Hard Money Lender in Long Island
Rates Starting at 10%
West Forest Capital is a Long Island hard money lender, financing real estate investments up to $3 million. We have gained a reputation as the fastest hard money lender in Long Island because we know how critical each day is in Long Island’s competitive real estate market.
- We are a direct lender, not a broker
- Same day pre-approval
- Funding in 3-5 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 Long Island:
Recently Funded Hard Money Loans
Jersey City, NJ
Newark, NJ
Elizabeth, NJ
Why Use a Hard Money Loan
- If you need funding fast. While a typical bank may take months to review your loan application, West Forest Capital offers same day hard money loan approval, and funding within 3-5 days. In an emergency situation, we can even fund in 1 day!
- If the property isn’t stabilized. Sometimes, it’s not a question of time, but it’s the actual property that a traditional bank won’t finance. Examples include a property that requires rehab, missing a Certificate of Occupancy (CO), or does not have a strong rental history. Hard money lenders such as West Forest Capital will be able to fund the property when a bank can’t.
- If you have poor credit. West Forest Capital understands that events that negatively influence one’s credit score can happen from time to time. Therefore, we mostly consider the value of the property, rather than FICO score or debt-to-income ratios when considering funding a loan.
- If you don’t want to take a loan in your personal name. A traditional bank is likely to require that a property is owned directly by an individual they are making the loan to. If you would like to own the property in an LLC, or if you own too many properties for a bank to finance you personally, a hard money loan is a great option.
Why Choose a Long Island Hard Money Lender
Originally located exclusively on Long Island, we are a proud Long Island hard money lender. If you are looking for a lender that knows the distinction and market differences between the South and North shores, you’ve come to the right place. From Garden City to Hempstead to Freeport, Amityville and back up towards Hicksville, Melville and Huntington, we are uniquely familiar with each of the towns, which means a better understanding of the property and better terms for you. We also lend all over further out on the island, including Commack, Smithtown, Stony Brook, Medford, and Port Jefferson.
We are also lending experts in the Hamptons. If you need funding in Hampton Bays, East Hampton, Southampton, Water Mill, Bridge Hampton, Sag Harbor, Montauk, or any other town in the Hamptons – give us a call.
Financing your Long Island Investment Property
Long Island has many suburbs that serve the NYC commuter, but also an expansive independent economy and strong tourism. Post the COVID pandemic, real estate prices have experienced significant appreciation as real estate buyers favored the suburbs.
Asset-backed Lender Focused on Customized Solutions
With our knowledge of the New York fix and flip market, West Forest Capital is able to structure creative transactions that fit your hard money financing needs. We fund loans based on the value of the asset so in some cases we were even able to finance more than 100% of the purchase price and rehab amount.
West Forest Capital also offers the longest hard money loan available on the market (3 years), ideal for buy and hold investors.
Give us a call or apply for a loan today!
Frequently Asked Questions
What are hard money lenders?
At West Forest Capital, we’re a hard money lender, which means we provide asset-based private loans backed by real estate, not your credit score. Unlike traditional lenders, we focus on the property itself, evaluating the deal based on the purchase price and the after-repair value (ARV). Because of this, we can move fast funding in as little as five days, while traditional banks often take months.
Real estate investors, including New York real estate investors, come to us when they need speed, flexibility, or financing for properties that banks won’t touch—like those without a Certificate of Occupancy. We also work with borrowers who are rebuilding credit or need to refinance quickly. As a private money lender, we regularly help clients close auction deals or fund time-sensitive flips.
Hard money loans are commercial loans, so we only lend to LLCs. If you don’t already have one, that’s not a barrier—they’re easy to set up and can be operated by a single person. We also require a clean title and review the entire project scope, including rehab schedules if you’re financing renovations.
For anyone serious about real estate investing, especially when timing matters, a hard money loan can be the edge that keeps your deal moving forward.
How do hard money loans work?
Because it’s significantly easier and faster to obtain a hard money loan, the interest rate will be higher than a traditional mortgage from a bank. Interest rates will vary between 9 and 12%, and there will also be between 1 and 3 points charged at closing. The term of the loan will typically be 1 or 2 years.
Our hard money loans will usually come in two parts: (part 1) to fund the purchase, an amount that will often be between 70-85% of the purchase price and (part 2) funding for any rehab that needs to be done on the property to bring the property to an updated condition. Hard money lenders, such as our team at West Forest Capital, can often fund up to 100% of the rehab amount.
If no rehab is required, it will not be included in the loan. If rehab is required, it will be distributed in arrears, after a portion of the work is completed. For example, assuming that $50,000 of total rehab is needed, the borrower may complete the first $15,000 of the work and ask to be funded $15,000 by the lender. They will then complete the next $15,000 of work and be funded $15,000 again. And so on. Hard money loans are usually structured so that the total loan amount (funds lent on the purchase plus funds lent for the rehab) does not exceed 65% of the property after-repair-value, known as “ARV.”
What do hard money lenders look for?
At West Forest Capital, we evaluate each loan with one goal in mind: helping you secure a profitable real estate investment while protecting the structure of the deal.
Since hard money loans are commercial loans, we only lend to LLCs (not individuals). As mentioned, if you don’t already have an LLC, that’s not a problem. You can form a single-member LLC quickly, and we’re happy to walk you through that step.
We look at two main numbers when reviewing your deal: the purchase price and the after-repair value (ARV). The property should be purchased below or at market value so there’s enough room for the project to be successful. If you’re also borrowing for renovations, we’ll review your repair budget and timeline to make sure the work supports the projected ARV.
A clean title is required before we can close. Any liens or judgments tied to the property or borrowing LLC must be cleared first. We’re flexible, but we also need to confirm that the path to repayment makes sense.
We focus on deals with strong potential, where the ARV can cover your purchase, rehab, interest, closing costs, and still leave you with profit. If the numbers work, we can fund fast and help you close with confidence.
What is hard money used for?
A hard money loan is most often used in the following scenarios:
- To purchase and repair a property that a traditional bank will not lend on (either because of the property itself or because of the borrower’s credit), which will then be sold to a retail buyer. This is commonly called “fix and flip.”
- To purchase and repair a property that a bank will not lend on, which will then be rented out. Once rented, the property will be considered “stabilized,” and may be refinanced with a traditional bank at a lower rate.
- To fund real estate purchases that need to be done in a timeframe that a traditional bank cannot meet (for example, a foreclosure auction). While a hard money lender can often fund the purchase within a week, a bank may take 2 or 3 months or longer.
- To obtain a fast cash-out refinancing using an already owned property as collateral.
- To quickly refinance another mortgage on the property that is coming due.
- To finance construction loans, flip loans, or bridge loans, where a property requires significant repairs or immediate funding that traditional banks cannot provide.
- To buy a property in the name of an LLC. A traditional bank often will not fund LLCs, so if a borrower would like to own a property that’s not in their personal name, a hard money loan is an option.