New York City Private Money Lenders for Real Estate Investors
Here is a list of private money lenders for real estate in New York City. Use a private mortgage to get fast funding for a NYC investment property purchase, refinance or equity cash out. Our directory lists private money companies (not individual investors) offering short-term loans that typically range from 6 to 36 months.
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
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.