Renovation Loans In New York
Rates Starting at 10%
West Forest Capital is here to empower your real estate investments with renovation loans up to $5 million. We’ve built our reputation as the fastest in the industry because we recognize that time is money in real estate.
- No brokers—we’re a direct lender
- Get pre-approved the very same day
- Funding times range from 3 to 12 days, with potential for 1-day delivery
- Maximum loan amounts of $5 million
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 |
Counties Covered
West Forest Capital lends in the following counties:
- Broward County
- Collier County
- Duval County
- Hillsborough County
- Martin County
- Miami-Dade County
- Orange County
- Palm Beach County
- Pinellas County
- Volusia County
Recently Funded Investment Property Renovation Loans
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Jersey City, NJ
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Newark, NJ
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Elizabeth, NJ
Why Use a Renovation Loan in New York
- If You Need Rapid Funding: Traditional banks often bog down borrowers with long approval processes, but at West Forest Capital, we understand that time is a critical factor in real estate investments. We offer same-day approval and funding within 3 to 12 days, with the possibility of 24-hour funding for urgent situations. With us, you’ll never miss out on a lucrative opportunity due to delays.
- Because the Property Requires Renovation: Many investment properties need significant work to realize their potential, but traditional lenders frequently turn down loans for properties requiring renovations or lacking a Certificate of Occupancy (CO). We specialize in funding these properties in New York, enabling investors to turn vision into reality, no matter the condition of the property.
- If You Have Less-Than-Perfect Credit: Life happens, and sometimes credit scores take a hit. West Forest Capital doesn’t let this deter us from helping you. We prioritize the property’s value and potential over your credit history, offering tailored renovation loans even for those with less-than-perfect credit.
- It’s Investment Real Estate: Structuring investment properties under an LLC is a smart move, and we align our loans to suit this approach. Our business-purpose loans are made specifically for LLCs, giving you the benefits and flexibility that come with this structure while securing your renovation financing seamlessly.
Why Choose Us For Your Renovation Loans
Renovation projects require expertise, and West Forest Capital is here to provide the financial support and guidance real estate investors need. Our renovation loans are tailored to your property’s specific requirements, offering solutions for budgeting, regulatory compliance, and financing structures. We help with contractor coordination, navigating permits, and city inspections, ensuring a smooth process from start to finish. Trust us to be your partner in turning renovation plans into reality. With our expertise and commitment, you can unlock the full potential of your investment properties in New York.
Finance Your Renovation Property
The property renovation industry is booming, with high demand for upgraded homes and an ample supply of properties that are ideal for improvement. This creates attractive opportunities for investors, particularly with the potential for favorable spreads between purchase and renovation costs.
In such a competitive market, standing out requires reliable financial backing. That’s where West Forest Capital comes in. Our team provides you with committed, cash-equivalent capital and expert support to make your renovation journey efficient and successful. We’ll work with you every step of the way, helping you turn your vision into a profitable reality.
Asset-backed Lender Focused on Customized Solutions
We base our lending approach on key factors like the “as-is” market value, your renovation budget, and the anticipated “after repaired value.” With a commitment to making financing easier, we cover a large portion of the purchase price and 100% of the rehab costs. Plus, our flexible terms mean we’ll work with you if your construction plans shift or your budget exceeds expectations.
Our two-year hard money renovation loans stand out in the market, offering extended timeframes for investors managing intricate or large-scale projects. With West Forest Capital, you’ll have the flexibility and security to see your renovation through to completion.
Contact us today to explore how we can help fund your next project. We’re confident we’ll have a solution tailored to your needs.
Frequently Asked Questions
What are renovation lenders?
Renovation lenders like West Forest Capital are experts in providing loans tailored to investment properties requiring repairs. Unlike traditional banks, we focus on the property’s value instead of your credit score, making our loans accessible for a variety of real estate projects. With a fast approval process, we ensure you can secure funding within days, which is particularly advantageous for properties needing immediate rehabilitation or lacking a Certificate of Occupancy.
How do renovation loans work?
Our renovation loans are structured to meet the unique needs of real estate investors. Typical interest rates range from 9 to 12%, with additional fees due at closing. We offer financing for up to 85% of the purchase price and 100% of the rehab costs, disbursed in stages as renovations are completed. To maintain financial security, we cap the total loan amount at 65% of the property’s after-repair value (ARV), making it a practical solution for short-term projects.
What documents or information will I need to provide to get pre-approved?
When applying for a renovation loan, the documents you’ll need for pre-approval are centered around the details of the property and the renovation project. You’ll need to provide the property’s purchase price, a detailed renovation budget, and an estimated after-repair value (ARV). Unlike traditional loans, we don’t emphasize your credit score as much, but instead focus on the property’s value and the potential return after renovations. It’s helpful to provide proof of LLC ownership and any recent financials to help expedite the process. With this information, we can quickly assess the viability of the loan and ensure that the property fits our criteria. Once approved, you’ll be able to move forward with your project, confident that the funding is in place to make it a success.
What do renovation lenders look for?
As a private money lender, we focus on making investment-friendly loans to LLCs. We evaluate properties based on their purchase price, the estimated ARV, and their overall potential for profitable return. We also consider the rehab plan and whether it adheres to a set timeline, which ensures that the project stays on track. A clean title is another important consideration, as we want to ensure there are no legal complications with the property. By assessing these key areas, we can determine whether the property has strong investment potential, allowing you to move forward with confidence in your project and financing.
What is a renovation loan used for?
Renovation loans from West Forest Capital are specifically designed for real estate investors who need quick access to funds for property renovations. Whether you’re flipping properties or renovating to rent, our loans help you cover the purchase price and renovation costs so you can quickly capitalize on investment opportunities. These loans are particularly useful for purchasing properties at auction or those that may not meet traditional bank requirements, such as those needing substantial repairs or lacking a Certificate of Occupancy. They also offer flexibility for refinancing existing properties or funding acquisitions through an LLC, which is often overlooked by conventional lenders. At West Forest Capital, we understand the urgency of real estate investments, and our fast and reliable renovation loans are structured to support your success, with no long waiting periods and minimal red tape.
How is the home renovation loan budget assessed and approved?
When you submit a renovation loan budget, we review it in detail to ensure it aligns with both the property’s projected after-repair value (ARV) and the scope of work necessary to achieve the improvements. We provide 100% financing for rehab costs, as long as they meet our guidelines. If you encounter unexpected costs during the project, we are flexible and can adjust the loan to meet your needs, which sets us apart from traditional lenders. With our renovation loans, you won’t be stuck with inflexible terms or delays that can jeopardize your project’s success. We aim to provide investors with the flexibility and funding needed to navigate the complexities of real estate renovations with ease.
What should I consider before applying for a renovation loan in New York?
Before applying for a renovation loan, it’s vital to analyze the property’s profitability and have a well-organized renovation strategy. At West Forest Capital, we prioritize assessing both the potential returns and the viability of your project. Ensuring that your project’s timeline and budget are in line with the loan terms will guarantee a smoother process and better outcomes.
How quickly can I access funds once approved for a renovation loan?
Once approved, accessing funds is quick with West Forest Capital. We understand the urgency in real estate investments, so you can expect rapid disbursement of funds, often much faster than traditional lenders. This ensures that you can begin purchasing and renovating without unnecessary delays, giving you a competitive edge.
Can I apply if I have had credit issues in the past?
Yes, you can still apply even if you have a history of credit challenges. We don’t require a minimum credit score but rather evaluate your financial history as a whole. This allows us to support investors who may have a lower credit score but are working with properties with a strong after-repair value (ARV).
Do I need to have an LLC before applying, or can I set one up after loan approval?
You must have an LLC set up prior to closing the loan. Our renovation loans are designed specifically for LLCs, as business-purpose loans, and are not available to individuals. While other financing options like personal loans or home equity loans can be used without an LLC, they may not provide the same flexibility or funding for investment properties.
Can I use the loan to finance renovations for rental properties, or is it only for properties intended for resale?
Yes, our renovation loans can be used for both rental properties and properties intended for resale. Whether you’re updating a property for new tenants or preparing it for a sale, our loans offer the flexibility to meet your investment goals. Traditional personal loans or home equity lines don’t provide the same level of support for real estate investments.
