Hard Money Loans Ithaca

We empower entrepreneurs, real estate investors, and businesses of all sizes challenge the status quo. We take risks on the go-getters, and do’ers – who have an opportunity and need a partner.At Delancey Street, we invest in people and their ideas – not abstract concepts like credit scores, or other financial metrics. Tell us about your idea, let’s discuss your opportunity

High LTV

We fund loans up to 80-90% LTV with no issues.

Fast

We promise to treat you like a partner.

No $ Limit

No limits on what we can do for you.

Recently Funded Projects

Residential Refinance
Residential Refinance

Residential refinance in Los Angeles, with a loan amount of $830k, at 75% LTV. We were able to help the investor get a loan at 8.99% with a balloon payment after 18 months.

Raised
$830,000
APR
8.99 %
ARV
75%
100% Funded!
Residential Investment
Residential Investment

Delancey Street funded a new residential purchase in California, for $1.2 million with 82% LTV. We helped the developer with a loan at 11% with a balloon payment in 9 months.

Raised
$1,200,000
APR
11 %
ARV
82%
100% Funded!
Residential Investment
Residential Investment

Property in New York was torn down, and redeveloped. We provided a 60% LTV loan for $700k. We charged no upfront fees, and had a balloon payment after 10 months.

Raised
700,000
APR
9.0 %
ARV
60%
100% Funded!

Hear from people we’ve helped

“Delancey Street makes lending easy. They took a chance on me when no one else would.”

- Leo kovacz

Industries We Service

Our team is always available, and ready to help

Our team of industry experts is ready to help with all of your business needs. Whether you’re looking for a reliable hard money lender, looking to go public via a reverse merger, or need private capital for a venture – we can help.

Industry Experts

Our team consists of extremely qualified industry experts

Quick Service

We work diligently, and quickly, to help you

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Delancey Street is a premier, and trusted nationwide hard money lender. If you need funding for your next project, we can help. We have experience funding real estate investment properties nationwide and understand the importance of working with a trusted lender.

Why Borrowing From A Conventional Lender Might Not Work

You walk into a bank and talk to a loan officer about taking out a loan for a piece of real estate. That individual takes your application and sends it through the bureaucracy of the bank while you wait an agonizing thirty to sixty days to hear back on the question of approval. That time passes as other great real estate deals pass you by as well.

This is the scenario that a person could easily find themselves in if they choose to go with a traditional lender. The banks and other real estate lending establishments consider your application just another number on their ledger. They are extremely strict on their guidelines for lending, and your particular interest in a property does not matter to them in the slightest. It is an infuriating experience that can cause people to just throw their hands up in the air and swear off real estate investing altogether. Luckily, there is another way.

Hard Money Lenders Can Help

Instead of dealing with the bank, why not consider using a private money lender to help you out instead. This individual will have to be someone wealthy enough to have the financial means to fund your loan application, but those people do exist. They also tend to be more flexible with their standards for lending.

Some properties that have proven successful in the past include:

  • Foreclosures
  • Commercial properties
  • Residential properties
  • Fixer-Uppers
  • Homes In An Underdeveloped Part Of Town

Avoiding Regulations

Regulations are what kill so many real estate deals before they even get started. The banks are constantly under scrutiny of the government to only lend in what the government considers to be a responsible manner.

Hard money lending cuts the middleman regulations that the government so often puts into place out of the mix. It is not the government’s business how you conduct the deals that you structure with another private party. If you believe that to be the case as well, then private money lending is probably for you.

There will still be some paperwork and contracts to sign, but skipping past so many of the other burdensome regulations will surely be a relief to anyone and everyone who wants to close on their real estate deal as soon as possible.

How is a hard money lender different from a regular lender

The biggest difference between banks and  hard money lenders is the fact hard money lenders are asset centric lenders. They look at on the asset associated with the hard money loan. But, traditional lenders focus on credit and how much cash on hand the real estate investor has. It is very important to remember hard money loans are not good for the long term. The objective of a hard money loan is to be a short term loan that gets you the home you’re attempting to acquisition. Hard money lenders focus on 6-24 month term loans that reap a significant ROI. If you fail to repay the hard money loan, a hard money lender can take possession of your property to be able to settle his/her loan.

Why is hard money a potentially terrible idea

There are many reasons reasons why a hard money loan is a terrible idea. For example, hard money lenders ask for higher interest rates. This is because of the fact lenders think they’re taking huge risks by lending on an investment property – and want to be compensated according to the level of risk. High interest rates make hard money loans economically toxic for some kinds of deals. In addition, hard money lenders have shorter loan terms than traditional lenders – which also makes them unattractive. Traditional lender offer 30 year periods but private money lenders offer only 1-3 year terms.

Hard money lenders can finance your deals fast

Hard money lenders assist a very specific group of individuals, i.e. property investors. Hard money lending is a form of bridge term lending, which is secured by real estate. Specifically, the people who use hard money loans are typically property investors – typically, those who are being denied a traditional loan as a result of stringent guidelines.

Hard money lenders exist because they are fast, and provide loans with little to no headaches. Hard money lenders have a streamlined application system. They expect collateral and do not look at your credit score. They focus on your experience, rather than your credit score. If you have a checkered financial history, it will be easier to obtain financing with a hard money loan rather than a conventional loan which is granted based on your credit report. Below are scenarios where hard money lenders fill a void that conventional lenders do not touch:

Ithaca Hard money loans can be used for fix and flip real estate investors

Most traditional lenders won’t give you a loan for a fix and flip project. If the home is in bad condition, or there’s some other abnormality with the house, then a traditional lender won’t give you funding. In addition, most fix and flip prospective deals”go fast.” The seller is very motivated to sell the property, and will accept the first deal. Conventional lenders take forever, so by the time the loan is approved – you have already lost the property since someone paid money for it. For those who have a hard money lender on your side who can close a loan in 5-10 days, you can get the fix and flip property.

Hard money loans are great for bridge funding

From time to time, your project goes over-budget and because of this you need additional funds. Some traditional lenders will deny, because the project isn’t finished. Though this can be catastrophic, a hard money lender might be willing to lend you the funds. Hard money lenders are happy to give money to bridge the gap in financing, and can work with you to fill that void.

Private Money Loans can be used for Residential Real Estate Investment Properties

Hard money can be used for many many types of properties, which range from commercial properties to residential properties. Typically property investors who contact us are looking for a private money for single family residence. Many are doing a fix and flip, or they are buying the property to hold it long term and lease it out. Real estate investors that are looking to fix and flip typically find a property in terrible shape, purchase it below market value, rehabilitation the property, and then resell it so as to make a profit. Most fix and flip projects are done in 6-12 months. Investors who purchase rental properties with a long term strategy, typically buy it and maintain it. Regardless of your purpose – we can provide you funding. We fund all types of residential real estate investment properties. Many investors come to us because they would like to create multiple streams of passive wealth. Some real estate investors use a hard money loan to purchase the property and then use a traditional loan to repay the hard money loan. Regardless of what your objective is, we can give you funding for your next loan.

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