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 NYC

Many people mistakenly think there are no costs or fees. This is incorrect. Like all business owners they have costs they endure in order to do business. Most NYC hard money lenders have the following fees as a part of their investment. An investor might have one, or all, of the following:

Loan Servicing: If the loan isn’t being serviced by you, then you will have to pay either the PML or an outside servicing company. Servicing fees can vary by provider, and can be based on a flat fee, or a % of the original loan. The servicer will be paid for things like negotiating forbearance agreements, foreclosures, advances, loan modifications, or other things related.

Foreclosure: If you as a borrower breach the agreement, then the investor can foreclose your property. The hard money lender has to pay that cost. This can include things like legal fees, fees to a Sherriff, recording fees, and statutory fees. Most promissory notes call for fees advanced to foreclose to be added to the balance of the debt.

Legal Fees/Advisory Fees: Expect to have a large number of legal fees from your attorney. Most investors rely on their PML to assemble the loan docs. On complicated transactions, the investor and PML hire counsel to draft and review all agreements. Often, the borrower pays legal fees at the loan closing.

How do application fees work?

This is a tricky subject when it comes to hard money loans. There are many con men who have made a business from stealing application fee money. That’s why we felt it necessary to discuss this. First – Delancey Street NEVER charges application fees. Application fees for hard money loans are charged by commercial real estate lenders, and commercial mortgage brokers, in order to underwrite the loan. It’s generally used to pay for third party reports, pay for the broker’s time, and the costs associated with arranging a commercial real estate loan. We’ve seen fees range from $500 to $100,000. Depending on the type of project you have, assessing it’s viability can be simple or complicated. For example, if you are simply flipping residential real estate – then it’s easy. But if you’re looking for a hard money loan on a big commercial project, the evaluation criteria vastly change. For example, a prospective hard money lender might look at the appraisal, toxic report, engineering report, title commitment, and many other things. The  hard money lender will do his own research and have his own people do it, in order to make sure the findings are accurate. There are costs associated with all of these things – and therefore, they might charge an application fee to cover this. This is a valid reason for a fee.

In contrast, it’s tricky when a mortgage broker charges the same fee. For example, say a mortgage broker charges a $500 fee. It can be assumed this fee is for the broker’s investment of time and effort. The fee is not a guarantee you will get approved. You could get rejected – even if the broker does his job – simply because your project isn’t solvent. Perhaps you have unrealistic projections, or perhaps you misrepresented the value of the property. Just like lawyers and accountants charge for their time – brokers do the same. The problem is when a hard money broker flat out lies to the borrower in order to get the application fee. In some cases, brokers will misrepresent that the deal seems good – just to get the initial fee from the borrower. Later on, the broker says the project isn’t good and keeps the fee. It gets ugly when a broker pretends to be a direct lender and steals a big application fee. In some of the more audacious scams, the broker tells you he’s a direct hard money lender, and quotes you competitive rates and even provides a term sheet which looks legit. He’ll then follow up – asking for a big $25000 application fee to get it started. Later, he disappears with your money, and you never hear from him.
It’s safer to work with a bank, than some mortgage company, when it comes to application fees. All banks require an application fee – so if you’ve applied with a bank, you’ll be ok – probably. Many brokers illegally use the word bank, or banc, in their company name – be careful about that red flag. Never pay for an advance fee until you’ve got a term sheet. If a hard money broker asks for more than $500 as a fee, watch out – you might be a victim. If a bank says they are a direct hard money lender and want a fee larger than $5000, they might be legit. Google both the name of the loan officer and the name of the bank/company, before giving money.

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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"
Leo
$125,000 Small Business Loan
"Thanks for funding me in literally 24 hours"
Jason
$35,000 Lawsuit Advance
"Great choice for first time fix and flippers"
Mary
$250,000 Hard money Loan

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