HARD MONEY LOANS NEW YORK
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Why choose Tower Fund Capital for hard money loans in New York? Read client testimonials and reviews about our lending agency and you'll see a pattern emerge that speaks to our commitment to helping our clients access funding quickly for NY residential and commercial properties. We can create a tailored loan to specifically meet your borrowing needs.
Hard money loans in New York are just right for a real estate investor wishing to flip a property, but they must upgrade or rehab it in order to get the most return. There could be several reasons why a borrower could be denied a conventional loan, including time factors, poor credit, and more. In these instances, working with someone for hard money loans for real estate investments will be the right avenue to take.
How Can I Get A Hard Money Loan Fast?
Hard money loans get funded by non-traditional lenders or investors that wish to have a secured, short-term loan where they can get great ROI compared to traditional investment. The best private lenders will often be flexible on deals compared to bankers. As long as they get secured equity, they will be more likely to do the deal. When looking at conventional loans, many people are still unable to obtain loans secured unless their credit score is at 700 or better.
Securing Hard Money Loans In New York
As mentioned, hard money lenders are flexible with most deals as long as their requirements are met with secured collateral. You will usually find this to be a loan-to-value ratio of 65%. Hard money loans are very beneficial as a short team loans, which many refer to as bridge loans. These loans are optimal for financing rehab projects when you are unable to use conventional borrowing methods. The main requirement will be large enough equity in a non-owner-occupied property, with the ideal size being one to four units.
Credit history is not always a factor when securing hard money loans, although this is something that most people are accustomed to. Top mortgage lenders that deal with hard money investing know that this is all about solid collateral, so they have little worry they will lose the money they invest.
Who Benefits Most From Hard Money Loans – When Do You Need Them?
A hard money lending situation is advantageous for someone unable to qualify for traditional mortgages. Many applicants have been rejected by conventional lenders for not having enough income to meet the threshold, while others may have a lower credit score. There may also be a lack of history for established credit or not working at their current job long enough. The more that you know about hard money lending and how it works, easier it is to decide whether this type of loan is optimal for your current situation.
Do you have questions on financing and hard money loans in New York? Here at Tower Fund Capital, we are more than happy to address your concerns and provide you with all the information you need to determine if this is a lending situation that suits you best. Ready to get started? Apply for a consultation on our website now or call us at (646) 564-3499 to speak with a member of our team. We are here to provide you with top solutions to assist you in your real estate industry endeavors.