Private Money Lender New York

Rates Starting at 10%

West Forest Capital is a New York private money lender, financing a real estate investment of up to $3 million. We have gained a reputation as the fastest private money lender in New York because we know how critical each day is in New York’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 $3 million

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(Investment Properties Only)

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Property Types

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 New York:

Recently Funded Hard Money Loans

Jersey City, NJ

Newark, NJ

Elizabeth, NJ

Why Use a Private 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 private money loan approval, and funding in under 5 days if an existing appraisal is available and is deemed sufficient. 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. Private 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 private money loan is a great option.

Why Choose an NYC Private Money Lender

One of our main locations is in NYC! We take pride in being a local NYC private money lender and helping to finance improvements in the community. Brooklyn and Queens have seen strong price appreciation and are consistent targets for real estate investors. Areas in the Bronx and Staten Island, with close proximity to Manhattan, have also been noticed as potential pockets of value. Investing in NYC can be lucrative but comes with many potential pitfalls around regulations and rental laws. We are happy to provide advice based on our experience of private money lending in NYC.

Financing Your NYC Investment Property

The real estate market in the NYC area has been consistently strong, showing historic appreciation, and always bounces back from adversities. The sheer depth of it allows investors potential for significant profits in a wide variety of projects. 

There are different NYC private money lenders. Choose the one that knows the local area and can help recommend realtors and contractors or assess deals. We are a direct lending partnership — not a broker — so call us to discuss your deal directly with the decision makers 212-537-5833.

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 private 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 private money loan available on the market (3 years), ideal for investors that need more time to stabalize their property.

Give us a call or apply for a loan today!

We Value our Broker Relationships

West Forest Capital is the fastest Hard Money Lender in New York

New York Hard Money Lender

We can fund hard money loans in 3–5 days

If you are looking for a New York hard money lender, give us a call

Submit a loan request

A New York direct lender you can rely on

Frequently Asked Questions

What are private money loans?

Private money loans, also known as hard money loans, are short-term loans for real estate investments and are typically much faster and easier to obtain than traditional bank loans. They are used by real estate investors for fix-and-flip projects, commercial property development, renovation and remodeling projects, land purchases, and to fund apartments, single-family and multi-family home developments.

How do private money loans work?

It’s much faster and easier to obtain a private money loan than a bank loan, and therefore the interest rate will be higher than a traditional mortgage from a bank. Interest rates tend to start around 10%. The loan terms are typically 1 to 2 years.

A private money loan will usually be provided in two parts. The first part is to fund the purchase (between 65-75% of the purchase price). The second part is to fund any rehab that needs to be done on the property.

It’s common for 100% of the rehab amount to be funded, which is distributed in arrears as the work is completed. If rehab isn’t required, then it will not be included in the loan.

What do New York private money lenders look for?

Private money lenders typically look for the below before providing funding:

Collateral will be closely examined to determine the value and condition of the property
Lower LTV ratios are preferred
Purpose of the loan funds
Borrower’s equity
Credit history will be reviewed, but higher scores are not required for loan approval
Borrowers must present a clear loan exit strategy
Experience in the real estate industry is a plus
Property location can sometimes influence the loan amount

How is a New York private money lender different from traditional banks in New York?

Private money lenders (including New York hard money lenders) offer several advantages over traditional New York banks, including:

Securing a private money loan tends to be much faster and easier than with a traditional bank
Loan terms are often shorter with private money loans, with 1 to 2-year options
Individuals with low credit scores and low income can still be approved since private money loans lend on the property as collateral

Private money loans are perfect solutions for residential and commercial real estate investors looking to finance non-owner occupied real estate.

What are the qualifications for a private money loan?

With private money loans, there are no credit score or income requirements. This makes it possible for more real estate investors to obtain funding for their rehab projects. The qualifications for a private money loan include:

Securing a private money loan tends to be much faster and easier than with a traditional bankDown Payment: The down payment serves as collateral for your loan and can range from 20% to 40% depending on the specific type of property. These down payments are calculated based on the Loan-To-Value (LTV) ratio of the property. For example, let’s say you want to purchase a residential property for $400K. If the LTV ratio offered is 70%, then you would be responsible for the $120K down payment.
Appraisal: This is ordered by West Forest Capital.
Insurance Policy: West Forest Capital should be the loss payee and additional insured.
Builder’s Risk Insurance: For extensive rehab projects only.
Lender Title Insurance: West Forest Capital as the beneficiary.
Credit Score: While FICO credit scores of 600+ are preferred, it’s still possible for projects to be funded with a score below this amount.

What are the typical interest rates and loan terms offered by a private money lender in New York?

The typical interest rates start at 10% and the loan terms range from 12 months to 36 months.

Which documentation and qualifications are necessary to secure a private money loan in New York?

To secure a private money loan in New York, you’ll often need to provide the property details, loan application, builder’s risk insurance (for extensive rehab projects), appraisal of the property (ordered by West Forest Capital), title insurance, credit score (you can be approved even with a low credit score), and a down payment.

Can I get pre-approved for a New York private money loan?

Yes, we can often pre-approve you on the same day as when you apply. For a pre-approval letter, please call us at 212-537-5833 or text us at 917-267-9523.

Do private money lenders specialize in financing specific types of properties or projects?

Yes. Private money loans can be used to fund apartments, single-family and multi-family home developments, commercial real estate projects, industrial real estate projects, and projects developing land. Specifically, they can be used by a real estate investor for:

Acquiring and renovating properties that traditional banks won’t finance (due to your credit or the property’s condition)
Quickly refinancing an existing mortgage on a property that is approaching its maturity date
Insurance Policy: West Forest Capital should be the loss payee and additional insured.
Obtaining almost immediate cash-out refinancing by using an already-owned property collateral
Financing real estate transactions that require a fast closing, which traditional banks might not be able to accommodate
Acquiring a property under the name of a Limited Liability Company (LLC). Since traditional banks frequently do not extend loans to LLCs, borrowers interested in owning properties under this structure can choose a private money loan as an alternative

Private money loans are an important resource in the real estate investing industry, particularly for those looking to acquire and develop commercial property or rental property. These loans are a practical solution for financing construction projects (through construction loans), enabling investors to secure the necessary funds quickly.