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How Hard Money Lending Works A hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by real property. Hard money loans are typically issued by private investors or companies. Interest rates are typically higher than conventional commercial or residential property loans, starting at 7.7%,  because of the higher risk and shorter duration of the loan.
Foreclosure Rates for New York, NY For New York, NY real estate investors interested in locating deals for fix and flip investments that they can purchase inexpensively with Hard Money lenders loans, renovate, and sell for a profit, analyzing the number of foreclosures, auctions, and bank-owned properties is extremely helpful.
Hard Money Lender Requirements A private money or hard money loan has much lighter documentation than a bank loan. Depending on the hard money lender, some will require more items to close than others. Below is a list of the most common documents required to close a hard money loan: 1. Purchase contract If it’s a purchase loan.
Hard Money Man LLC is a New Jersey based private money lender. With over 20 years experience in being hard money lenders and private money lenders, we have closed and funded over 7,500 loans totaling over 1.2 billion in transactions.
Private Hard Money Lenders In New York. Each of NYC’s boroughs offers its own specific opportunities and challenges as does the suburban communities of Long Island, Westchester and Rockland Counties. New Yorkers are tough, and they are resourceful. NY investors are grappling with the logistical challenges of local real estate investing every day. And ABL is helping them.
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.
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New York Hard Money Lender Lima One Capital is revolutionizing the hard money lending industry and is the nation’s premier lender for real estate investors. We have grown and expanded into a national rental finance and hard money lender with the ability to provide hard money loans for real estate investors across the country, including New York.