New York Multifamily Construction Lenders
Are you building a multifamily property in New York? On this page you'll find a list of construction lenders for multifamily ground-up projects throughout New York's urban areas. The maximum loan-to-completed value (LTCV) for most lenders in New York is 70%. You typically need to contribute 20%-25% of the project costs and have some cash reserves. Development experience is almost always required. Most lenders will require the project to be fully entitled and shovel ready. A small percentage of lenders will consider land acquisition and/or horizontal financing. The lenders listed here can fund a project with 5 or more apartment units, or a mixed-use project with a majority being apartments.Searching...
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Spectra Lending
CRE Short-Term Loans | 2.5% interest per month
Ontario Wealth Management Corporation
Direct Lender for Commercial Real Estate Bridge Loans
Funded Multifamily Construction Loans in New York
Ground-Up Construction Loan for Multifamily Property in the Bronx, NY
$1,850,000
Bayport Funding, a balance sheet lender based in Long Island, funded a $1,850,000 1st lien position ground-up construction loan for an 8-unit multifamily property in the Claremont neighborhood of the Bronx, NY. The as-is value was estimated at $2,800,000 so the as-is loan-to-value was 66%. We funded 100% of the $1,435,278 construction budget. The completed value was estimated at $4,100,000 so our LTV based on the completed value was 45%. The Borrower had good credit. They plan to refinance into a long-term loan as an exit strategy. The interest rate was 12% and we charged 2% origination points. The loan term was set at 12 months. This ground-up construction loan was funded in November 2023.
