Qualifications for a Hard Money Loan in NY

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:

  • Apartments
  • Single-family
  • Multi-family
  • Commercial
  • Industrial
  • Land

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.

Please contact me

Please contact me

To get started with your hard money loan,
please call us at 212-537-5833 or text us at 917-267-9523.

Hard Money Loans: FAQs

Hard money loans are short-term loans that are used to acquire investment properties to rehab and then flip for resale or rent. These loans are used by real estate investors and others who are looking to finance non-owner occupied real estate.

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.

Yes, we do fund rehab costs through a hard money loan. In fact, we can fund 100% of your rehab costs. To do so, you will need to complete a portion of the project. We then send an inspector to review it, and we distribute the funds for the completed work. The entire process takes 2 to 3 days.

Yes, we provide extensions up to 6 months or longer on a case-by-case basis. We understand the timeframe complexities when rehabbing or building a new project – we will work with you.