Hard Money Lender in Mount Vernon, NY
Rates Starting at 10%
West Forest Capital is a trusted provider of hard money loans for real estate investments in Mount Vernon, with financing available up to $3 million. As the fastest lender in Mount Vernon, we recognize how fast the market moves and respond with the speed you need.
- 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 |
Areas Covered
West Forest Capital lends in the following locations within Mount Vernon, NY:
- Fleetwood
- Mount Vernon Heights
- Chester Heights
- South Side
- East Mount Vernon
- Bronxville Manor
- Downtown Mount Vernon
- Memorial Field
Why Use a Hard Money Loan
- If you need funding fast.
Traditional banks can take forever to process loan applications, making you wait for weeks or even months. West Forest Capital cuts through the red tape, approving hard money loans the same day and ensuring funds are delivered within 3 to 5 days. In emergencies, we can even release financing in just 1 day. - If the property isn’t stabilized.
The need for fast funds often goes hand in hand with the condition of the property. Conventional lenders often reject loans for properties that are in poor condition, being renovated, or lacking important documents such as a Certificate of Occupancy. Properties without consistent rental income are also frequently turned down. West Forest Capital, however, is ready to approve these projects when other banks won’t. - If you have poor credit.
We know that financial setbacks can affect credit scores, but at West Forest Capital, we don’t focus solely on your credit history. We prioritize the market value of the property over past financial struggles, giving greater consideration to the asset’s value than to FICO scores or debt-to-income ratios. - If you don’t want to take a loan in your personal name.
Many banks insist that the property be personally owned by the borrower. However, for those who prefer to purchase or manage real estate through an LLC, this can create difficulties with conventional lenders. West Forest Capital simplifies this process, enabling loans to be structured through LLCs and assisting borrowers with multiple properties.
Why Choose a Mount Vernon Hard Money Lender
West Forest Capital takes pride in supporting real estate projects in Mount Vernon. As a local lender, we assist investors in navigating the growing market and taking advantage of the city’s investment opportunities, from residential properties to multi-family buildings. Mount Vernon has experienced steady property value increases, making it an appealing location for real estate investments, with its proximity to New York City adding to its appeal. While opportunities are abundant, local regulations, property standards, and rental requirements can present challenges. With our expertise in Mount Vernon, we are here to provide valuable insights, lending solutions, and expert advice to ensure your project’s success and profitability.
Financing your Mount Vernon Investment Property
Mount Vernon’s real estate market has shown impressive resilience, with property values rising steadily in recent years. The city’s proximity to New York City and its growing demand for residential and commercial spaces make it an attractive area for real estate investment.
Choosing the right hard money lender in Mount Vernon can make all the difference. West Forest Capital is a direct lender, offering you access to decision makers who understand the ins and outs of the local market. Call 212-537-5833 to discuss your next real estate investment in Mount Vernon and how we can assist with funding your project.
Asset-backed Lender Focused on Customized Solutions
With our extensive experience in the Mount Vernon fix and flip market, West Forest Capital offers customized financing solutions designed to meet your needs. We structure loans around the property’s value, and in certain instances, we have financed over 100 percent of the purchase price and renovation costs, giving you greater flexibility to invest.
West Forest Capital also offers the longest hard money loan terms available, with options up to 3 years, perfect for buy and hold investors who require long-term financing.
Contact us today or submit your loan application to start securing the funding you need.
Hard Money Lender Mount Vernon: Frequently Asked Questions
What are hard money lenders?
Hard money lenders operate as private, asset-based lenders, offering a more flexible lending option than traditional banks. While banks and hard money lenders both provide mortgage loans, the approval process and requirements can differ widely. Hard money lenders place a greater focus on the property’s value as collateral instead of the borrower’s creditworthiness. This leads to a much quicker approval process, with loans often funded within a week, while banks may require several months to approve and fund loans.
Real estate investors, especially those buying foreclosures at auctions, rely on private money lenders to help close their deals quickly. Auctions demand fast closings, making hard money loans a vital financing option. These loans are also particularly useful when properties need repairs or lack a Certificate of Occupancy. In Mount Vernon, investors regularly use hard money financing to keep a competitive advantage in the ever-evolving real estate market.
At West Forest Capital, we help finance properties that conventional banks often decline. We are also here to assist borrowers with poor credit or those working to rebuild it, ensuring that a low credit score does not prevent you from obtaining the financing you need. Additionally, we offer loans for refinancing and cash-out purposes, giving investors the ability to move quickly and take advantage of opportunities as they arise.
How Do Hard Money Loans Work?
Hard money loans are a fast and flexible alternative to traditional bank loans, though they come with higher interest rates. Rates generally fall between 10 to 12 percent, with two points charged at closing. The loan terms are typically for one or two years, and in some cases, the loans are divided into two parts:
- Purchase funds, typically covering 70 to 85% of the property price.
- Rehab funds, which may cover up to 100% of renovation costs.
When a property requires rehabilitation, rehab funds are generally provided in arrears, meaning the lender will release funds after portions of the work have been completed. For instance, if $50,000 is allocated for renovations, the borrower completes $15,000 of work and requests reimbursement for that amount. This process continues in stages until the renovation is finished.
Hard money loans are frequently applied in bridge financing, fix-and-flip transactions, and commercial real estate projects. These loans are structured so that the combined loan amount, covering both the purchase price and renovation funds, does not exceed 65% of the property’s After Repair Value (ARV). These loans are especially valuable in competitive real estate markets where timely access to funding is key to closing deals.
What do hard money lenders look for?
At West Forest Capital, we offer hard money loans structured as commercial loans, meaning we provide financing directly to LLCs rather than individuals. If you don’t yet have an LLC, no problem. Setting one up is fast and easy, and a single-member LLC is sufficient. This allows individual investors to quickly secure funding for their projects.
During our review process, we assess both the purchase price and the After Repair Value (ARV) of the property to ensure the transaction is financially sound. Properties purchased at or below market value are more likely to qualify, especially if the loan also includes funds for renovations. We also require a detailed renovation plan with a timeline and cannot release funds until a clean title is provided, ensuring all liens or judgments are cleared.
Our mission is to position our clients for success. Like most hard money lenders, we aim to help your real estate investment generate significant returns. We thoroughly evaluate each deal to ensure that there is enough margin to cover the purchase price, renovation expenses, interest, closing costs, and other project-related expenses while ensuring that there is room left for a profit. This is how we approach our underwriting process.
For investors in Mount Vernon, especially those working with tight deadlines, West Forest Capital offers the quick and flexible financing options you need to proceed with confidence, making it easier to secure the funds required to close your deals in time.
What is hard money used for?
Hard money loans are typically used for the following purposes:
- To buy and renovate a property that traditional banks won’t finance, either due to the building’s condition or the borrower’s credit history. Once the renovations are complete, the property is sold to a retail buyer in a fix-and-flip transaction.
- To acquire a property that banks will not finance, repair it, and then rent it out. Once stabilized with tenants, refinancing with a bank at a lower interest rate becomes a viable option.
- To close quickly on real estate purchases, such as foreclosure auctions, where a bank may require months to fund. Hard money lenders can provide financing in as little as a week.
- To quickly perform a cash-out refinance using an already owned property as collateral.
- To refinance an expiring mortgage that needs to be settled urgently.
- To finance a buyout of a partner or family member’s ownership share. After the buyout, refinancing can be pursued to secure long-term debt.