My real estate career has taken me to a lot of places across New York. I’ve spent a lot of time flipping properties in the city, of course, but have spread out to different parts of the state. No matter where you invest, there are a lot of similarities. The biggest one? You need money. 

That means knowing the smartest way to get financing for any fix-and-flip deals you are looking at. If you have a hot deal in South Shore or a can’t-miss in Greenport, you need a hard money lender that gets you cash quickly at rates you find reasonable. Throughout my career, that pipeline to ready cash has been more than a benefit—it has been essential. 

It will be essential for you, too. But you need to know which hard money lenders here in Long Island, NY are right for each deal and the best way to get rates that work for you. That takes a little more than research. It takes action. But take it from me: in New York, that’s true of everything. 

Let me tell you where to begin.

The Best Hard Money Lenders In Long Island NY for Fix-and-flip Deals

Hard money lenders aren’t like traditional banking institutions. They aren’t as rule-bound or as slow-moving. Especially here on Long Island, hard money lenders are designed to move fast for investors because this is a fast-moving market. That said, they aren’t in the business of just giving money away. If they were, they’d be a charity. 

But, while lenders will evaluate you and your deal, you need to be eyeing their offers just the same. Some lenders may make more sense depending on your level of experience. You may be offered different rates based on your success and past projects. Beyond that, there are a few other things you want to look for when it comes to Long Island, NY hard money lenders. 

• What kind of real estate investments do they cater to? Some hard money lenders like to loan on fix and flips while others prefer rental properties. You’ll also find options for working at both the higher and lower ends of the market. 
• How important is my credit score to them? Sometimes your credit might be off. That’s normal in this business. But some places penalize you for that more than others (or close the door entirely). 
• How well do they know the business? Are they going to be a partner or just a lender? Do they know your pressures? Do they understand the potential of your deal? Or is it just a number on a sheet?

There is no one best lender, just a Long Island hard money lender that is the best for your current deal. That said, here are a handful that I know well. Each is reputable and offers different types of loan terms to suit your investing goals. Check out if any of them seem right for your level of experience, cash flow, and credit. 

Rehab Financial Group

This lender is better for investors with decent credit as they aren’t terribly concerned about assets. With a good credit score, you can get a loan up to 100% of all purchase and rehab costs. The loan won’t go above 65% of the after repair value (ARV), though, so you should have a good grasp on your rehab costs. You don’t want to overextend your pocketbook if you run through the borrowed funds.  

Alpha Funding Partners

This lender serves all NYC boroughs as well as Westchester, the Valley, and, of course, Long Island. Rates start at 10.99% for excellent credit, but they lend no matter your credit score. If you have a low credit score, that doesn’t mean you’re bad at this business. It might just mean you are juggling a lot of deals at the moment. This hard money lender understands the business and knows that you can’t make money without spending money. 

LendingHome

One thing that is a truism is that real estate in Long Island is expensive. Do you want to buy a property? You’re going to pay for it. But, there are some real estate investors who are ready to take that step. If you’re experienced, you want a lender that recognizes and rewards that experience. You want someone who is going to trust your skills and show that trust with cold hard cash, fast. 

Silvan Funding

It wouldn’t be New York without big financial groups, would it? Silvan is interesting, though. They are very much property-forward. You actually talk to people, tell them about the house, your plans, what you’ll be doing with the money, and more. 

To me, that’s perfect for the professional. With a partner like this, you are essentially leveraging your expertise. You get to make your case based on what you know and that’s pretty rare. They’re looking at you as the investment. That can be intimidating, but if you feel confident in your plans, it can also be pretty exciting. 

RCN Capital

Remember how we talked about $1 million coming in handy in New York? Well, RCN can go as high as $2.5 million. That can help you a lot. But, unlike a lot of places with high ceilings, they don’t have intimidatingly high floors. Loans can start as low as $50,000, too. Needless to say, your experience level will help determine if you can get the big bucks, but it isn’t a determining factor for getting in the door. 

Being able to take out a relatively small loan can help you kickstart your Long Island real estate investing career. A partner that understands that can be an invaluable asset. 

So, how do you know which hard money lender in Long Island, NY is best for you? Trick question—there’s a way to make the best one find you. 

The Best Way To Find Hard Money Loans in New York

I don’t like wasting time, filling out a bunch of applications. I like doing something once and getting the best result. That’s why I love being an independently owned and operated HomeVestors® franchisee. It means I am able to use the proprietary software platform, UGVilleTM, and have the nation’s top hard money lenders compete over me. 

See, with the HomeVestors®’ tools, I just plug my deal into my iPad. Very quickly, I get a list of rates from multiple hard money lenders who serve Long Island, NY. All I have to do is pick the one that suits me—and my deal—best. It’s fast, it’s easy, and it works at the pace of New York. 

If you want to have lenders beat a path to your door, too, request information about becoming a franchisee today. 

Each franchise office is independently owned and operated.