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Sky Equity, LLC provides senior debt on cash-flowing properties, or properties that will or can readily become cash-flowing. While the majority of the bridge loans we originate and service are in the New York Metropolitan Area, we will entertain opportunities in other primary markets nationwide as long as our loan criteria is met. At Sky Equity, we understand the time restraints faced by most borrowers. Therefore, we move quickly through the loan application process, with all underwriting being performed in house. This allows us to get you the approval and funds you need when you need them.
Property Geographic Area Details
New York City Metro and CT, DC, DE, FL, MA, MD, MI, NJ, PA, VA, WV
Loan Amounts
$100,000 to $2,000,000
Interest Rates
10% to 12%
Max Loan-To-Value
75.00%
Max Loan-To-Cost
75.00%
Origination Fees
1% to 3%
Loan Terms
6 months to 24 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%
- Owner Occupied Commercial
Property Types and Loan Types
Collateral Types
- Residential Property
- Commercial Property
Property Types
- 2-4 Units Residential
- Assisted Living Facility
- Car Wash
- Cinema
- Commercial Condominium
- Condominium
- Hostel
- Industrial
- Mixed-Use
- Motel
- Multifamily
- Office
- Portfolio of Commercial Properties
- Portfolio of Residential Properties
- Rehabilitation Facility
- Retail
- Senior Housing
- Single Family Residence
- Storage Facility
- Student Housing
Loan Types
- Private Money
- Hard Money
- Commercial Bridge
- Residential Bridge
- Commercial Property Value Add
- Residential Fix and Flip
- Residential Rehab and Rent
Specialty Loan Types
- Residential Long-Term Rental
- Partner Buyout
- Foreclosure Bailout
Purchase Loan
Max Loan-To-Purchase Price
75.00%Borrower Must Have Property Under Contract
yesWill Provide Proof of Funds Letter
noWill Consider Lending on Purchase from Auction
noAllowed Source of Borrower’s Equity
- Own Cash
- Partner
- Equity in Subject Property
- Equity in Another Investment Property
Rehab Value Add Loan
Experience Required
noMinimum Number of Value-Add Projects Completed by Borrower
0Will Provide Funds for Renovation Costs
yesMax LTC for Renovation Costs
75.00%Interest Charged for Renovation Costs
Only on Funds DrawnTypical Number of Days for Funds Draw
5Details and Requirements
Typical Closing Time (Days)
14Fastest Closing Time (Days)
7Works With
- Brokers
- Borrowers
Payment Structure
- Interest Only
Pre Payment Penalty
yes
Will lend to a foreign national
no
Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage
noWill Consider Collateralizing Multiple Properties in One Loan
yesWill Consider Equity Joint Venture
no
Borrower Entity Types Considered
- Individual(s)
- LLC
- Limited Partnership
- Trust
- Corporation
- Self-Directed IRA
Documentation Required
- Credit Report
- Tax Returns
- Bank Statements
- Financial Statements
- Loan Application
Personal Guaranty (Recourse) Required
AlwaysCredit Check Required
yesAppraisal Required for Residential Property
AlwaysAppraisal Required for Commercial Property
AlwaysBroker Price Opinion (BPO) Accepted for Residential Property
SometimesBroker Price Opinion (BPO) Accepted for Commercial Property
SometimesFees
Deposit Required
$1,000.00 to $5,000.00
Good Faith Deposit
Fees which are mandatory for all new borrower clients
- Site Visit Fee
- Legal Fee
- Appraisal Fee
- Inspection Fee
- Title Fee
- Extension Fee
Fees which are charged upfront prior to loan closing
- Deposit
- Appraisal Fee
- Environmental Report Fee
Fees which are paid to a third party company
- Appraisal Fee
- Environmental Report Fee
Sky Equity, LLC is a hard money lending and real estate investment company, providing creative funding solutions for Borrowers, while consistently delivering healthy returns for Investors. Efficient loan processing, conservative underwriting and in-depth knowledge of market conditions are all hallmarks of Sky Equity.
Sky Equity also owns many commercial and residential properties throughout the greater New York area.
Year Established
2015
Associations
- American Association of Private Lenders - Member
Office Locations
43 West 33rd Street Suite 504, New York, NY 10001Primary Capital Source
- Debt Fund We Manage
Alternative Capital Sources
- Debt Fund We Manage
Loan Structure for Majority of Loans
- Own Balance Sheet
Alternative Loan Structures
- Own Balance Sheet
- Multiple Investor Fractionalized Note
Percentage of company’s lending business focused on private mortgage
100%
Percentage of Loans Secured by Commercial Property
40%
Percentage of Loans Secured by Residential Property
60%
Percentage of Residential Property Loans Which are Fix and Flip
50%
Percentage of Residential Property Loans Which are Buy and Hold
50%
Allen Esses
President & Fund Manager
Mr. Esses has over 30 years of experience working in the real estate equities market in the New York Metropolitan Area. Mr. Esses also has significant experience in residential and commercial acquisition, development and property management. Mr. Esses is considered by his colleagues and clients a fair and earnest professional.