Fix and Flip Loans in New York

Fix-and-flip loans in New York fund the purchase and renovation of investment homes that will be resold. Lenders review the deal, including the scope of work, rehab budget and estimated after-repair value, along with your experience and cash. Renovation money is usually paid out in draws after inspections. These short-term business loans cost more than permanent financing, so investors need a realistic schedule and a clear resale plan, plus cash set aside for overruns and holding costs while the work is underway.

Questions about fix and flip loans in New York?

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New York contractor licensing: No state license; local home improvement licensing. The Department of State says New York State does not license home improvement contractors, but some localities do, including New York City, Suffolk, Nassau, Westchester, Putnam and Rockland counties and the City of Buffalo. Lenders funding renovation work often ask for the contractor's license and bid.

New York transfer taxes: Real estate transfer tax. New York taxes conveyances of real property or interests in it; the base tax is generally paid by the seller, but the buyer must pay if the seller does not or is exempt. Higher-priced residences and certain New York City conveyances carry additional taxes. Your Loan Estimate or closing statement lists what applies to your deal.

Where the numbers point in New York

Counties with the most homes built before 1960:

County	Homes built before 1960
Nassau County	66.1%
Kings County	65.5%
Montgomery County	65.1%
Queens County	63.2%
Chautauqua County	59.0%
New York County	57.9%
Chemung County	57.6%
Schenectady County	57.3%
Bronx County	56.1%
Fulton County	55.8%

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Prefer to talk first? Call (888) 865-8230. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.

Fix and Flip Loans by city in New York

Common questions

Can I refinance a flip into a rental loan instead of selling?

Often, yes. If the resale market changes or the numbers favor holding, you may be able to rent the home and refinance into a DSCR loan, which looks at the property's rent compared with its payment. DSCR lenders have their own rules on condition, leases and time owned, so ask about them early as a backup exit.

What is after-repair value?

After-repair value is the estimated market value of a home once your planned renovation is complete. An appraiser or valuation professional estimates it using sales of similar renovated homes nearby. Lenders use it to judge whether the project makes sense and how much they are willing to lend. If the estimate comes in lower than you hoped, the loan amount and the cash you need may change.

What happens if my flip takes longer than planned?

If the home has not sold by the maturity date, you may need an extension, which usually comes with a fee, or you may face default. Holding costs also keep running. Ask about extension terms before closing, build a cushion into your schedule and keep cash reserves so a delay does not turn into a crisis.

Other investor loans in New York

DSCR loans DSCR requirements DSCR down payment Airbnb / STR loans Hard money lenders Hard money for a primary home Investor bridge loans Portfolio lenders Blanket mortgages Investment property loans HELOC on a rental Investor cash-out refi Second home loans Interest-only investor loans Private money lenders

Census ACS 2020-2024, table B25034