Hard Money Lender in Shenectady, NY
Rates Starting at 10%
West Forest Capital is proud to be a Schenectady hard money lender, funding real estate investments up to $3 million. Our standing as the fastest hard money lender in Schenectady is due to our ability to provide quick decisions and rapid closings.
- We are a direct lender, not a broker
- Same day pre-approval
- Funding in 3-5 days, although 1 day is possible
- Loan amounts up to $5 million
The Trust We've Earned
Property Types
- Multi-family
- Single-family Investment Properties
- Condominiums
- Apartments
- Co-ops
- Retail
- Small Office Buildings
- Industrial & Warehouse
- Duplex
- Triplex
- Quadplex
- Mixed-Use
Lending Parameters
| Loan Size | $100,000 to $5,000,000 |
| LTC | Up to 80% of purchase price |
| Rehab Funding | 100% |
| LTV | Up to 70% of the ARV |
| Term | Standard is 12 months. 24-36 months is available |
| Lien | First lien; second lien as additional collateral only |
| Interest Rate | 10%–12.5% |
| Points | 1.5–2% of the loan amount |
Counties Covered
- Schenectady County
- Rotterdam
- Glenville
- Niskayuna
- Scotia
- Colonie
- Clifton Park
- Ballston Spa
- Guilderland
- Amsterdam
Hard Money Loans in Ithaca - Areas We Serve
Recently Funded Hard Money Loans
- Location: Quogue, Long Island, New York
- Original Purchase Price: $3,675,000
- Rehab Budget: $2,200,000
- Loan Amount: $3,200,000
- ARV: $8,950,000
- Exit Strategy: Sale
- Investor Capital: $1,675,000
- Equity Created: $3,275,000
- Investor Return on Capital: 204%
- Location: Dix Hills, New York
- Original Purchase Price: $999,000
- Rehab Budget: $92,000
- Loan Amount: $867,000
- ARV: $1,355,000
- Exit Strategy: Sale
- Investor Capital: $224,000
- Equity Created: $264,000 (excluding soft costs)
- Investor Return on Capital: 118%
- Location: Staten Island, New York
- Original Purchase Price: $600,000
- Rehab Budget: $60,000
- Loan Amount: $450,000
- ARV: $840,000
- Exit Strategy: Sale
- Investor Capital: $210,000
- Equity Created: $180,000 (excluding soft costs)
- Investor Return on Capital: 86%
Why Use a Hard Money Loan
- If you need funding fast.
Borrowers who turn to banks often wait for extended periods, sometimes stretching into months, before they know whether a loan is approved. West Forest Capital provides an alternative by granting same-day approval for hard money loans and making funds available within 3 to 5 days. For situations where immediate money is critical, financing can even be secured in just 1 day. - If the property isn’t stabilized.
Banks are reluctant to fund properties that fall outside their strict criteria. A building that requires major repairs, lacks proper documentation such as a Certificate of Occupancy, or shows limited rental activity is typically turned away. West Forest Capital, as a hard money lender, is willing to step in and provide capital where conventional institutions will not. - If you have poor credit.
West Forest Capital recognizes that financial difficulties may temporarily impact someone’s credit rating. Instead of basing decisions solely on numbers such as FICO scores or debt-to-income ratios, our evaluation process focuses on the actual property’s value. This allows us to approve loans even when credit history is not ideal. - If you don’t want to take a loan in your personal name.
Banks often require that loans be granted to individuals holding property under their own names. This can create obstacles for investors who prefer to own property within an LLC or for those who already manage multiple properties. West Forest Capital makes it possible to obtain financing under flexible ownership arrangements.
Why Choose an Schenectady Hard Money Lender
Financing your Schenectady Investment Property
The real estate market in Schenectady has consistently shown long-term appreciation and has demonstrated its ability to rebound after challenges. Its variety provides investors with strong chances for profits on different types of projects.
While there are multiple Schenectady hard money lenders, selecting one who understands the local market and can guide you with realtors, contractors, or deal analysis is essential. At West Forest Capital, we act as a direct lending partner instead of a broker, so you can reach the decision makers directly at 212-537-5833 to discuss your project.
Asset-backed Lender Focused on Customized Solutions
Hard Money Lender Schenectady: Frequently Asked Questions
What are Hard Money Lenders?
Hard money lenders are private asset-based lending institutions that differ from banks in both method and focus. While both entities provide mortgage loans, hard money lenders emphasize the property itself as collateral rather than the borrower’s financial history. This approach speeds up the underwriting process considerably, allowing funding to take place in as little as a week, in contrast to the lengthy timelines seen at traditional banks.
Investors often rely on hard money loans for auction properties and foreclosures, as these types of sales require rapid closings. The loans are equally important when properties are in disrepair or are missing a Certificate of Occupancy. In cities like Shenectady, investors use hard money loans consistently to remain competitive and close deals swiftly.
At West Forest Capital, we finance projects that banks often reject. We welcome clients with low or damaged credit, and a weak FICO score will not prevent approval. We also make refinancing and cash-out loan programs available so that investors can maintain flexibility and quickly adapt to opportunities in the market.
How Do Hard Money Loans Work?
The appeal of hard money loans lies in how quickly and easily they can be obtained compared to traditional bank mortgages. However, this convenience results in higher interest rates, typically ranging from 10 to 12 percent, in addition to two points at closing. These loans generally have terms of one or two years and may be structured into two portions.
Funds for the purchase, typically cover 70 to 85% of the purchase price.
Funds for rehab, if necessary, which may cover up to 100% of the renovation costs.
When renovations are required, the loan funds for rehab are distributed after the work is performed. For example, if $50,000 has been reserved for renovation, the borrower must first complete $15,000 of work before requesting that same amount in reimbursement from the lender. This staged process continues until the project is complete.
Hard money loans are most often used for bridge financing, fix and flip projects, and commercial property loans. They are structured to make sure the total loan amount, including both purchase and rehab funds, does not go above 65 percent of the property’s ARV. These loans are popular among investors in fast-paced markets because they allow properties to be secured quickly.
What do hard money lenders look for?
At West Forest Capital, our hard money loans are always structured as commercial loans, which means that funding is provided to LLCs rather than to individuals. If you do not yet have an LLC set up, there is no reason to worry, since forming one is a straightforward process that takes very little time and can be done with just a single member, which can be you.
When we review a potential deal, our team evaluates both the property’s purchase price and its ARV, or After Repair Value, to determine whether the project makes sense financially. Properties that are purchased at market value or, ideally, below market value typically qualify best, especially in situations where additional funds are requested for renovation work. In those cases, we ask that borrowers provide a clear renovation schedule and demonstrate their ability to finish the work on time. Another requirement is a clean property title, which means any liens or judgments connected to the property or to the borrowing LLC must be cleared before the loan is funded.
Our purpose is to set our borrowers up for success. Similar to other experienced hard money lenders, our objective is to make sure that your real estate investment is structured for profitability. That means ensuring that there is enough margin in the deal to account for the purchase price, rehab expenses, loan interest, closing costs, and other fees, while still leaving room for meaningful profit. This is the standard we use in every underwriting decision.
If you are investing in Schenectady real estate or working on a project where time is limited, partnering with a private money lender such as West Forest Capital provides both speed and strategic support.
What is hard money used for?
A hard money loan is most often applied in practice within the following scenarios:
- To acquire and fix a property that banks will not provide financing for, whether due to the state of the property or issues with the borrower’s credit. After it has been repaired, the property can be sold to a retail buyer, which is called a fix and flip.
- To purchase and improve a property rejected by banks and then place it on the rental market. Once rented and stabilized, it may qualify for refinancing at a better rate with a conventional lender.
- To finance real estate deals that must be completed faster than a bank can process. In cases such as foreclosure auctions, a hard money lender may close in a week compared to the months a bank often requires.
- To obtain a quick cash-out refinance using a property already in ownership as collateral.
- To refinance another mortgage rapidly when the existing loan is about to come due.
- To fund the buyout of a co-owner, whether a partner or a family member. Hard money loans allow ownership consolidation with the possibility of refinancing into long-term financing later.