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West Forest Capital

Hard Money Lender Sullivan

Rates Starting at 10%

West Forest Capital is a New York hard money lender, financing real estate investments up to $5 million. We have gained a reputation as the fastest hard 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)

Property Types

Lending Parameters

Loan Size$100,000 to $5,000,000
LTCUp to 80% of purchase price
Rehab Funding 100%
LTVUp to 70% of the ARV
TermStandard is 12 months. 24-36 months is available
LienFirst lien; second lien as additional collateral only
Interest Rate 10%–12.5%
Points1.5–2% of the loan amount

Towns Covered

West Forest Capital lends in the following towns in Sullivan County:
  • Bethel town
  • Callicoon
  • Cochecton
  • Delaware
  • Fallsburg
  • Forestburgh
  • Fremont
  • Highland
  • Liberty
  • Lumberland
  • Mamakating
  • Neversink
  • Rockland
  • Thompson
  • Tusten

Recently Funded Hard Money Loans

Naples, FL

We made a Florida hard money loan to a client who purchased a three-bedroom, three-bathroom condo in a sought after building in Naples, Florida.  Our client’s strategy was to generate returns by using the property for seasonal and short-term Airbnb rentals, which would generate higher ROIs vs. an annual lease.  We provided a hard money loan of 71.8% of the purchase price, and our client self-funded light rehab, mostly cosmetic in nature.  Our client repaid our loan with a paydown generated from the sale of another property.  At the time of paydown, the property experienced appreciation of nearly $63k.

New York, NY

This New York hard money loan was made to a client who owned an existing building in Manhattan.  The building consists of six full floor condominiums, and our loan was collateralized by one of the units.  At the time of our loan, there was no existing debt on the building.  Our loan consisted of two parts: $1.1m at closing for general renovation and upgrading of the building (including replacing the elevator) and $200k specifically used to rehab the subject property.  After the extensive upgrades were completed, the unit was put on the market and sold for $4.6m, an increase of $650k from the original appraisal.  Our loan was paid off with a portion of the proceeds from the sale.

Miami, FL

Our client utilized a hard money loan in Miami, Florida to fix and flip this property in Surfside.  We funded 72.5% of the purchase price, and 100% of the $110,000 rehab budget.  Our client spent approximately 5 months renovating the house, and thereafter, the property sold within a week of being on the market.  The closing took place approximately a month later, and although the loan was only outstanding for 6 months, there was no prepayment penalty assessed.  Our loan was paid back with a portion of the proceeds from the sale, netting our client north of $200k after accounting for all holding and closing costs. 

Why Use a Hard Money Loan

  1. If you need funding fast. While a typical bank may take months to review your loan application, West Forest Capital offers same day hard money loan approval, and funding within 3-5 days. In an emergency situation, we can even fund in 1 day!
  2. 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. Hard money lenders such as West Forest Capital will be able to fund the property when a bank can’t.
  3. 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.
  4. 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 hard money loan is a great option.
NYC hard money lender
hard money loans

Why Choose a Sullivan County Hard Money Lender

We take pride in understanding the Sullivan County real estate lending market! We are a Sullivan County hard money lender and helping finance real estate investors in the County is our goal. Various cities and towns in the County have seen strong price appreciation and are consistent targets for real estate investors who are buying to hold or doing a fix and flip. Areas in the County – those closer to New York City – have also seen strong demand from commuters who are looking for a less cramped lifestyle. Given the current market dynamics, investing in Sullivan County is very prudent, but one must always be careful of local regulations and pitfalls. We are happy to provide advice based on our experience of hard money lending in Sullivan County.
hard money loans

Financing your Sullivan County Investment Property

The real estate market in the Sullivan County area tends to be stable and predictable, strong qualities to look for as a real estate investor. As such, investors continue to take interest and competition is sometimes steep.

To help you win, it’s important to choose a hard money lender that you trust and that knows the area. We have a network of realtors, appraisers, and lawyers that can help with the hard money lending closing. Also, and importantly, we are a direct lender — not a broker — get in touch today to discuss your loan scenario 212-537-5833.

Asset-backed Lender

Asset-backed Lender Focused on Customized Solutions

With our knowledge of the New York Sullivan County real estate market, we can structure bridge and hard money loans that fit your financing needs. We evaluate loans based on the asset value, so in some cases we may be able to fund 100% of your purchase price and rehab costs. Please note that while this is possible, it is not typical.

West Forest Capital also makes available a 3 year hard money loan, which is unheard of in the industry. This is a perfect solution for those that need more time to stabilize the property. Give us a call or apply for a loan today!

FAQs

Hard money lenders in Sullivan County are distinct from traditional banks, operating as non-bank, asset-based lending institutions. While both banks and hard money lenders offer mortgage loans, there are significant differences in their requirements and criteria. Hard money lenders prioritize the value of the underlying property over the borrower’s qualifications, resulting in a significantly shorter underwriting process. Loans from hard money lenders are typically funded within a week, in contrast to the extended timelines of traditional banks, which can take 2-3 months or longer.

Real estate investors, particularly those purchasing foreclosures at auctions, often choose hard money lenders due to the expedited closing process required by auction terms. Additionally, hard money lenders finance properties that traditional banks may decline, including those without a Certificate of Occupancy (CO). They also offer opportunities for individuals with poor credit or those working to rebuild their credit, as a low FICO score does not necessarily disqualify applicants from obtaining a loan.

Moreover, hard money lenders in Sullivan County provide a range of lending options beyond property acquisitions, including refinancing existing loans and accessing cash from property equity. This flexibility makes them a valuable resource for investors looking to leverage their real estate assets.

It’s crucial to recognize that hard money lenders specialize in funding investment real estate projects and do not offer mortgages for residential purposes. Properties financed by hard money lenders are intended for investment purposes only and cannot be used as primary residences.

Obtaining a hard money loan is notably faster and simpler than securing a traditional bank mortgage, although it comes with higher costs. Interest rates for hard money loans typically range between 9 and 12%, with an additional charge of 1 to 3 points at closing. These loans usually have a term of 1 or 2 years.

A hard money loan typically consists of two parts. The first part finances the property purchase, often covering 70-85% of the purchase price. The second part provides funding for any necessary property rehabilitation, with hard money lenders frequently financing up to 100% of the rehab costs. If no rehabilitation is required, it will not be included in the loan.

For properties needing rehabilitation, funds are disbursed incrementally, typically after the completion of each phase of work. For instance, if a total of $50,000 is required for rehab, the borrower may request $15,000 after completing the initial phase of work, with subsequent disbursements following a similar pattern. Hard money loans are typically structured to ensure that the total loan amount, covering both purchase and rehab funds, does not exceed 65% of the property’s after-repair-value (ARV).

Since hard money loans are considered commercial loans, hard money lenders typically lend to LLCs rather than individuals. But if you’re currently without an LLC, there’s no need to worry. Forming one is a straightforward process, and it can even be a single-member LLC, with you as the sole member.

Hard money lenders rigorously analyze both the purchase price and the After-Repair Value (ARV) to safeguard their loan portfolios. Securing a property at or below market value is pivotal for loan approval. Furthermore, if the borrower seeks financing for property rehabilitation, the lender verifies that repairs adhere to the agreed-upon schedule and are completed promptly. A clear title is also fundamental for hard money loan approval. Any outstanding judgments or liens on the property or the LLC receiving the loan (given that loans must be made to an LLC) must be resolved before loan disbursement.

Hard money lenders emphasize the importance of their borrowers engaging in profitable investments or transactions. Essentially, they aim for borrowers to generate returns from their real estate ventures to ensure loan repayment. To accomplish this, the lender examines the deal to confirm the existence of sufficient “spread.” This entails verifying that the After-Repair Value (ARV) exceeds not only the purchase price and renovation expenses but also the loan interest, closing costs, and any other associated fees, with enough room for the investment to be profitable for their clients.

A hard money loan in Sullivan County is most often used in the following scenarios:

  • Undertake the purchase and restoration of a property that traditional banks are unwilling to finance (either due to the property’s condition or the borrower’s creditworthiness), with the goal of selling it to a retail buyer. This approach is commonly recognized as “fix and flip.”
  • Acquire and renovate a property that traditional banks are hesitant to finance, with the intention of renting it out. Once the property is leased and deemed “stabilized,” it may qualify for refinancing with a traditional bank at a more favorable interest rate.
  • In scenarios requiring swift real estate acquisitions, like those at foreclosure auctions, hard money loans provide a timely financing solution. While hard money lenders can usually close within a week, traditional banks may take 2 or 3 months or more to process the loan.
  • Acquire fast cash-out refinancing by leveraging an existing property as collateral.
  • Quickly refinance an existing mortgage on a property nearing its maturity date.
  • Purchase a property under the name of an LLC. Traditional banks typically do not finance LLCs, making a hard money loan a viable option for borrowers aiming to own properties not in their personal names.

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

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A New York direct lender you can rely on

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