Hard Money Lender in Coram, NY

West Forest Capital operates as a reliable hard money lender, offering private, asset-based loans that don’t rely on credit scores. Our lending decisions are made based on the property’s purchase price and after-repair value (ARV), which allows us to fund projects in as little as five days—much faster than the traditional bank process.

We cater to investors who need quick financing, flexible terms, or funding for properties banks might not finance, such as those that need rehabilitation or lack a Certificate of Occupancy. We also work with investors rebuilding their credit or needing refinancing in a short time frame. Auction purchases and fast-turn flips are areas where we often provide support as well.

Since we provide commercial hard money loans, funding is available only to LLCs. Establishing an LLC is a straightforward process, even for solo investors. Along with verifying the LLC structure, we ensure the title is clear and review the entire project plan, including rehab timelines when applicable.

For real estate investors who need fast, flexible financing, West Forest Capital is the perfect partner to help move your project forward without unnecessary delays.

Hard money loans are designed for speed and flexibility, allowing you to secure financing much faster than traditional bank loans. However, this speed comes with higher costs. Interest rates typically range between 9% and 12%, and closing fees are usually between 1 and 3 points. These loans are short-term, typically lasting one to two years.

Our hard money offerings typically consist of two parts: (1) a purchase loan that covers 70% to 85% of the acquisition price, and (2) a rehab loan for necessary repairs. At West Forest Capital, we often finance the entire rehab budget for properties that require substantial work.

If no rehab is required, we exclude the rehab loan portion. For properties that require renovations, the funds are released in stages after portions of the work are completed. For example, if the renovation cost is $50,000, the borrower may receive reimbursement for $15,000 worth of completed work, with additional disbursements made as the renovation continues. The total loan, including both purchase and rehab, is capped at 65% of the projected after-repair value (ARV).

At West Forest Capital, we help you navigate your real estate investment journey with tailored hard money loans that ensure each transaction is both secure and financially sound. Our goal is to support you as you achieve your real estate investment objectives.

As our loans are structured as commercial products, we provide funding exclusively to LLCs, not individual borrowers. If you have not yet set up an LLC, the process is straightforward and quick, and we will gladly assist you in establishing a single-member LLC.

Our loan evaluation process is based on two primary financial factors: the property’s purchase price and its projected after-repair value (ARV). For maximum profitability, the purchase price should be at or below market value. If renovation funds are needed, we will carefully evaluate the proposed repair budget and timeline to ensure they align with your projected ARV.

Before we can proceed to closing, we require a clean and marketable title. Any liens, claims, or judgments affecting the property or your LLC must be resolved in advance. While we are flexible in some areas, we require a strong repayment plan and solid financial structure.

We are committed to funding deals with real promise, those where the numbers support a profitable outcome after considering purchase costs, rehab expenses, loan interest, and closing fees. Once everything checks out, we can act quickly to help you close the deal with confidence.

When it comes to properties in Coram, NY, hard money loans are often employed in the following scenarios:

• To purchase and rehab a distressed property in Coram, NY that a traditional lender would reject due to its condition or the borrower’s financial history, with plans to sell it for a profit. This is a typical “fix and flip” investment approach.
• To acquire and renovate a property in Coram, NY that is not eligible for financing through traditional means, with the goal of renting it out. Once it generates rental income, the property may qualify for a conventional refinance.
• To secure a property in Coram, NY when time is crucial, such as when bidding on a foreclosure or an off-market opportunity. Traditional banks may take months, but hard money lenders can typically close within a week.
• To access capital quickly with a cash-out refinance using an existing Coram, NY property as collateral.
• To refinance an approaching balloon payment or an expiring mortgage tied to a Coram, NY property.
• To finance extensive repairs or renovations on a Coram, NY property that traditional lenders are unwilling to support.
• To purchase a Coram, NY investment property under an LLC structure, a scenario where many traditional banks may decline the loan.