
- Up to 90% of the purchase and 100% of the repairs
- Rates start at 12%
- 30 Year Rental Loans for Landlords:
- Types: 5/1 ARM, 7/1 ARM, 10/1 ARM, 30 Year Fixed
- Loan Amounts: $50k – $2M
- Up to 80% loan to value on purchases
- Up to 75% loan to value on refinances
- Minimum Credit Score: 660
- Rates from 7.49%
- Interest-only options available
- Loans for 5 to 20 Unit Apartment Buildings and Mixed Use Rehab:
- Term: 18 months
- Loan Amounts: $250k – $10M
- Up to 80% loan to cost
- Rates from 7.49%
- Minimum Credit Score: 680+
These programs are designed to cater to various investment strategies and project types, offering flexibility and quick funding solutions for investors. For more detailed information or to apply, you can visit their loan programs page.
We Lend in:
Brooklyn, Queens , Bronx, Staten Island, Manhattan (NYC), Westchester, Rockland, Yonkers and other cities in New York
New York (NYC) Fix and Flip Loans
New York (NYC) Construction Loans
New York (NYC) Rental Loans
New York (NYC) Multi Family Loans
What sets HardMoneyMan.com LLC apart from other Hard Money Lenders New York?
HardMoneyMan.com LLC, as one of the prominent hard money lenders in New York, stands out for several reasons:
- Speed and Efficiency:
- Quick Approvals: HardMoneyMan.com LLC offers same-day decisions and 7-day closings, ensuring that investors can access capital promptly.
- Streamlined Process: Unlike traditional lenders, their minimal paperwork and efficient procedures expedite the funding process.
- Specialization in Real Estate:
- Tailored Solutions: They understand the nuances of real estate investments, providing customized loan programs for various scenarios.
- Fix-and-Flip Expertise: Whether you’re a novice or an experienced flipper, they offer fix-and-flip loans to fuel your projects.
- Flexible Lending Criteria:
- Asset-Based Lending: HardMoneyMan.com LLC evaluates the property’s value rather than solely relying on credit scores (as long as your over 620 mid score)
- Investor-Friendly: They cater to a wide range of investors, from first-timers to seasoned developers.
- Local Knowledge:
- New York Expertise: Being based in New York, they understand the local market dynamics, regulations, and opportunities.
- Responsive Support: Their team provides personalized guidance, ensuring a smooth borrowing experience.
- Compliance with State Laws:
- Usury Laws: While hard money lenders have flexibility, they still adhere to usury laws in New York, capping interest rates at 16%1.
- Ethical Practices: HardMoneyMan.com LLC operates within legal boundaries, ensuring transparency and fairness.
- High-Value Real Estate Network:
- Connections: Their extensive network includes real estate professionals, contractors, and industry experts.
- Holistic Approach: They offer not only financing but also insights and resources to enhance your investment journey.
New York Hard Money Lenders – Why Choose Us?
We're in the Business
We’ve rehabbed, sold and rented investment properties ourselves. We know what to look for so you can be confident that your project will result in profit.
We're a Direct Lender
We loan the money. We don’t find the money form someone else. This means you can rest easy knowing that if we approve your loan, it’s going to get funded. No surprises.
We're Fast and Efficient
We can give you preliminary approval in as little as 24 hours and have your loan closed and paid out in less than 7-10 days. We’re one of the most efficient hard money lenders in New York.
We're Investor Focused
We consider you our partner and we want you to make money. We make it a point to look at our loans from all angles to make sure you’re going to get a fair return.
How is the New York City Real Estate Market for investing in 2024?
The New York City real estate market in 2024 presents a dynamic and evolving landscape. Here are some key trends and factors to consider for investors:
- Resilience and Growth:
- Prices are at their highest since 2018, indicating a robust market.
- Manhattan remains a prime real estate destination, with a 7.6% increase in contract activity in Q4 20231.
- Luxury properties over $5 million have seen almost 30% year-over-year growth in newly signed contracts.
- Challenges and Opportunities:
- Stagnation of Resale Inventory: Limited housing inventory persists, creating a competitive environment.
- Luxury Market Growth: High-net-worth individuals continue to invest in premium real estate.
- Interest Rates and Market Trends: Interest rates fluctuate around 6.5%, impacting buyer-seller dynamics.
- Median Price Surge: The median price of homes rose by 9.6% to $400,000 in January 2024, reflecting strong demand and reduced inventory2.
- Strategic Considerations for Investors:
- Neighborhoods with Room for Growth: Look for areas where prices still have potential to rise.
- Proximity to Valued Markets: Consider neighborhoods bordering highly valued residential areas.
- Opportunities Amidst Challenges: Despite inventory constraints, strategic investments can yield profitable returns.
How can I contact HardMoneyMan.com LLC for more information about Hard Money Loans in New York?
You can contact HardMoneyMan.com LLC for more information through the following methods:
- Phone: You can call them at (866) 461-2695 or (516) 526-84451.
- Email: Send an email to ken@hardmoneyman.com
- Online Form: Visit their contact page and submit your loan application or inquiry through the online form provided1.
Can I schedule a consultation with them for my Hard Money Loan in NYC?
Yes, you can schedule a consultation with HardMoneyMan.com LLC. They encourage potential clients to reach out to discuss loan scenarios or any questions you may have. You can submit your loan application or inquiry through their online form, and they will get back to you promptly. If you prefer, you can also call them directly or send a text message to the provided numbers.. This way, you can have a personalized discussion about your real estate investment needs and the loan options available to you.
What documents should I have prepared for my consultation with Hard Money Lenders New York HardMoneyMan.com LLC?
For a consultation with HardMoneyMan.com LLC, you should prepare the following documents:
- Personal Identification: A government-issued ID to verify your identity.
- Property Information: Details about the property you’re seeking financing for, including address, current value, and any rental income it generates.
- Financial Statements: Recent bank statements or other financial documents to demonstrate your financial stability.
- Credit Report: Although they may not require a minimum FICO score, having your credit report can be helpful.
- Experience: Documentation of your experience in real estate investing, especially if you’re applying for certain loan programs.
- Construction Plans: If your project involves construction, copies of the construction plans may be requested1.
- Loan Application: A completed loan application form, which you can likely obtain from their website or during your initial contact.
It’s always a good idea to reach out to them directly to confirm the exact documents needed, as requirements may vary depending on the specific loan program you’re interested in.
Are there any specific requirements for fix and flip loans in New York?
Yes, there are specific requirements for fix-and-flip loans that investors need to meet. These typically include:
- To approve a fix-and-flip loan, lenders often require a decent credit score
- A Solid Business Plan: Having a detailed business plan is crucial. It should outline the project’s timeline, budget, and expected return on investment.
- Lenders will want to know the location, purchase price, and potential after-repair value (ARV) of the property you plan to flip.
- Real Estate Investment Expertise: Lenders might ask for evidence of your track record in property investment, especially if you have experience with house flipping projects.
- Initial Investment Requirement: A down payment, representing a portion of the property’s purchase price, is typically necessary to secure a loan.
- After-Renovation Value (ARV): The potential value of the property post-improvements is a key factor in determining the amount of the loan.
What are the typical interest rates for fix-and-flip loans in New York?
Interest Rates for Fix-and-Flip Loans:
- The interest rates for fix-and-flip loans can vary depending on the lender and the specific details of your project.
- As of April 2024, here are some typical ranges:
- Fix-and-flip loans: Approximately 12,5%.
- Conventional 30-year fixed rate mortgage: Around 7.1%.
- In general:
- Typical interest rates: Fall between 10% and 18% for hard money loans
- Fees: Up to 2 to 4 points.
- Keep in mind that these rates are higher than conventional mortgage rates due to the short-term nature and the increased risk associated with fix-and-flip investments.
Are there any specific requirements for fix and flip loans in New York?
When considering fix and flip loans in New Jersey, there are several important requirements to keep in mind:
- Property Type:
- Fix and flip lending is typically available for residential properties with 1-4 units.
- Loan-to-After Repair Value (LTARV):
- Most lenders in New York offer a maximum LTARV of 70%.
- Cash Reserves and Down Payment:
- You’ll need some cash reserves to cover expenses during the renovation process.
- A down payment of 10%-30% is typically required for the property purchase depending on your experience.
- Eligibility Criteria:
- Lenders may consider factors such as your credit score, business plan, and experience with fix-and-flip projects.
- Having a successful track record with previous fix-and-flip deals will get you better loan terms and higher loan to values.
What qualifications does HardMoneyMan.com LLC require for NYC Construction Loans?
HardMoneyMan.com LLC offers NYC construction loans with the following qualifications:
- New Construction Loans:
- Loan Term: 12-24 months
- Loan Amount: $100,000 to $3 million
- Loan-to-Value (LTV):
- Up to 75% of initial advance
- Up to 90% total loan-to-cost
- Rates: Start at 12%
- Qualification Requirement:
- Must have 1 or more new build and sale in the last 36 months to qualify
Shaun Dozier2022-10-27My company has closed over 5 deals with Ken Vesely . He's very knowledgeable and will get it done . Good communication and responsive!Demetri Williams2021-04-09This is the best lender I've used for all my deals. Very fast and efficient. Never any glitch always a smooth sail to closing. Don't waste your time using someone else.Dario Olivere2021-01-05I have closed multiple deals with Ken. He’s to the point, very straight forward and won’t lead you on. He’s helped guide me along the way. I will always recommend him to my friends and I will always use him for my deals.Tom Tinsey2021-01-05This was my first time using any type of hard money financing so I had tons of questions along the way. Ken answered every one and even helped me out a lot with great recommendations as far as building my real eatate portfolio. Look forward to working with him on future deals and would recommend. No nonsense. No bs. All buisness!!Brandi Pernell2021-01-05The experience my husband’s and my company (Kingdom Realty, LLC) had with HardMoneyMan.com, LLC/Ken Vesely was five-star, from our very first interaction to closing. Ken is efficient, responsive, transparent and extremely knowledgeable. He kept his word on all things discussed, with no surprises along the way, which is extremely important with matters such as these. This was Kingdom Realty LLC's first experience with a hard money loan. Ken took the time to answer all of our questions and taught us a lot throughout our loan approval process. We closed our deal in less than 30 days; and would have closed sooner had it not been for the holidays. We are very much looking forward to working with HardMoneyMan.com LLC for our next deal, and strongly recommend this company to others looking to invest in real estate, close a deal quickly, and learn some tips along the way.Christian Rodriguez2020-10-22I have worked with Ken multiple times and every transaction was a breeze if I have to recommend a straight forward Hard Money Lender, Ken is the man to go withChristina McCann2020-03-03Great company great experienceJoe Matthews2020-01-09Dealing with Ken and his team is flawless. The process is very streamline from start to finish with excite communication throughout the process
