Hard Money Lender in Oyster Bay, NY
Rates Starting at 10%
West Forest Capital offers hard money lending for real estate investments in Oyster Bay, with funding available up to $3 million. As the fastest lender in the city, we’re committed to responding quickly and effectively to the fast-paced nature of the Oyster Bay 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 |
Areas Covered
West Forest Capital lends in the following locations within Oyster Bay, NY:
- Oyster Bay Village
- Plainview
- Bethpage
- Hicksville
- Syosset
- Woodbury
- Jericho
- East Norwich
Why Use a Hard Money Loan
- If you need funding fast.
Traditional lending institutions often leave borrowers waiting for long periods, sometimes months, before learning if they are approved. At West Forest Capital, we understand the urgency and offer same-day approval for hard money loans, delivering funds in just 3 to 5 days. In cases of extreme urgency, we can release financing within just one day. - If the property isn’t stabilized.
It’s not always about how quickly you need funds but the type of property you’re dealing with. Banks typically deny loans for buildings in poor condition, those undergoing renovations, or properties missing key documents like a Certificate of Occupancy. Additionally, properties that do not have stable rental income tend to get rejected. West Forest Capital, however, is equipped to approve these properties, even when banks can’t. - If you have poor credit.
Financial setbacks can affect anyone’s credit score, but at West Forest Capital, we don’t put much stock in past credit history. Instead, we focus on the value of the property itself. When evaluating loans, we prioritize the asset’s market value over credit scores or debt-to-income figures. - If you don’t want to take a loan in your personal name.
Conventional lenders often require that the borrower personally owns the property. For those who prefer to buy or hold property through a business entity such as an LLC, traditional lending can be difficult. West Forest Capital streamlines this process, offering loans that are structured through LLCs and assisting clients who own multiple properties.
Why Choose a Oyster Bay Hard Money Lender
At West Forest Capital, we understand the unique opportunities in Oyster Bay real estate. As a local lender, we support property investments that help improve and grow this charming and thriving area. Oyster Bay continues to see increasing property values, especially as it attracts both residential and commercial investors seeking a suburban escape from city life. However, zoning laws, environmental restrictions, and local property standards can pose challenges. With our deep knowledge of Oyster Bay’s real estate landscape, we’re here to guide you through the lending process and ensure your project thrives and meets community standards.
Financing your Oyster Bay Investment Property
Oyster Bay’s real estate market has continued to thrive, with steady property value increases driven by its prime location and growing demand for both residential and commercial properties. Investors in Oyster Bay have the potential to earn strong returns through various types of projects, from home renovations to new developments.
In a market like Oyster Bay, working with a lender who understands the local real estate landscape is crucial. At West Forest Capital, we provide direct lending solutions, allowing investors to communicate directly with decision makers. Call 212-537-5833 today to discuss how we can assist with your Oyster Bay investment.
Asset-backed Lender Focused on Customized Solutions
With a deep understanding of the Oyster Bay fix and flip market, West Forest Capital is proud to offer creative financing solutions that meet your specific hard money lending needs. Our loans are structured around the property’s value, and in some cases, we have provided more than 100 percent financing, covering both the purchase price and renovation costs.
West Forest Capital also provides the longest available hard money loan terms, with options up to 3 years, ideal for buy and hold investors looking for long-term financing.
Reach out to us today or submit your loan application to start your investment journey.
Hard Money Lender Oyster Bay: Frequently Asked Questions
What are hard money lenders?
Private, asset-based lenders, known as hard money lenders, differ from traditional banks in their approach to mortgage loans. While both types of lenders offer loans, hard money lenders typically have more lenient requirements than banks. The primary focus for hard money lenders is the property value as collateral, rather than the borrower’s financial past. This approach leads to faster loan approval, often within a week, compared to the several months banks may take for underwriting and funding.
Real estate investors, especially those bidding on foreclosures at auctions, often depend on private money lenders to finalize their transactions. Auctions demand quick closings, making hard money loans an invaluable resource. These loans are particularly helpful for properties that require repairs or do not yet have a Certificate of Occupancy. In Oyster Bay, investors frequently use hard money financing to maintain a competitive edge in the local real estate market.
At West Forest Capital, we provide funding for properties that are often not accepted by traditional banks. We are also here to help borrowers with poor credit or those looking to rebuild their credit, making sure that a low credit score doesn’t stop you from accessing the financing you need. Our loans also include refinancing and cash-out options, offering investors the flexibility to quickly take advantage of new opportunities as they arise.
How Do Hard Money Loans Work?
Hard money loans are faster and easier to obtain compared to traditional bank mortgages, although they often come with higher interest rates. Rates usually range between 10 to 12 percent, with two points charged at closing. These loans are typically structured for one or two years, with terms occasionally divided into two parts:
- Funds for the property purchase generally cover 70 to 85% of the purchase price.
- Funds for rehabilitation can cover up to 100% of the renovation costs.
When rehabilitation is needed on a property, rehab funds are typically paid out in arrears, meaning after specific portions of the renovation work have been completed. For instance, if $50,000 is allocated for the renovation, the borrower may first complete $15,000 worth of work and then request reimbursement for that amount. This process is repeated until the project is finished.
Hard money loans are commonly used for bridge loans, fix-and-flip financing, and commercial property investments. The loan is structured so that the total amount, which includes both the purchase price and renovation costs, does not exceed 65% of the property’s After Repair Value (ARV). These loans are especially beneficial in highly competitive markets where speed is essential to close deals effectively.
What do hard money lenders look for?
Hard money loans are most commonly utilized in the following scenarios:
- To purchase and renovate a property that traditional lenders will not finance, often due to the building’s condition or the borrower’s credit score. After renovations, the property is sold to a retail buyer in a fix-and-flip investment.
- To acquire and repair a property that a traditional bank won’t fund, then rent it out. Once the property is stabilized with tenants, refinancing with a bank at a lower rate may be an option.
- To finance real estate purchases that need to close quickly, such as at foreclosure auctions, where traditional banks may require months to approve the loan. Hard money lenders can often provide funding in as little as a week.
- To obtain a fast cash-out refinance by using a property that is already owned as collateral.
- To quickly refinance a mortgage on a property that is due soon and needs to be resolved quickly.
- To finance the buyout of a partner or family member’s interest in a property. Once the buyout is complete, refinancing can occur to transition to long-term debt.
What is hard money used for?
A hard money loan is most frequently used in the following scenarios for investors in Warwick:
- To buy and repair a property that a traditional bank will not finance due to the property’s condition or the borrower’s credit profile, with the plan to sell it to a retail buyer. This practice is widely known as “fix and flip.”
- To purchase and renovate a property that banks refuse to finance, which will subsequently be rented. Once the property is rented and stabilized, it may be eligible for refinancing with a traditional bank at a lower rate.
- To fund real estate acquisitions that must be completed within a tight timeframe that traditional banks cannot meet, such as foreclosure auctions. Hard money lenders can often provide funding within a week, whereas banks may take two or three months or longer.
- To access fast cash-out refinancing using an existing property as collateral, providing immediate capital for other investments or projects.
- To refinance a mortgage that is approaching its due date, allowing the investor to avoid late fees or penalties.
To buy out a partner or family member’s interest in a property. Hard money loans provide a fast solution to acquire full ownership, which can later be refinanced into a longer-term loan after the transfer is complete.