Fix and Flip Loans Brooklyn
Rates Starting at 10%
West Forest Capital is a Brooklyn fix and flip lender, financing real estate investments up to $5 million. We have gained a reputation as the fastest fix and flip lender in Brooklyn because we know how critical each day is in Brooklyn’s competitive real estate market.
- We are a direct lender, not a broker
- Same day pre-approval
- Funding in 10-12 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
West Forest Capital lends in the following counties in New York:
- Albany County
- Bronx County
- Broome County
- Columbia County
- Dutchess County
- Kings County (Brooklyn)
- Monroe County
- Montgomery County
- Nassau County
- New York County (Manhattan)
- Putnam County
- Queens County
- Rensselaer County
- Richmond County (Staten Island)
- Rockland County
- Saratoga County
- Schenectady County
- Suffolk County
- Sullivan County
- And Many More!
Recently Funded Fix and Flip Loans
Naples, FL
- Location: Naples, FL
- Original Purchase: $1,950,000
- Rehab Budget: Not Required
- Loan Amount: $1,400,000
- Exit Strategy: Paydown
- Investor Capital: $550,000
- Equity Created: $62,500
- Investor Return on Capital: 11,4%
We made a Florida hard money loan to a client who purchased a three-bedroom, three-bathroom condo in a sought after building in Naples, Florida. Our client’s strategy was to generate returns by using the property for seasonal and short-term Airbnb rentals, which would generate higher ROIs vs. an annual lease. We provided a hard money loan of 71.8% of the purchase price, and our client self-funded light rehab, mostly cosmetic in nature. Our client repaid our loan with a paydown generated from the sale of another property. At the time of paydown, the property experienced appreciation of nearly $63k.
New York, NY
- Location: New York, NY
- Purchase Price: $3,800,000
- Rehab Budget: $200,000
- Loan Amount: $1,100,000 at Closing + $200,000 Rehab = $1,300,000
- Exit Strategy: Sale
- Investor Capital: $3,800,000
- Equity Created: $650,000
- Investor Return on Capital: 17.1%
This New York hard money loan was made to a client who owned an existing building in Manhattan. The building consists of six full floor condominiums, and our loan was collateralized by one of the units. At the time of our loan, there was no existing debt on the building. Our loan consisted of two parts: $1.1m at closing for general renovation and upgrading of the building (including replacing the elevator) and $200k specifically used to rehab the subject property. After the extensive upgrades were completed, the unit was put on the market and sold for $4.6m, an increase of $650k from the original appraisal. Our loan was paid off with a portion of the proceeds from the sale.
Miami, FL
- Location: Miami, FL
- Purchase Price: $750,000
- Rehab Budget: $110,000
- Loan Amount: $543,750 at Closing + $110,000 Rehab = $643,750
- After Repair Value: $1,125,000
- Exit Strategy: Refinance
- Investor Capital: $206,250
- Equity Created: $265,000
- Investor Return on Capital: 128.4%
Our client utilized a hard money loan in Miami, Florida to fix and flip this property in Surfside. We funded 72.5% of the purchase price, and 100% of the $110,000 rehab budget. Our client spent approximately 5 months renovating the house, and thereafter, the property sold within a week of being on the market. The closing took place approximately a month later, and although the loan was only outstanding for 6 months, there was no prepayment penalty assessed. Our loan was paid back with a portion of the proceeds from the sale, netting our client north of $200k after accounting for all holding and closing costs.
Why Use a Fix and Flip Loan
- If You Need Rapid Funding: Unlike traditional banks that may take months to process your loan application, West Forest Capital offers same-day approval for fix and flip loans, with funding available in just 12 days. In urgent cases, we can even provide funding within 24 hours.
- Because the Property Requires Renovation: Traditional banks often shy away from financing properties that need rehab, lack a Certificate of Occupancy (CO), or have other issues. West Forest Capital specializes in funding fix and flip loans for properties that do not meet standard banking criteria.
- If You Have Less-Than-Perfect Credit: At West Forest Capital, we understand that situations come up in life that might impact credit. That’s why we focus on the property’s value rather than your credit score when underwriting the loan.
- It’s Investment Real Estate: Typically, banks require loans to be made to individuals. But you are purchasing the fix and flip as an investment and it should be treated as such by being in an LLC. This way, you get all of the benefits of owning an LLC, and the loan is structured as a business-purpose loan to your LLC.
Why Choose Us For Your Brooklyn Fix and Flip Loans
We love helping real estate investors who are doing fix and flip projects in Brooklyn, and we take pride in being a local Brooklyn fix and flip lender. We understand the permit requirements and building regulations in the borough. We can also review your construction budget, provide feedback, and help structure your fix and flip loan in Brooklyn. Additionally, we know many of the contractors and have experience dealing with the city inspectors.
Financing Your Brooklyn Investment Property
Brooklyn is an excellent market to flip homes. The demand is there, and the housing stock is also available to be improved. Furthermore, the spread between the purchase price and rehab cost is attractive.
At the same time, this environment creates a competitive market and many real estate investors are looking to do fix and flip projects in Brooklyn. Our team at West Forest Capital is ready to not only help you stand out to the seller by committing cash-equivalent capital but will also make sure your fix-and-flip goes smoothly.
Asset-backed Lender Focused on Customized Solutions
We are guided by the current “as-is” market value, the renovation costs, and the “after-repaired value.” We are easy to work with and typically provide a large amount of the purchase price and 100% of the rehab costs. We are also flexible: if you do the construction out of order from your original schedule, or have a budget overrun, we will work with you to make sure your fix and flip in Brooklyn is successful.
West Forest Capital also offers the longest fix and flip loan available on the market (2 years), which is a great option for those projects that may take a bit more time.
Call us today and let’s talk about your loan scenario. Most likely, we will be able to fund you.
Frequently Asked Questions
What are fix and flip lenders?
West Forest Capital is a leading provider of fix-and-flip loans, specializing in asset-based lending that considers the property’s value instead of your credit score. We differentiate ourselves from traditional banks by providing swift and reliable funding to investors, with approvals and fund disbursement taking only a few days. Our effective system is ideal for properties that require upgrades or lack a Certificate of Occupancy.
How do fix and flip loans work?
It’s easy to secure a fix-and-flip loan from West Forest Capital. Our interest rates fall between 9% and 12%, in addition to closing costs. We usually fund up to 85% of the property’s purchase price and renovation costs, disbursing funds in increments as the project develops. These short-term loans guarantee that the total financed amount stays below 65% of the property’s after-repair value (ARV).
What do fix and flip lenders look for?
We are a private money lender focused on providing loans primarily to LLCs rather than individuals. To make sure our investments are secure, we assess the purchase price and the after-repair value (ARV). Key factors we consider include buying properties at or below market value, adhering to a defined renovation timeline, and obtaining a clear title. Our goal is to enhance your investment’s profitability and ensure successful loan repayment.
What is a fix and flip loan used for?
West Forest Capital’s fix-and-flip loans are designed for real estate investors in situations where traditional banks may be reluctant to lend. These loans offer the speed and flexibility needed for buying and renovating properties for resale or rental, as well as for quick auction purchases. They are also suitable for cash-out refinancing, refinancing existing mortgages, and acquiring properties under an LLC—services that conventional banks often do not provide.
What should I consider before applying for a fix and flip loan for a fix and flip?
Before applying for a fix-and-flip loan, it’s crucial to assess the property’s profit potential and develop a solid renovation plan. As your private lender, West Forest Capital will evaluate the feasibility and profitability of your project. It’s important to understand the loan terms and ensure they align with your project’s timeline and budget to make the most of financing from flip lenders.
How quickly can I access funds once approved for a fix and flip loan?
After you receive approval, West Forest Capital stands out for its rapid funding process. Typically, funds for your fix-and-flip project are quickly available, allowing you to purchase and renovate your property without delays. This fast turnaround is a significant reason why we are a preferred flip lender in the competitive real estate market.