Fast Hard Money Loans For Experienced Investors

Delancey Street provides hard money loans nationwide to investors who have a verifiable track record. We fund up to 70-80% LTV, and focus on residential projects such as: buy and hold, fix and flips, and commercial real estate acquisitions. The biggest factor we look at is the experience of the investor and the LTV of the project they're requesting assistance with.

80% LTV

We fund loans up to 80%
LTV with no issues.
We DO NOT do 100% financing.

Fast

We promise to treat you
like a partner.
We don't like wasting time

No $ Limit

No limits on what we can
do for you.
We max out at 80% ARV.

70-80% LTV For Seasoned Developers Nationwide

Fix and Flip, Cash-out Refinance, and Acquisition Loans
For Experienced Real Estate Developers.

We Fund Real Estate Projects Nationwide

We fund projects nationwide, ranging from fix and flips, to commercial acquisitions. Bottom line, we can help - regardless of the size, or difficulty of the project. We do not do 100% financing - and prefer working with experienced real estate investors.

Recently Funded Projects

Hard Money

Financing for fix and flips, commercial estate, and acquisitions / refinancing
Financing up to 70% of the After Repair Value
We charge 9-10% on average, with no junk fees

Hard Money Loans Manhattan

Manhattan Hard Money Lenders

Poor credit could stop you from acquiring a potential real estate investment property you’re looking at. Traditional lenders don’t invest in high-risk opportunities, which could leave you with limited options. One of the most viable alternatives is hard money loans. These type of loans are provided by private investors or a group of investors.
Hard money lenders are only concerned with the value of your property, which is used as collateral. As such, you should not let poor credit stop you pursuing a hard money loan. Hard money loans take a relatively shorter time to be processed; usually 5 to 10 days. The loan amount you get will be based on the value of your property. Moreover, the approval of hard money loans involves significantly less paperwork.

Here are some of the things that Manhattan hard money lenders look at before processing your loan:
– Do you have any experience or history in fixing and flipping real estate properties?
– What is the value of the property being used as collateral?
– How do you plan on repaying the hard money loan
– How much cash reserves do you have to serve as holding cost?
Assuming you have adequate answers for the questions above, your loan can be processed in the shortest time possible. Manhattan hard money lenders will focus on your LTV.  The LTV has to be low – 70 percent is a considerable LTV. Some lenders can even offer borrowers 100 percent financing depending on their specific situation.

Pros of Manhattan Hard Money Loans
• Quick approval process
One of the advantages of Manhattan hard money loans over traditional loans is their quick approval process and funding. Manhattan hard money lenders don’t normally undertake time consuming credit checks. Once they ascertain that you have enough equity in the property being used as collateral, they will proceed with the approval of your loan. You can receive the financing in a matter of days. On the other hand, traditional lenders can keep you waiting for about 30 to 45 days.
• Flexibility
Since these loans are provided by private individuals, they have more flexible terms. They are also subject to less red-tape. They do not have specific guidelines, unlike traditional lenders. You can even have the lenders adjust the repayment schedule to something that suits you. Manhattan hard money lenders can even tailor them to fit your specific situations.
• New borrowers

Unlike traditional loans that are only available to individuals who have had significant experience in their field of work, hard money loans are ideal for new borrowers. New borrowers often have poor credit ratings, but they can still obtain these loans to proceed with their investments.

Cons of Manhattan hard money loans
• Their interest rates are high
Hard money loans have higher interest rates as compared to traditional loans; this is because they are high-risk loans. Most Manhattan hard money lenders offer interest rates between 10 and 20 percent.
• Short repayment period
Hard money loans usually have a shorter repayment term compared to traditional loans. Most hard loan lenders will give borrowers a loan term of about 1 to 3 years. Some lenders, however, may give borrowers a repayment term of up to 5 years. A short repayment period may put a real estate investor on the losing end if he or she does not manage to flip his or her property by the end of the scheduled period.

There is no such thing as a one-size-fits-all mortgage. A lot of people find that they are cannot qualify for a normal mortgage loan, and hard money loans are one way that these individuals can get around mortgage problems. However, are they right for you? Here are a few things to consider before going with a hard money loan.

Understanding Hard Money Loans

What is a hard money loan? The basis behind a hard money loan is that it is based off the collateral you are able to offer, usually the land itself, rather than the ability to be able to repay the loans. There are different types of hard money loans:

  • Own-occupied loan – Used by individuals who cannot get other types of financing to purchase a property.
  • Fix-and-flip loan – Basically, individuals purchase a property, fix it up, and sell it quickly.
  • Construction loan – Used by real estate developers to begin new construction projects
  • Bridge loan – Used to allow individuals to purchase a property with the idea of reselling or refinancing it quickly.

Unfortunately, hard money loans are not available to everyone. Lenders generally do not give them to those intending on a non-investment purpose. People who are looking to purchase a private home, are usually not approved for a hard money loan. They are reserved for those that are investing in property with the intent to sell it quickly. Hard money loans and traditional bank loans are completely different, even though they are both used to buy property.

Should You Use a Hard Money Loans?

Before determining if you should use a hard money loan, you need to understand the benefits and pitfalls of this type of loan.

Some of the benefits of hard money loans include:

  • Flexible terms – Lenders generally will create custom loans to fit individual situations due to it being private individuals and firms.
  • Quick money – In some cases, real estate investors can get approved for funding in a week or less, as opposed to months through traditional lending.
  • Increased investment opportunities – Due to the speed they can get this type of loan, it can increase the probability of getting a better real estate investment.
  • Lenient requirements – Hard money lenders are more interested in the collateral used to get the loan, rather than income, credit scores, and debt.

Some of the pitfalls of money loans include:

  • Refinancing red tape – Some lenders require that you have had the property for a certain length of time before refinancing a property.
  • Short terms – Hard money loans come with short payback periods, generally a year or two.
  • High-interest rates – Most hard money loans come with double-digit interest rates.
  • High fees – On top of high-interest rates, most lenders require number of fees, as well.

A few times you should consider a hard money loan are:

  • Need fast money – An investment you are interested in cannot wait for a regular loan time.
  • Poor credit score – Can’t get a loan because you have a low credit score.
  • No other options – You can’t qualify for other types of loans.

A few times you should avoid hard money loans are:

  • Have other options – Hard money loans should be a last resort.
  • Buyer’s market – If homes are not selling in your market, a hard money loan should be avoided.

Finding financing is not a guarantee, regardless of what your financial situation may be. If you need to purchase a property or find funding for other real estate ventures, you’ll likely find a hard money loan to be beneficial.

Will I Qualify for a Hard Money Loan?

The great thing about hard money loans is that most investors tend to qualify for them. Unlike other options for financing, hard money loans are unique in that they have simple requirements that most borrowers are able to meet.

Wondering if you will qualify for hard money loans? Consider the following requirements:

  • You have property for collateral.If you’ve recently purchased property, you can use this for collateral when applying for a hard money loan. The lender will base the amount of the loan on what your property is now worth. In order to get the most accurate loan, you’ll need to have the property appraised by professionals.
  • You can pay the down payment.Depending on the appraisal of your property, a lender may ask for a down payment based on the ARV or LTV. The ARV or after-repair value and the LTV or loan-to value will be determined by the appraisal.
  • You have a payment plan already.While there isn’t a set payment plan that the lender will ask you about, most hard money lenders in Everett, Washington like to make sure that the borrower has already thought about how they intend to pay off the loan. As the balloon payment is typically the standard that most lenders accept for the repayment of the loan, investors must be prepared to pay the loan back all at once, along with any additional fees and the accrued interest.

    Most investors either sell the property, refinance their loan, or extend the loan. Either way, if you already know how you will repay the loan, you are exactly the type of borrower a hard money lender is looking for.

  • Your finances aren’t perfect.Don’t have a great credit score? While a high credit score is often a requirement for mortgages and other financing solutions, it isn’t something that will prevent you from qualifying for a hard money loan. While a lender may be interested in reviewing your finances, most lenders focus primarily on the type of collateral that you have.

    If an investor is able to provide adequate collateral in the form of a property and have enough to pay the down payment, most lenders will approve the hard loan.

What Situations Require Hard Money Loans?

If you qualify for a hard money loan, you may wonder what situation is ideal for using hard money loans. If you find that the following is true, a hard money loan may come in handy:

  • You need funding but can’t qualify for other loans.Funding for real estate investments is rarely ever guaranteed. Trying to qualify for a loan is often a complicated process. Many investors waste their time applying only to find out that they don’t meet the requirements for traditional loans. With hard money loans, most investors are able to meet the minimal requirements and then can access their cash quite quickly.
  • You have no credit.Is your credit bad or nonexistent? Either situation won’t disqualify you from obtaining a hard money loan. Lenders often review your finances just to get an idea of your situation, but rarely will they base their decision on whether or not you currently have the ability to pay the loan back.

In your search for financial support, don’t count hard money loans out. Many real estate investors find that hard money loans are the reason they are able to achieve their investing dreams.

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

"Super fast, and super courteous, Delancey Street is amazing"
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$125,000 Small Business Loan
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$35,000 Lawsuit Advance
"Great choice for first time fix and flippers"
Mary
$250,000 Hard money Loan

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