New York Hard Money Lenders

Need a hard money loan secured by real estate in New York? This page has a list of direct hard money lenders that offer quick funding for a NY property purchase, refinance, fix & flip, rehab & rent, ground-up construction, and equity cash out in 1st lien position. Hard Money lending is mainly based on equity in the subject property. The maximum LTV is typically 70% for most lenders. Scroll to see the list of lenders and continue scrolling ot see summaries of hard money loans funded by lenders in our network.
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Conventus

We Fund Fast While Providing Excellent Service and Competitive Pricing

$150,000 - $100,000,000
6 to 60 months
9.00% - 12.99%
0 - 2.00%
Gelt Financial, LLC

Creative Private Financing for Commercial Real Estate since 1989

$100,000 - $3,000,000
12 to 60 months
10.00% - 13.00%
3.00% - 5.00%
Lima One Capital

The Nation's Premier Lender for Real Estate Investors

$75,000 - $20,000,000
13 to 360 months
7.20% - 12.10%
0.25% - 2.50%
Center Street Lending

Smarter Loans for Residential Investors

$100,000 - $40,000,000
6 to 24 months
9.00% - 12.50%
0.50% - 2.00%
Backflip

Fix and Flip Direct Lender with all-in-one platform providing comps, capital and community to help you scale

$75,000 - $2,000,000
6 to 12 months
10.00% - 13.00%
1.25% - 2.00%
HouseMax Funding

Hard Money Loans to Fund Your Next Big Project

$75,000 - $7,000,000
12 to 360 months
7.00% - 12.99%
1.00% - 4.00%
Kiavi

Servicing 12,000+ Real Estate Investors Across the Country

$100,000 - $3,000,000
12 to 360 months
Tower Fund Capital

Direct Lender for Purchase & Refinance Bridge Loans

$200,000 - $50,000,000
12 to 24 months
7.50% - 12.00%
1.00% - 3.00%
LendingOne

Rental, Fix & Flip, Construction & Multifamily Bridge Loans Nationwide

$75,000 - $50,000,000
12 to 360 months
1.00% - 2.00%
American Heritage Lending

Direct Lender for Residential Real Estate Investors Nationwide

$100,000 - $5,000,000
12 to 360 months
8.00% - 12.00%
1.00% - 3.00%
Crosby Capital USA

Fast Bridge Loans for Multifamily and Residential Investment Properties

$200,000 - $50,000,000
2 to 12 months
11.00% - 14.00%
1.00% - 3.00%
IceCap Group

Flexible & Friendly Funding for Property Investors Across the Country

$50,000 - $10,000,000
12 to 18 months
7.00% - 12.50%
1.00% - 4.00%
Rehab Financial Group

100% Financing for Rehab, Flip and Construction Projects - NO DOWN PAYMENT!

$50,000 - $2,000,000
4 to 12 months
11.88% - 13.00%
2.00% - 4.00%
Park Place Finance

Nationwide Direct Private Lender for Residential Real Estate Investors

$100,000 - $2,500,000
12 to 23 months
9.99% - 12.99%
1.50% - 3.00%
Stormfield Capital, LLC

Direct Balance-Sheet Lender for Investment Properties

$250,000 - $10,000,000
6 to 36 months
8.50% - 11.99%
0 - 2.00%

New York Hard Money Interest Rates

lightning docs logo

According to the hard money loan documents software company, Lightning Docs, the average interest rate for New York hard money loans in the 1st quarter of 2024 was 12.00%. The average loan amount was $732,611. These stats are the average of 94 short-term loans (including bridge, rehab, and ground-up construction) funded for properties in New York between January 1, 2024 and March 31, 2024 by multiple hard money lenders that use Lightning Docs as their preferred software provider to prepare loan documents.

analytics logics logo

According to private lending data provider, Analytics Logics, the average interest rate for New York hard money loans in the 1st quarter of 2024 was 11.53%. Lenders charged an average of 2.4% points (origination fee). The average LTV (loan-to-value) for hard money loans in New York was 62%, and the average loan amount was $1,190,000. These stats are the average of all the loans which were funded between January 1, 2024 and March 31, 2024 by the many hard money lenders who use Liquid Logics’ loan origination software to manage their lending operations.

Top 10 New York Hard Money Lenders

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According to Forecasa™, here are the Top 10 Hard Money Lenders ranked by the number of loans originated in New York from June 2023 to May 2024.

  1. ROC Capital
  2. Broadview Funding
  3. RCN Capital LLC
  4. Adirondack Trust CO
  5. Icecap Group
  6. Constructive Loans LLC
  7. Kiavi
  8. Velocity Commercial Capital
  9. Housing Trust Fund Corporation
  10. Lima One Capital LLC

Forecasa™ gives investors and lenders in the private real estate market powerful analytics and actionable insights. They help you skip the hassle of combing county records and focus on closing deals. With detailed market trends, investor and lender activities, and competitive benchmarking, you can make smart, strategic decisions. Some of their services include dynamic market reports, transaction-level details, customer analytics, borrower verification, and in-depth profiles of investors, lenders, and capital partners. You’ll find their top lenders data for many other states on our platform.

New York Hard Money Insights from a Local Lender

When it comes to asset-based hard money lending in New York, there have been some changes affecting lenders and borrowers throughout the state. According to Ed Gitlin from Tower Fund Capital, they are seeing a bit of a slowdown in the market because borrowers are facing lower appraisals than anticipated on the value of the properties compared to a year ago, and even within the last six months. This specifically is affecting bailout borrowers because the value of the property is reduced, and sometimes they don’t have enough equity for their next investment. Ed says, that because of this challenge many borrowers are only able to come in at 55% to 60% equity and it has forced them as the lender to lower their advance rate to those percentages. “Right now, we’re lowering our advance rate to about 55% to 60% because we’re anticipating an exit from our loans. In order for them to exit from our loans, they would have to refinance and cover the closing costs, which will bring them into 65% to 70 % loan to value. So if we were afforded 65% and we anticipated them exiting at 75% loans of value, now we are lending between 55% and 60% with anticipation that they’ll refinance between 60% and 65%,” Ed explains.

In the state of New York, the most common refinancing scenarios are primarily maturity defaults where the borrower needs to exit the loan. “Usually, these kind of borrowers, they lag in the fact that they start their process of refinancing way too late, and they don’t make the timeline, so they do get into a majority default and now they have to come out of that,” Ed explains. As a result, Tower Fund Capital has created an option for the payment of full borrower, where they’ll take a prepay payment as proof that the borrower is reliable. “Usually, on a regular loan, we’ll do a three month interest reserve, but in these cases, we’ll take a prepay in the six months to a year just to make sure that they can get out and demonstrate on the verification of mortgage payments that they accurately paid,” Ed says.

According to Ed, there remains to be a lot of competition among hard money lenders that lend primarily to borrowers with better credit. However, for Tower Fund Capital, the competition remains low because they are a niche company that primarily deals with refinances and asset-based bailouts. “There’s really not much competition because the majority of [lenders] will not take late payments or bankruptcies or foreclosures of any sort. So we’re pretty niche without much competition. But if we were to come down in our rates and raise the credit worthiness of the borrower then the competition is still out there,” Ed states.

Out of the five boroughs in New York, Brooklyn remains the hottest market for hard money investment loans, even with valuations coming in a bit lower. Ed states that lenders outside of New York typically shy away from borrowers who want to invest in New York because of the tedious and lengthy foreclosure process. “New York is known for the legal system to be backed up, so it could take two, three, four, five adjournments of a case just to get in front of the judge. So it’s sometimes not even the position of the borrower, it’s really the bottleneck of the court system,” Ed explains. To mitigate this Tower Fund Capital has found that doing UCC foreclosures is a better outlet than real estate foreclosures.”We’ll foreclose on a pledge and then obtain a quiet title post auction if we will bid. So that’s how we’re mitigating the risk, Ed states. “Also, due to UCC foreclosure, it gives us the ability to be declared as the member of the entity. So it gives us an ability to collect rents or any income coming from the property in the meantime while we’re waiting for the quiet title,” he says. In addition, UCC foreclosures typically take three to four months if the borrower doesn’t put up any roadblocks, such as filing for bankruptcy.

For the rest of 2024 and 2025, Ed anticipates that the NPL (Non-Performing Loan) business will continue to grow. He advises borrowers to be more diligent in their investments, avoid poor risk management, and refrain from over-leveraging, especially for those with sufficient equity.

Tower Fund Capital provides asset-based debt solutions for the real estate industry. They offer a true hard money no-doc program that qualifies a deal based on the value of the asset being offered as collateral rather than credit scores or financial qualification of the borrower or the property. They predominantly provide loans for SFR, multifamily, and mixed use. They don’t have a maximum loan amount but their minimum is $250,000. They can close in as little as 3 business days once the full due diligence and title is cleared.

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