Hard money loans can be the ideal financing solution for anyone looking to receive financing for a property that they will be holding onto for a limited period of time. To qualify for a hard money loan in New York, there are a few key elements to consider:
Buying a property that is under market value is a big plus, but not a requirement. New York is a very liquid market and there are standard values for various properties.
Previous real estate experience in New York is helpful, but not required.
Real estate investors should understand how free-market vs. rent-stabilized buildings work and the values associated with each type.
Real estate investors should be familiar with newly enacted or proposed legislative changes if they apply to their properties.
Having enough liquidity (cash in the bank) to fund the down payment, closing costs, and to start any rehab (which West Forest Capital will fund 100%) is important.
A credit score above 620 is helpful. However, at West Forest Capital, we can fund borrowers below that if an interest reserve fund (usually 6 months) is included in the loan.
Existing structures and small and medium-size renovation projects (up to $500,000 in rehab costs) are preferred. We can fund ground-up construction on a case-by-case basis.
Get Your Hard Money Loan with West Forest Capital
There’s never been a better time to apply for a hard money loan in New York. West Forest Capital provides funds to real estate investors and others looking to finance non-owner-occupied real estate. We fund property types which include:
We provide rehab funds, or full construction costs, as needed. We also provide fast closings, almost always less than 10 days, and often as quick as 3 to 5 days. We’ve even previously closed a brand new loan in one day! We lend in New York, New Jersey, Connecticut, Massachusetts, Pennsylvania, and Florida.