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.