Hard Money Lenders for Real Estate: Financing Solutions for Investors

Hard money lenders provide short-term, high-interest loans for real estate investors who need quick access to funds for fix-and-flip projects or other investment properties.

These loans are typically offered by private lenders, not banks, and can be secured with a property's equity or other assets.

With loan terms usually ranging from 6 to 24 months, hard money lenders offer a flexible financing solution for investors who need to move quickly.

Hard money lenders can fund up to 75% of a property's after-repair value, making them an attractive option for investors with a solid exit strategy.

Asset Based Lending is a top private hard money lender in NY, offering fast financing for real estate projects. They can provide prequalification within 24 hours and loan closing in 7-10 days.

Their financing options include 12-month, interest-only bridge loans for Fix and Flip, New Construction, Rental Property Financing, and short-term Cash Out/Refinance. These loans cover up to 85% of the purchase price and 100% of the rehab costs.

Asset Based Lending specializes in 12-month loans for experienced investors and professionals, but they also lend to qualified first-time borrowers. They focus on providing financing solutions that typical lending institutions cannot.

Their average closing time is just 10 days, and they can close in as little as three to four days if all the paperwork is in order. This speed is critical for investors who want to capitalize on New York investment property opportunities.

Asset Based Lending is a top private hard money lender in NY that can provide fast financing for your fix and flip project. They can prequalify you within 24 hours and close the loan in 7-10 days.

They offer 12-month, interest-only bridge financing for fix and flip projects, as well as new construction, rental property financing, and short-term cash out/refinance. These loans can cover up to 85% of the purchase price and 100% of the rehab costs.

Asset Based Lending can close your loan in as little as three to four days if all the paperwork is in order, and their average closing time is just 10 days. This speed is critical for investors to capitalize on New York investment property opportunities.

Asset Based Lending offers competitive rental loans in NY, starting as low as 5% with leverage up to 80% LTV. Their doc-light rental loans are designed for buy and hold investors looking to secure 1-4 family properties.

With rates starting at 5% and leverage up to 80% LTV, it's no wonder Asset Based Lending is a popular choice among NY investors. They offer a variety of loan options, including 30-year amortization, ARM, and interest-only options.

Their unique capital structure and flexible underwriting allow for single rental loans up to $3M and rental portfolio loans up to $3M. This makes them a great option for investors of all experience levels.

ABL has been trusted hard money lenders in NY since 2010, with a deep understanding of the local real estate markets. They have cultivated local relationships with the best appraisers, attorneys, and title agents in the industry.

If you're looking to grow your real estate business in NY, ABL's NY rental loans are definitely worth considering. They offer a five-star experience for their borrowers, with local experts working on each loan.

Here are some of the loan options available from ABL:

Local lenders have a deep understanding of the local real estate conditions. They're familiar with the unique opportunities and challenges that come with investing in specific areas.

In New York, for example, local lenders have cultivated relationships with top appraisers, attorneys, and title agents. This expertise allows them to provide more tailored solutions for investors.

If you're looking for a hard money lender in the New York metropolitan area, consider working with a local lender who has experience with residential hard money loans in NY. They can help you navigate the logistical challenges of local real estate investing.

Here are some benefits of working with a local lender:

You can get prequalified for a loan in as little as 24 hours with reliable private hard money lenders in New York.

Just fill out the pre-qualification form to start the process, and you'll be one step closer to getting the funding you need for your next project.

Call (201) 942-9089 to speak with a lender directly and get started on your loan application.

Prequalifying is a quick and easy way to get a preliminary approval for a hard money loan in New York.

New construction projects can be a great way to build wealth in the New York real estate market. ABL offers new construction loans that are designed to meet the unique needs of experienced investors, contractors, and builders.

These loans are available up to 70% of the land value and 100% of the construction costs. Borrowers can be sure of our faith in them because we won't commit to a loan if our experience doesn't convince us that everyone involved in the deal will profit.

We provide quick and flexible loan programs that can help navigate seasonal and market conditions. Our underwriting criteria for construction loans are flexible, with no minimum credit score requirements.

We've been trusted hard money lenders in NY since 2010 and have cultivated local relationships with the best appraisers, attorneys, and title agents in the New York real estate industry.

Local lenders have a unique advantage when it comes to understanding the local real estate market. They know the specific opportunities and challenges of each area, having cultivated relationships with local appraisers, attorneys, and title agents.

We've seen firsthand how local lenders can provide more personalized service, taking the time to understand each borrower's specific needs. They're not just a faceless corporation; they're a trusted partner in the community.

Local lenders often use local appraisers, title agents, and closing attorneys to streamline the process. This not only speeds up the loan approval process but also ensures that everything is done according to local regulations.

Here are some of the benefits of working with a local lender:

By choosing a local lender, you can rest assured that you're working with someone who truly understands the local real estate landscape. They're invested in the community and care about helping you achieve your goals.

Local lenders often fund loans directly from their in-house money, giving them more control over the approval and closing process. This can result in faster loan approvals and more flexible terms.

Hard money lenders can be a game-changer for real estate investors. They offer a quick and hassle-free process that can help you close deals faster.

Asset Based Lending, LLC, a leading local source of hard money in the residential real estate market, has been founded in 2010 and consistently receives praise from its borrowers. They emphasize the company's quick, hassle-free closings, favorable terms, and creative financing solutions.

One of the most compelling reasons to use a hard money lender is speed. This is because their process is very simple and doesn't require tax returns and W-2's or put borrowers through the hoops that banks will make you jump through.

Here are some benefits of using a hard money lender:

Investors who have a number of outstanding loans can also benefit from hard money loans. If you've reached your lender's 4-loan or 10-loan limit, a hard money lender can help you continue to leverage your real estate investments.

Hard money lenders are typically experienced investors who have already purchased property, either for their own use or to rent out. They may also invest in real estate by buying notes from other people at a discount.

To qualify as a hard money lender, an individual must meet specific requirements set forth by state laws, including having significant assets (at least $250k), cash equity available ($100k+), and experience in real estate.

Hard money loans are short-term, lasting just 12-24 months, or sometimes amortized over several years, depending on your needs. This means you'll have a fixed timeframe to pay off the loan.

Hard money lenders often require high rates of return, especially when compared to traditional bank financing. But they also tend to close much faster than traditional lenders, which can be a major advantage.

Hard money loans can be used for any purpose, but most commonly, they are used to refinance existing mortgages or make repairs on properties.

Hard money lenders typically charge between 8 percent and 15 percent interest, which may depend on the credit history and experience of the borrower. This interest rate can vary based on the borrower's relationship with the lender.

A typical hard money loan has a 12-month term, but some loans can last up to five years. Hard money lenders usually charge points that can be paid upfront or added to the principal balance of the loan.

Hard money lenders require a more considerable minimum investment, typically $100k+, and a borrower's credit score is not as crucial for approval as it is with traditional bank loans. Private lenders, on the other hand, often require excellent credit scores for approval, but sometimes may approve borrowers with bad credit depending on circumstances.

Here's a comparison of the minimum investments required by hard money lenders and private lenders:

Hard money loans typically charge between 8 percent and 15 percent interest, which may depend on the credit history and experience of the borrower. The interest rate can also be influenced by the borrower's relationship with the lender.

Hard money lenders usually charge points that can either be paid upfront or added to the principal balance of the loan. This can add extra costs to the borrower.

A typical hard money loan has a 12-month term, but terms can range from 12 to 24 months. Some hard money loans may have a two- to five-year term, although this is less common.

Here are some key points to consider when looking at hard money loan terms:

Borrowers who use traditional bank loans will typically need to have an excellent credit score to get approved.

Hard money lenders, on the other hand, don't care as much about credit scores and might grant loans based on cash flow or capital, even if you have poor credit scores.

Private lenders often require excellent credit scores, but sometimes bad ones can still work depending on circumstances such as the value of your real estate assets.

Banks will likely require borrowers to check their credit score before getting approved for a loan, but requirements can differ depending on the bank or lender you choose and the type of business funding you need.

Some hard money companies might approve borrowers regardless of their scores, as long as they don't fall below certain thresholds.

Private lenders usually require excellent credit from those looking for financing, which means borrowers won't default on payments.

When reviewing a hard money loan, look for severe and egregious prepayment penalties that can lock you into a high interest rate for a long period. Avoid loans with excessive prepayment penalties.

A severe prepayment penalty can be a deal-breaker, as it defeats the purpose of a short-term loan. You want to be able to pay off the loan early and move on with your project or investment.

Prepayment penalties can be punitive, making it difficult to exit the loan agreement. This is not what you want when working with hard money loans.

Hard money lenders may use prepayment penalties to lock borrowers into high interest rates for an extended period. This is a red flag that should make you reconsider the loan.

Look for hard money loans that don't carry a prepayment penalty at all. This is a better option for short-term financing.