Hard Money Lender in Lake Placid, NY
Rates Starting at 10%
West Forest Capital is available to property investors in Lake Placid as a hard money lender, providing financing up to $3 million. Our title as the fastest hard money lender in Lake Placid comes from our ability to act swiftly in time-sensitive opportunities.
- 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
- Essex County
- Saranac Lake
- Wilmington
- Keene
- Tupper Lake
- Jay
- Ausable Forks
- Bloomingdale
- Harrietstown
- North Elba
Hard Money Loans in Ithaca - Areas We Serve
Recently Funded Hard Money Loans
- Location: Quogue, Long Island, New York
- Original Purchase Price: $3,675,000
- Rehab Budget: $2,200,000
- Loan Amount: $3,200,000
- ARV: $8,950,000
- Exit Strategy: Sale
- Investor Capital: $1,675,000
- Equity Created: $3,275,000
- Investor Return on Capital: 204%
- Location: Dix Hills, New York
- Original Purchase Price: $999,000
- Rehab Budget: $92,000
- Loan Amount: $867,000
- ARV: $1,355,000
- Exit Strategy: Sale
- Investor Capital: $224,000
- Equity Created: $264,000 (excluding soft costs)
- Investor Return on Capital: 118%
- Location: Staten Island, New York
- Original Purchase Price: $600,000
- Rehab Budget: $60,000
- Loan Amount: $450,000
- ARV: $840,000
- Exit Strategy: Sale
- Investor Capital: $210,000
- Equity Created: $180,000 (excluding soft costs)
- Investor Return on Capital: 86%
Why Use a Hard Money Loan
- If you need funding fast.
Lengthy approval periods are the norm at banks, with borrowers waiting months for results. West Forest Capital offers a much faster process, delivering same-day hard money loan approvals and funding within 3 to 5 days. In highly urgent matters, we can even close and fund in a single day. - If the property isn’t stabilized.
It is common for banks to reject properties that fail to meet certain conditions. Renovation projects, buildings without a Certificate of Occupancy, and those with limited or no rental background are all examples. West Forest Capital is equipped to approve loans in these situations when a bank refuses. - If you have poor credit.
Financial troubles that lower credit scores do not automatically prevent you from securing a loan with West Forest Capital. Our process focuses less on FICO numbers or debt comparisons and more on the property’s actual market value. This makes funding accessible even with past credit challenges. - If you don’t want to take a loan in your personal name.
Banks generally want loans tied directly to an individual’s name, creating limits for investors who prefer different ownership structures. Those who manage properties through LLCs or already own many properties often encounter rejection. Hard money loans through West Forest Capital provide the flexibility needed.
Why Choose a Lake Placid Hard Money Lender
Lake Placid is one of the areas where we proudly provide financing. As a Lake Placid hard money lender, we help investors bring improvements to a market well known for tourism, recreation, and steady appreciation. The appeal of the area makes it a consistent target for real estate investors across residential and commercial sectors. While investing in Lake Placid can be rewarding, investors must be aware of regulations and potential challenges tied to the region. Our experience with hard money lending in Lake Placid allows us to share practical advice to help investors succeed.
Financing your Lake Placid Investment Property
The real estate market in Lake Placid has proven strong, with a pattern of appreciation over time and a reliable recovery from downturns. Its opportunities allow investors to pursue profits across a wide variety of real estate projects.
Although there are different Lake Placid hard money lenders, you should work with one who understands the community and can assist with connections to realtors, contractors, or provide deal evaluations. West Forest Capital acts as a direct lending partner rather than a broker, giving you direct access to decision makers by calling 212-537-5833.
Asset-backed Lender Focused on Customized Solutions
With our expertise in the Lake Placid fix and flip market, West Forest Capital is able to customize transactions that meet your hard money financing needs. Since we lend on asset value, in some instances we have financed more than 100 percent of purchase and rehab costs.
Our company also offers the longest hard money loan you will find, with terms of up to 3 years, designed for investors who prefer buy and hold.
Call today or apply now to get started.
Hard Money Lender Lake Placid: Frequently Asked Questions
What are Hard Money Lenders?
Hard money lenders are asset-based financiers that operate outside the traditional banking system. Although both banks and hard money lenders offer mortgage loans, the focus and requirements between the two are very different. Hard money lenders give priority to the value of the property itself, whereas banks examine the borrower’s credit record and financial background in detail. This makes the underwriting process far faster, with funding often completed in a week, compared to the lengthy timelines seen at banks.
Real estate investors frequently turn to private money lenders when they need to close quickly, especially in foreclosure auctions where strict deadlines apply. These loans are also advantageous for properties in poor condition or those without a Certificate of Occupancy. Investors in Lake Placid often rely on these loans to stay competitive in a fast-moving market.
At West Forest Capital, we fund projects that banks decline, and we also support borrowers with low or recovering credit scores. A poor FICO rating will not prevent financing approval. Our programs also include refinancing and cash-out loans, helping investors remain nimble and ready to capitalize on opportunities.
How Do Hard Money Loans Work?
Hard money loans are faster and easier to secure than mortgages through traditional banks, but this advantage comes with higher interest costs. The typical rate is between 10 and 12 percent, and an additional two points are charged at closing. Loan terms usually last one or two years, and depending on the deal, the loan can be separated into two parts.
- Funds for the purchase, typically cover 70 to 85% of the purchase price.
- Funds for rehab, if necessary, which may cover up to 100% of the renovation costs.
For rehab projects, funds are provided in arrears, meaning after the work is completed in stages. For example, if $50,000 is allotted to rehab, the borrower may first complete $15,000 in improvements and then apply for $15,000 of the funding. This process continues until the rehab is complete.
These loans are frequently structured as bridge loans, flipping loans, or commercial property loans. They are organized so that the purchase and rehab combined do not exceed 65 percent of the ARV. Because of their quick funding timeline, these loans are highly beneficial in competitive markets where investors must act quickly to secure properties.
What do hard money lenders look for?
At West Forest Capital, our hard money loans are delivered as commercial loans, meaning we lend directly to LLCs instead of individuals. If you have not already formed an LLC, there is no need to be concerned, as the process is straightforward, can be done quickly, and may involve only one member, which can be you.
Our review process considers both the purchase price of the property and its ARV, or After Repair Value, to ensure that the investment is financially sound. Properties acquired at or below market value are the ones that generally qualify best, especially if you are also requesting renovation funds. In such situations, we expect the rehab plan to include a defined schedule, with work completed within the agreed timeframe. Additionally, we require a clean title before disbursing funds, which means clearing any liens or judgments connected to the property or the LLC.
Our objective is to support profitable real estate investments for our clients. Like other experienced hard money lenders, we want to ensure there is adequate margin in each deal to cover the purchase price, rehab expenses, interest charges, closing costs, and any other project-related expenses, while still leaving room for profit. That is how we evaluate and structure every loan.
For investors working within the Lake Placid market, West Forest Capital delivers speed, flexibility, and practical financing solutions.
What is hard money used for?
A hard money loan is most commonly relied upon in the following situations:
- To purchase and restore a property that traditional lenders will not support because of property condition or borrower credit issues. Once completed, the property is resold to a retail buyer, making this a fix and flip investment.
- To purchase and improve a property that banks turn away, with the plan to rent it out. Once stabilized with tenants, the property can then be refinanced at lower interest rates through conventional lending.
- To close on transactions where speed is critical, such as foreclosure auctions, in which hard money lenders can provide funds in a week compared to the months required by banks.
- To unlock equity quickly through a cash-out refinance secured by a property already owned.
- To arrange refinancing rapidly when an existing loan is about to expire.
- To carry out a buyout of a partner or family member. Hard money loans offer a quick solution with the possibility of refinancing into longer term debt later.