Hard Money Lender in Deer Park, NY

West Forest Capital operates as a private hard money lender, specializing in asset-based loans for real estate investors. Unlike traditional lenders, we do not rely on your FICO score but instead focus on the property’s value, assessing each deal based on the purchase price and the estimated after-repair value (ARV). This method allows us to make swift decisions and fund your project quickly, often within five days and far faster than the lengthy approval processes typical of traditional banks.

We pride ourselves on being the lending partner of choice for investors who need quick decisions, tailored loan terms, or financing for properties that traditional banks would shy away from. This includes properties that lack a Certificate of Occupancy, require substantial repairs, or have a more complex history. Additionally, we assist clients who need to rebuild their credit or require refinancing under tight timelines. As private money lenders, we also specialize in helping investors purchase at auctions and fund rapid-turnaround flips.

Since hard money loans are considered commercial loans, we provide funding exclusively to LLCs. Setting up an LLC is quick and straightforward, even for individual investors. Along with the LLC structure, we ensure the property title is clean and thoroughly assess the full scope of your project, including detailed rehab schedules if applicable.

For real estate investors who require quick action and flexible financing, West Forest Capital offers the support and rapid funding you need to keep your deal on track.

Hard money loans are designed with speed and flexibility in mind, providing an alternative to the slow approval processes of traditional banks. This makes them a great option for real estate investors who need quick access to funding. However, this convenience comes with higher costs, as interest rates typically range between 9% and 12%, with additional closing fees of 1 to 3 points. These loans are usually structured as short-term financing options, typically lasting one to two years.

Our hard money loans consist of two primary components: (1) a purchase loan, which typically covers 70% to 85% of the property’s acquisition cost, and (2) a rehab loan, designed to finance necessary renovations. At West Forest Capital, we often fund the entire rehab budget if substantial renovations are required to bring the property to market value.

If the property does not require renovations, the rehab portion of the loan is excluded. For properties that need repairs, funds are disbursed in stages as work progresses. For example, if $50,000 is allocated for renovations, the borrower may receive $15,000 upon completing part of the work, with further disbursements made as additional work is finished. The total loan amount, including both the purchase and rehab costs, is generally capped at 65% of the projected after-repair value (ARV).

At West Forest Capital, we are committed to supporting you in your real estate investment journey by ensuring each transaction is safe and financially robust. Our goal is to provide hard money loans that are specifically tailored to your needs, ensuring that your investment goals are achieved while keeping the integrity of your deals intact.

As commercial lenders, we exclusively offer funding to LLCs, not individuals. If you haven’t set up an LLC yet, don’t worry as the process of establishing a single-member LLC is simple, and we are here to assist you every step of the way.

We evaluate loans based on two key financial factors: the property’s purchase price and its anticipated after-repair value (ARV). To maximize profitability, we prefer the purchase price to be at or below market value. If you request renovation funds, we will carefully assess your repair budget and proposed timeline to ensure they match the projected ARV.

Before closing, we require a clean and marketable title. Any outstanding liens, claims, or judgments impacting the property or your LLC must be addressed beforehand. While we offer flexibility, a well-defined repayment plan and a strong financial structure are essential.

We specialize in funding deals that have strong potential for profit, those where the numbers align after considering all costs, such as the purchase price, renovations, loan interest, and closing fees. Once the financials are verified, we can quickly proceed to help you close the deal with confidence.

When it comes to properties in Deer Park, NY, hard money loans are often employed in the following situations:

• To purchase and renovate a property in Deer Park, NY that a traditional bank would likely decline due to its condition or the borrower’s financial history, with the goal of reselling it for a profit. This is a common “fix and flip” strategy that allows investors to transform undervalued properties into profitable assets.
• To acquire and renovate a property in Deer Park, NY that cannot be financed through traditional means, with plans to rent it out. Once occupied and generating rental income, the property may qualify for conventional refinancing at a more favorable rate.
• To secure ownership of a property in Deer Park, NY when time is critical, such as during foreclosure auctions or off-market property deals. While traditional banks may take months to process the deal, a hard money lender can provide quick funding and close within a week.
• To access quick capital through a cash-out refinance by using an existing property in Deer Park, NY as collateral for the loan.
• To refinance a mortgage or balloon payment that is due on a property in Deer Park, NY, providing quick and reliable financing without the typical delays seen in traditional banking.
• To fund major repairs or improvements for a property in Deer Park, NY that traditional lenders may be unwilling to support due to the property’s condition or high-risk factors.
• To purchase a property in Deer Park, NY under an LLC, which is often a scenario where many banks are hesitant to approve loans due to the structure of the purchase.