Hard Money Lenders in New York
There are a few hard money lenders in New York to choose from. So why choose Rehab Financial Group?
We Lend 100% of Purchase and Rehab Costs
For qualified real estate investors, we will fund 100% of the purchase price and rehab costs, not to exceed 65% of the after repair value. Most hard money lenders in New York will only fund 60-70% of the purchase price (not including for the rehab portion). By way of example, if you are purchasing a home in Long Island, NY for $100,000 and the total rehab costs are $50,000, we will lend $150,000 so long as the property appraises for at lease $230,800.
Our Loans Have No Prepayment Penalty
Our loans have either a 6-month or 12-month term. Real estate investors make monthly interest-only payments (between 13.9 – 15.9%, annualized) during the term of the loan. Once the rehab is complete, most real estate investors will either refinance the property with a conventional bank (and hold long term for cashflow) or they will put the property on the market and sell for a profit. You will only pay interest for the time the loan is outstanding. There are no prepayment penalties, early exit fees, or back-end points. Many hard money lenders in New York charge prepayment penalties and/or back-end fees.
We Are The Direct Lender
We are the direct lender, meaning it is our money that we are lending. You are not dealing with a broker or a “middle man”. There are many people claiming to be hard money lenders in New York, but they are just brokers who are shopping the loan out to other hard money lenders. The benefit of dealing with the direct lender is the ease of communication. We are a personable group of individuals are we looking to create long-term relationships and team up with right real estate investors. We do not just want to do one loan, we want to develop a relationship and become your hard money lender of choice on all your deals.
Different Than Traditional Hard Money Lenders in New York
We are different that traditional hard money lenders in New York in that we are credit-based first and then asset-based second, meaning that we evaluate a hard money loan based upon the financial qualifications of the borrower. In order to be approved for our hard money loans, you will need to have at least a 660 credit score. We will also look at your tax returns and bank statements to make sure that you have enough income to make the monthly payments and enough cash to pay your closing costs and start the rehab. After a real estate investor is approved with Rehab Financial Group, we then will look at the numbers and details of the property.
Visit how hard money loans work for more details.
Many hard money lenders in New York who were solely asset-based lending are now out of business. We have also heard from investors that other hard money lenders in New York were backing out at the last minute and the investor ends up loosing their deal. We are confident that in our cash position that we will be able to close any hard money loans we commit to.
We are credit-base first because we want to make sure we are teaming up with the right real estate investors. We have no interest in foreclosing or taking the property back. If you looking for hard money lenders in New York and you are a qualified borrower, we would be happy to speak with you! Please fill out the quick contact form on our website or give us a call at 877-643-9066.
Susan, Dawn, & Mary Ann
Hard Money Lenders in New York
877-643-9066
Rehab Financial Group, LP
3 West 57th Street
10th Floor
New York, NY 10019
email: info@rehabfinancial.com
We lend in Long Island, Buffalo, Rochester, Yonkers, Syracuse, Albany, New Rochelle, Mount Vernon, Schenectady, Utiaca, Nassau County, Suffolk County, Westchester County, St. Lawrence County, Chautauqua, and everywhere else in New York (except the 5 boroughs of NYC).
