York Funding

About York Funding

York Funding is hard money lender based in Long Island, NY. They provide funding throughout South Florida. They provide ground-up construction loans, hard money refinancing, hard money loans for commercial properties, and short term fix and flip loans. Their loan parameters are versatile, including terms up to 36 months, rates starting at 9% , and loan amounts ranging from $50,000 to $5,000,000 with a maximum LTV of 100%. They offer loans on numerous property types, including single family, multi family residences, apartments, office buildings, mixed use, retail spaces, warehouses, storage buildings, and industrial buildings.

Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans, New Construction Loans, Refinance / Cash Out Loans

Property Types Covered: Single Family, Multi Family, Apartment, Office, Mixed Use, Retail, Warehouse, Storage, Industrial

Areas Served: South Florida, NY, NJ, CT

Lending Guidelines for York Funding

Below are the general loan guidelines published on the York Funding 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 York Funding.

Loan Example 1

Jesus is a house flipper in Belle Glade, FL. He locates an older property and wants to remodel it and sell it for a profit. The house has a cost of $320,000 but he doesn't have the full amount so he takes out a fix and flip loan with York Funding. The terms of the note include a 60% loan to value (LTV), so he must bring 40% of the price as cash to closing, making the principle note amount $192,000. The loan is interest only, with monthly payments, and is for 18 months at 12% interest with 4 points paid when the deal closes.

In accordance with the parameters of the note, Jesus will need to contribute a $7,680 origination fee in addition to 40% of the purchase price, or $128,000, since there is a 60% LTV. Once the loan closes, he will need to pay York Funding $1,920 in monthly interest fees, or 12% multiplied by $192,000 divided by 12 months in a year. At the end of the note, he sells the rehabed house for $416,000. After deducting the $34,560 in interest payments ($1,920 multiplied by 18 months), the $7,680 origination fee, the $192,000 principle amount on the note, and the $128,000 he brought to the closing, he will make a gross profit of $53,760 ($416,000 price minus $362,240 in costs). This amount would then be reduced by any renovation costs paid by the borrow.

Loan Example 2

York Funding issues a hard money loan to Jenna for a remodeling project in Belle Glade, FL. The loan dictates the following:

a) A $220,000 sales price, b) a 50% loan-to-value (LTV), c) a 18 month term, d) a 10% interest rate, and e) a 1% origination fee.

Jenna intends to list the project when the note expires for $275,000. If she achieves this goal, the outcome would be the following:

$275,000 sales price
- $110,000 principle on note (50% LTV)
- $110,000 cash paid at closing (50% on 50% LTV)
- $1,100 origination points (1% of the $110,000 principle)
- $16,500 interest payments (18 months x 10% interest)
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= $37,400 total profit (doesn't include taxes or renovation costs)

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