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Direct Lender for Residential & Multifamily Investors
IceCap Group is a direct private lending firm based in New York City. As the most competitive and aggressive private money lender in the market, IceCap carries a strong value play in speed, service, leverage and surety of close. Our goal is to take you through the most simple and easy process for the best experience on all your loans – Fix & Flips, Bridge Loans, Refinances, 30 Year Term Loans, we do it all. Here’s why property investors choose IceCap Group.
- Surety of close
- Speed of approvals and close
- Direct access to lending principals
- Construction funding availability
- Stream lined construction funding process
- Lender flexibility in deal structuring
- Lender understanding of rehabilitation process and expertise in local markets
- Competitive interest rates and fees
Please note: We do NOT offer loans for owner-occupied homes or specialty commercial properties.
Property Geographic Area Details
Nationwide EXCEPT CA, ID, MN, NV, OR, VT
Loan Amounts
$50,000 to $10,000,000
Interest Rates
8% to 11%
Max Loan-To-Value
85.00%
Max Loan-To-Cost
90.00%
Origination Fees
2% to 4%
Loan Terms
6 months to 18 months
Lien Position
- 1st
Loan Purpose
- Investment Acquisition
- Investment Refinance
- Improve Subject Property
- Use Equity to Invest in Another Property
- Value Add Project
Property Occupancy
- Vacant
- Tenant Occupied 100%
- Tenant Occupied Partial
Minimum Occupancy Percentage
0%
Property Types and Loan Types
Collateral Types
- Residential Property
Property Types
- 2-4 Units Residential
- Condominium
- Mixed-Use
- Multifamily
- Portfolio of Residential Properties
- Single Family Residence
Loan Types
- Private Money
- Hard Money
- Residential Bridge
- Residential Fix and Flip
- Residential Rehab and Rent
- Residential Ground-Up Construction
Specialty Loan Types
- Condo Conversion
- Residential Long-Term Rental
Purchase Loan
Max Loan-To-Purchase Price
90.00%Borrower Must Have Property Under Contract
noWill Provide Proof of Funds Letter
yesWill Consider Lending on Purchase from Auction
yesAllowed Source of Borrower’s Equity
- Own Cash
- Partner
- Equity in Another Investment Property
Rehab Value Add Loan
Experience Required
yesMinimum Number of Value-Add Projects Completed by Borrower
3Will Provide Funds for Renovation Costs
noMax LTC for Renovation Costs
100.00%Maximum After Repair Value
75.00%Construction Loan
Development Experience Required
yesMinimum Number of Ground-Up Construction Projects Completed by Borrower
3Max LTC for Ground-Up Construction Costs
100.00%Interest Charged for Construction Costs
Entire Amount of Total Project CostsWill Lend on Partially Completed Construction Projects
noDetails and Requirements
Typical Closing Time (Days)
30Fastest Closing Time (Days)
3Works With
- Brokers
- Borrowers
Payment Structure
- Interest Only
Pre Payment Penalty
no
Will lend to a foreign national
no
Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage
yesWill Consider Collateralizing Multiple Properties in One Loan
yesWill Consider Equity Joint Venture
no
Borrower Entity Types Considered
- Individual(s)
- LLC
- Limited Partnership
- Corporation
Documentation Required
- Credit Report
- Bank Statements
- Financial Statements
- Loan Application
Personal Guaranty (Recourse) Required
AlwaysCredit Check Required
yesMinimum Credit Score Required
600Appraisal Required for Residential Property
AlwaysBroker Price Opinion (BPO) Accepted for Residential Property
NeverFees
Deposit Required
$2,000.00 to $10,000.00
Due Diligence Fee
$250.00 to $5,000.00
Underwriting Fee
$1,000.00 to $1,000.00
Legal Fee
Fees which are mandatory for all new borrower clients
- Deposit
- Underwriting Fee
- Legal Fee
- Appraisal Fee
- Title Fee
Fees which are charged upfront prior to loan closing
- Underwriting Fee
- Legal Fee
- Appraisal Fee
- Title Fee
IceCap is a division of the Oved Group family office with a long, successful history of investing in industry leaders.
While staying true to core values of integrity and respect, Oved Group has demonstrated their ability to successfully originate, negotiate, and realize investments in a variety of different industries.
IceCap Group, was launched as the base for the family’s Real Estate finance arm, to partner with the best real estate investors on their projects. As one of the largest Private Money Lenders in the Tri-State area, IceCap currently originates over 75+ deals per month.
With the relationships built between the company and their borrowing partners, IceCap Group continuously strives to advance their programs to ensure each investment to be successful.
Company Size (Number of Employees)
20
Year Established
2016
Office Locations
IceCap Group31 W 34 Street, New York, NY 10001
Primary Capital Source
- Own Funds
- Family Offices
Alternative Capital Sources
- Individual Investors
Loan Structure for Majority of Loans
- Own Balance Sheet
Alternative Loan Structures
- Table Funding with Capital Partner
Percentage of company’s lending business focused on private mortgage
100%
Company’s Other Business Activities Besides Private Mortgage Lending
- Residential Real Estate Investing
- Real Estate Development
Percentage of Loans Secured by Residential Property
95%
Percentage of Residential Property Loans Which are Fix and Flip
50%
Percentage of Residential Property Loans Which are Buy and Hold
50%
Percentage of Commercial Property Loans Which are Ground-Up Construction
5%
Percentage of Residential Property Loans Which are Ground-Up Construction
10%
Percentage of Residential Property Loans Which are Long-Term Rental (5+ years)
25%
Total Number of Loans Funded to Date
1000
Total Loan Volume Funded to Date
$400,000,000
Joseph Oved
Chief Executive Officer
Joseph’s responsibilities include managing Oved’s current portfolio of real estate, directing new acquisitions and evaluating new lending opportunities. Joseph channels his energy in building relationships with New York landlords, developers and tenants, leveraging those relationships to create new deal flow.
Joseph Bekar
Vice President of Underwriting
Joseph provides real time market insight on a daily basis. He is an active actor in the buying, selling and renting of investment properties across NYC. Joe’s intimate knowledge of the market allows him to identify and secure loans and acquisitions for the company.
Joseph Benz
Originations
Mordi Lati
Originations
Completed Transactions
IceCap Group
Amagansett, NY
$1,490,000
Purchase
IceCap Group
Queens, NY
$2,400,000
Refinance
IceCap Group
Brooklyn, NY
$600,000
Purchase
IceCap Group
Irvington, NJ
$154,750
Purchase
IceCap Group
Bronx, NY
$1,500,000
Purchase