Hard Money Lenders Brooklyn
Rates Starting at 10%
West Forest Capital proudly operates as a hard money lender, specializing in real estate investment funding. We are renowned for our quick turnarounds, crucial for success in Brooklyn’s fast-paced real estate sector.
- We directly lend, without using brokers.
- Get your pre-approval on the same day.
- Have the funds in up to 3-5 days with an existing appraisal.
- Loan amounts available up to $5 million.
Property Types
- Multiplex Residences
- Individual Single Family Homes
- Apartment Units
- Retail Spaces
- Corporate Complexes
- Industrial Facilities
- Hospitality Venues
- Adaptable & Varied Usage Properties
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
Why Use a Hard Money Loan
- Need rapid financing? Instead of waiting for bank approval, West Forest Capital provides quick hard money loans. Get approved on the same day and funded within 3-14 days, with one-day emergency fund options available with existing appraisal and title.
- Worried your property won’t meet bank standards? From rehabs to COs, West Forest Capital funds properties traditional institutions don’t.
- Credit holding you back? We primarily assess property value, not credit scores, to offer funding.
- Prefer anonymity? For those who wish to manage assets through companies, or have extensive property portfolios, hard money is the flexible choice.
Why Choose a Brooklyn Hard Money Lender
Financing your Investment Property
Asset-backed Lender Focused on Customized Solutions
Leveraging our expertise in the bustling realm of fix and flip industry, West Forest Capital navigates unconventional deals to match your specific hard money lending requirements. We rule out traditional criteria and assess your financing needs directly against the asset value, securing funding that is required for the purchase and renovation costs. We just ask for a downpayment on the property, and we take care of the rest.
As a flexible finance partner, we proudly offer the market’s lengthiest hard money loans – 3 years – tailor-made for investments that need a longer stabalization period.
Connect with us today for unparalleled support in realizing your real estate investment goals.
Why Choose a Brooklyn Hard Money Lender
Financing your Investment Property
Asset-backed Lender Focused on Customized Solutions
Leveraging our expertise in the bustling realm of fix and flip industry, West Forest Capital navigates unconventional deals to match your specific hard money lending requirements. We rule out traditional criteria and assess your financing needs directly against the asset value, securing funding that is required for the purchase and renovation costs. We just ask for a downpayment on the property, and we take care of the rest.
As a flexible finance partner, we proudly offer the market’s lengthiest hard money loans – 3 years – tailor-made for investments that need a longer stabalization period.
Connect with us today for unparalleled support in realizing your real estate investment goals.
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A New York direct lender you can rely on
FAQs
What are hard money lenders?
Hard money lenders provide asset-based loans that differ significantly from traditional bank loans. They prioritize property value over borrower credit and offer an expedited underwriting process, often funding within a week. This makes them a popular choice for real estate investors who need quick financing for properties such as foreclosures, or those who may have poor credit. Additionally, hard money lenders can fund on properties that banks might refuse, such as those lacking a Certificate of Occupancy.
It is important to remember that hard money lenders exclusively finance investment real estate and not residential primary properties.
How do hard money loans work?
What do hard money lenders look for?
As a form of commercial loan, hard money lending is exclusive to LLCs rather than individuals. If you need to form an LLC, the process is straightforward, and it’s possible for it to consist of only one member – you.
Hard money lenders evaluate property’s purchase price and After Repair Value (ARV) to secure loan repayment. A property bought at or below market price is pivotal for loan approval. When the borrower finances renovations, the lender ensures the work adheres to the schedule. A beneficial factor for loan approval is an unencumbered title. For entities taking the loan—remember, this must be an LLC—clearing any judgments or liens on the property or LLC is mandatory before loan disbursement.
For a hard money lender, it’s crucial that their clients are engaging in real estate deals with high potential for profitability. The lender ensures that the after repair value (ARV) exceeds all costs — including interest, closing fees, and additional expenses — giving the borrower a significant margin to turn a profit.
What is hard money used for?
- To finance the purchase and renovation of a property that doesn’t meet traditional banks’ lending criteria, often for resale — known as “fix and flip”.
- Securing funding for the purchase and repair of a rental property, which can be refinanced once rented out.
- For real estate deals that need swift funding, such as foreclosures, where traditional banks’ timelines are too slow.
- To obtain a quick cash-out refinancing against an owned property (used as collateral).
- Quickly to refinance another mortgage as its term ends on the same property.
- To purchase a property under an LLC, as traditional banks may not typically lend to LLCs.