Looking for local Hard money lenders

Upstate New York, New York
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Looking for local Hard money lenders

Rotchild Adelson
Rockland County, NY · Member since 2024 · 4 posts · 3 votes

I am in the Rockland NY and I am looking for a local hard money lender. I am looking to purchase a fix & flip within the next 60 days. I am looking for deals in Orange County NY and surrounding areas. Also would appreciate any tips as this is my first flip. 

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  • Jason WrayPro Member
    Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
    2y

    Rotschild,

    Reach out to Elliot Holmes over at Park Place Funding - Hard Money.  Google his info.

    [email protected]727-637-4289
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  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 664 votes
    2y
    Quote from @Rotchild Adelson:

    I am in the Rockland NY and I am looking for a local hard money lender. I am looking to purchase a fix & flip within the next 60 days. I am looking for deals in Orange County NY and surrounding areas. Also would appreciate any tips as this is my first flip. 


     There are tons of experienced lender and brokers who can help you here. Take a look at the find a lender tab at the top of the page to start!

    [email protected]860-538-3672
    ProAlpha Capital56 Reviews
    WebsiteView Page
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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Rotchild Adelson:

    I am in the Rockland NY and I am looking for a local hard money lender. I am looking to purchase a fix & flip within the next 60 days. I am looking for deals in Orange County NY and surrounding areas. Also would appreciate any tips as this is my first flip. 


     Hey Rotchild, 

    As a hard money lender, I would like to provide you with a few tips to solidify financing: 

    1. Make sure you can show experience

    Lenders will give you a high LTC (up to 92%) if you can show you have 5 or more flips completed in the last 36 months. You will want to show your closing statements, before and after picture, SOWs, and any Permits to validate the experience. You may also use you Realtor or GC license to help you out with experience if you do not have 5 or more flips. 

    2. Be very conservative with the ARV

    Most nationwide hard money lenders will order an appraisal or virtual inspection to determine the ARV and AS IS value. I would have at least 5-6 Comps lined up to support your ARV and make sure they closely resemble the subject property.

    3. Anticipate a higher rehab

    Once the lender approves you for the budget and the loan closes, you are stuck with that amount and cannot request additional funds if you go over your budget. Having a higher budget will help you prevent the potential of coming out of pocket on the rehab. 

    4. Work with a lender that has flexible extensions

    I have seen many investors underestimate their timelines to complete a rehab and end up paying high interest and points when their term expires. You will want to shop for a lender that can help you out if you are running out of time. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
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  • Mike Klarman
    Specialist · NJ · Member since 2022 · 1k+ posts · 649 votes
    2y

    I'd make sure you are liquid enough.  If you are getting into a distressed house for 150k+ which it looks like you may be in that area, then you'll need to be liquid 45k+ to get through the deal.  Just really put some time into researching the capital exposure of the deal and making sure you can go out that far and be ok.

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  • Conor Deasy
    Real Estate Consultant · CT · Member since 2017 · 38 posts · 14 votes
    2y

    Happy to assist and provide a real life example. So you know the in's and outs @Rotchild Adelson

    https://www.biggerpockets.com/blog/3-things-i-learned-hard-m...

    Shooting you a direct message as well. 

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  • Peter MckernanBusiness Member
    Residential Real Estate Agent · Irvine, CA · Member since 2013 · 2k+ posts · 1k+ votes
    2y
    Quote from @Rotchild Adelson:

    I am in the Rockland NY and I am looking for a local hard money lender. I am looking to purchase a fix & flip within the next 60 days. I am looking for deals in Orange County NY and surrounding areas. Also would appreciate any tips as this is my first flip. 


     Not sure if they do NY, but Easystreet cap is a good one! 

    The McKernan Group4.954 Reviews
    WebsiteView Page
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