Discounts and continued demand in suburban areas have caused many investors to seek to enter the New York market. However, this has caused the NY market to become even more competitive than before, requiring many individuals to need to close on a home or rehab project with cash in order to have the offer accepted.
This is where hard money loans can help, because hard money loans are proof of accessibility to cash. Specifically, hard money loans are short-term loans that are used to acquire investment properties to rehab and then flip for resale or rent. These loans are used by real estate investors and others who are looking to finance non-owner-occupied real estate.
There are several advantages to a hard money loan in NY right now, which include:
Hard money lenders can fund loans within 1 to 2 weeks. Which is much faster than banks, which have been tightening their underwriting criteria in NY and can take 3 to 6 months to fund a loan.
Hard money lenders such as West Forest Capital see the value in properties beyond current pandemic-related rents. Whereas banks have adjusted property values downwards based on post-COVID-19 rents.
Hard money loans can suffice as a cash offer for rehabbing former retail and commercial spaces. And there has been an increase in opportunities to repurpose these spaces.
Hard money lenders will work with you. New York has many hard money lenders, which is an advantage, but choosing one that is easy to work with and has a good reputation is incredibly important. West Forest Capital fits that bill.
Get Your Hard Money Loan with West Forest Capital
There’s never been a better time to apply for a hard money loan in New York. West Forest Capital provides funds to real estate investors and others looking to finance non-owner-occupied real estate. We fund property types which include:
We provide rehab funds, or full construction costs, as needed. We also provide fast closings, almost always less than 10 days, and often as quick as 3 to 5 days. We’ve even previously closed a brand new loan in one day! We lend in New York, New Jersey, Connecticut, Massachusetts, Pennsylvania, and Florida.