Hard Money Lenders in New York

Hard money lenders active in New York make short-term, asset-based loans on investment properties for purchases, renovations and time-sensitive deals. Investors use them when a bank cannot move fast enough or will not lend on a property in its present condition. Because they are usually business-purpose loans priced above long-term debt, investors need a clear exit by sale or refinance. Below you can find New York city pages, local data and the questions to ask a licensed loan officer.

Questions about hard money lenders in New York?

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New York foreclosure process: judicial. A New York foreclosure is a lawsuit the lender files in State Supreme Court; if a judge grants a foreclosure judgment, the property is sold at a court-ordered auction. Short-term loans carry real risk if the exit plan slips, so know how default is handled before you sign.

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 investor loans with balloon or non-amortizing terms (2024):

County	Investor loans with balloon or non-amortizing terms (2024)
Kings County	680
Suffolk County	511
Monroe County	399
Nassau County	302
Queens County	299
Bronx County	298
New York County	272
Westchester County	161
Orange County	147
Erie County	110

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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.

Hard Money Lenders by city in New York

Common questions

Does a hard money lender need an appraisal?

Usually some form of valuation is required. It may be a full appraisal, a broker price opinion or an evaluation that estimates value both as-is and after planned repairs. The lender uses that figure to size the loan, so a valuation that comes in lower than expected can change how much you can borrow and how much cash you need.

Do hard money lenders in New York check my credit?

Most do. Hard money lenders put more weight on the property and the plan than a bank does, but they still pull credit, review your cash on hand and look for past foreclosures, bankruptcies or unpaid liens. A weaker credit history may change the terms you are offered rather than end the conversation, depending on the lender. Every loan is subject to credit approval.

Why does hard money cost more than a regular mortgage?

These loans carry more risk for the lender: they are short, often fund properties in rough condition and rely on an exit that has not happened yet. Lenders offset that risk with a higher rate, points and fees. You are paying for speed and flexibility, so weigh the full cost of a hard money loan against the value of securing the deal you want.

Other investor loans in New York

DSCR loans DSCR requirements DSCR down payment Airbnb / STR loans Hard money for a primary home Fix and flip loans 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

2024 HMDA data