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By working with reputable hard money lenders in NY from Tower Fund Capital, you can get approved for a loan to purchase a luxury home, multi-family residence, commercial property, or mixed-use building. Our quick & easy online application results in 24-hour approval and a 10-day closing so you won't miss out on a real estate deal.

A hard money loan may be a good option if you're looking to purchase any type of real estate property but don't want to put down a large sum of money upfront to buy it. While hard money loans offer many benefits, it's crucial to address several questions before you apply for the loan. Here are some questions to ask about a hard money loan.

What Is A Hard Money Loan?

This is a short-term loan secured by real estate. The purpose of getting the loan may be to buy a property or refinance a currently owned property. A hard money lender looks consider your property as the primary collateral instead of credit score or other factors. 

How Long Can I Take A Hard Money Loan?

Hard money loans are a short term usually between 3 to 12 months, depending on your needs. They can be extended, but this will result in a higher interest rate or increased costs.

What Type Of Property Can I Purchase With Hard Money Loans?

Hard money lenders can lend on any property, such as office buildings, multi-family residential, single-family residential, land, industrial, and retail. However, some hard money lenders have specific types of properties that they specialize in, but many will not due to the regulations needed to fund these loans.

What Documents Are Required For A Hard Money Loan?

Documents that may be needed for the hard money loan process include:

  • Loan application

  • Tax returns

  • Bank statements

  • Fair Lending Notice

  • Equal Credit Opportunity Act Notice

  • Mortgage Loan Disclosure Statement

  • Hazard Insurance Disclosure and more.

  • Proof of funds for a down payment, if applicable.

How Much Do Hard Money Lenders Charge?

Hard money lenders charge a percentage of the amount borrowed as an interest rate, usually between 10% to 20%, depending on the specifics of the requested loan. They also charge extra fees such as an "underwriting fee," "document fee," or "processing fee." 

How To Get A Hard Money Loan?

You need to call a hard money lender and complete a hard money loan application with your personal financial and property information. The hard money lender will review your application and determine if the loan is possible. The property will then be appraised to ensure the valuation. Once all the necessary process is completed, the lender will proceed in processing the loan.

How Long Does It Take To Receive Hard Money Funds?

You can get your funds within a few days or weeks. This is a huge advantage to using hard money loans, as a bank or traditional loans could take 30 days or longer to fund.

Contact Tower Fund Capital For A Hard Money Loan In New York

At Tower Fund Capital, we can say yes when banks say no. As a reputable hard money lender in NY, we respond quickly to loan requests. If you need more answers to hard money FAQs or are interested in buying an investment property with a hard money loan, contact us at 646-564-3499 to schedule a complimentary consultation.


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