New York City Private Money Lenders for Real Estate Investors
Seeking a private money loan secured by real estate in New York City? On this page you'll find a list of direct private money lending companies that offer fast funding for an New York City property purchase, refinance, or equity cash out in 1st lien position. Private money loans are for short term (3-24 months) and primarily qualify based on equity in the subject property, at least 30% for most lenders. So you'll need a 30%+ down payment for a purchase, and for a refinance, the maximum loan-to-value is 70%.Searching...
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Malve Capital LLC
Fast And Easy Real Estate Loans. Closing as fast as 5 business days, subject to clear title.
New York Private Money Interest Rates
According to the private money loan documents software company, Lightning Docs, the average interest rate for New York private money loans in the 4th quarter of 2023 was 11.80%. The average loan amount was $671,096. These stats are the average of 85 short-term loans (including bridge, rehab, and ground-up construction) funded for investment properties in New York between October 1, 2023 and December 31, 2023 by multiple private lending companies that use Lightning Docs as their preferred software provider to prepare loan documents.
According to private lending data provider, Analytics Logics, the average interest rate for New York private money loans in the 4th quarter of 2023 was 11.38%. Lenders charged an average of 2.1% points (origination fee). The average LTV (loan-to-value) for private money loans in New York was 57%, and the average loan amount was $883,186. These stats are the average of all the loans which were funded between October 1, 2023 and December 31, 2023 by the many private lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Completed Private Money Loan Transactions in NYC
Private Money Loan for Harlem NY Condo Development Project
$4,100,000
In July 2016, Owemanco funded a private money loan for a 8-unit condominium construction project in Harlem, Manhattan, NY. The Borrower is an experienced New York City real estate developer who had an existing hard money loan which was coming due. The project was 85% completed and additional funds were needed to complete the project. Owemanco paid off the previous hard money loan of $3,000,000 and immediately provided $500,000 in cash out funds. Another $500,000 will be held back and provided as work is completed. Based on our in-house valuation, the LTV (loan-to-value) is conservatively 57%. Two of the units are currently on the market. The Borrower plans to complete the other six units and sell in order to pay off our loan. The property is a 7-story building containing eight for-sale condominium units totaling 10,500 square feet. The Building sits on a 26’ X 70’ (1,820 SF) lot in Central Harlem, close to Columbia University. It is located a 5-10 minute walk from two subway lines which provide easy access to Lower Manhattan. The rates and terms of our loan were much more favorable than the previous lender’s, and generally we are more competitive than other private lenders in New York.
Refinance Bridge Loan for Manhattan Mixed-Use Building
$1,900,000
In December 2014, Owemanco funded a $1.9M private money refinance and equity cash out loan for a 10-unit mixed-use building in Chinatown near Lower East Side in Manhattan. The Borrower needed to cash out some equity on this property to use for other investments. The estimated value is $5.4M and there was a $1.5M 1st mortgage on the property. We refinanced the 1st mortgage and provided $400K cash out upon closing. The new 1st trust deed loan is a very conservative 35% LTV. The property is fully occupied, generating a solid rental income. The Borrower plans to refinance with conventional financing and pay off this bridge loan within 2 years.