Hard Money Loans New York

About Hard Money Loans New York

Hard Money Loans New York is a hard money lender headquartered in Brooklyn, NY providing funding in New York City. They provide loans for many different scenarios, including loans for investments properties, hard money bridge loans, fix-and-flip loans, and commercial loans. They provide terms between 1 year and 3 years, rates starting at 11% , and loan amounts ranging from $10,000 to $100,000,000 with a maximum LTV of 75%. They make loans on all of the following types of properties: single family homes, multi family residences, apartment buildings, office units, retail storefronts, hotels/motels, storage facilities, senior facilities, mixed use buildings, warehouse spaces, industrial facilities, medical facilities, raw land, and churches.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, Bridge Loans

Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Warehouse, Industrial, Medical, Land, Church

Areas Served: New York City, Suffolk County, Nassau County

Lending Guidelines for Hard Money Loans New York

Below are the general loan guidelines published on the Hard Money Loans New York website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by Hard Money Loans New York.

Loan Example 1

Patrick finds a townhouse in Cos Cob, CT to rehab and resell. Since he doesn't have enough cash on-hand to purchase the $310,000 project outright, he decides to take out a fix-and-flip loan from Hard Money Loans New York. The loan-to-value (LTV) on the note is 65%. This means that Patrick will have to bring 35% of the purchase price to the closing and the principle will be $201,500 on the deal. The deal also includes these features: 1) a 6 month term, 2) a 11% interest only note, and 3) a four percent origination charge.

On top of the $8,060 origination fee, Patrick will also fund $108,500 of the purchase with his own funds, or 35% of the purchase price. The lender will collect $1,847 in monthly interest from the Patrick. This is calculated by taking the total loan value of $201,500, multiplying that by the 11% interest rate, and then dividing that amount by 12. At the end of the note, he sells the renovated property for $449,500. After deducting the $11,083 in interest expenses ($1,847 multiplied by 6 months), the $8,060 origination fee, the $201,500 principle on the note, and the $108,500 he contributed to the closing, he will earn a total profit of $120,358 ($449,500 sales price minus $329,143 in total costs). This profit would then be reduced by any building costs paid out of pocket.

Loan Example 2

Hard Money Loans New York makes a hard money loan to Todd for a renovation project in Cos Cob, CT. The loan dictates the following:

$280,000 sales price
75% loan to value (LTV)
6 month term
13% interest rate
1% origination fee

After the renovation project is completed, if Todd sells the project for $350,000, the numbers would be the following:

$350,000 sales price
- $210,000 note principle (75% LTV)
- $70,000 down payment (25% on 75% LTV)
- $2,100 origination fee (1% of the $210,000 principle)
- $13,650 total interest paid (6 months x 13% interest)
-----------------------
= $54,250 gross profit (doesn't include taxes or rehab costs)

No Reviews Yet

Hard Money Loans New York currently has no reviews. To add a review now, click the link below:

Write a Review for Hard Money Loans New York