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Hard Money Lenders in Brooklyn, New York

 


Though conventional loans and mortgages serve their purpose, they are limited in the types of properties they can and will cover. At Gauntlet Funding, we realize this, and we fill the need for more flexible financing options by specializing in hard money loans in New York. With over 20 years of experience, our hard money lenders in Brooklyn, NY, are some of the most experienced in the industry. As a result, we can originate various non-conventional types of financing, including private money bridge loans, private money rehabilitation loans, private money financing, and distressed loans.

In New York, where the real estate market is competitive, and many of the available properties are older, distressed, and costly, it is helpful to have connections with reputable New York hard money lenders. Whether you are a commercial real estate investor who wants to finance multiple properties at once or an individual who struggles to obtain a traditional residential mortgage, we have various hard money loans that can help you meet your unique needs and goals. Our most popular private funding solutions include the following:

 

            - Hard money loans

            - Fix and flip loans

            - Rental loans

            - Bridge loans

            - New construction loans

            - Joint venture financing

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Find Out What Our Location Clients Have To Say About Our Hard Money Lenders in Brooklyn, NY

"Lou, Raffele and Chris are extremely professional and easy to work with. They will find the perfect solution for your situation. I highly recommend working with Gauntlet. We switched from another lender we had problems with and the team was able to assist right away! We will be doing many more deals in the future. Great guys."

.- Mike Dee

 

 

"Have been working with Lou and his team on different projects for almost 2 years now. Highly recommend him and his team!"

.- Adam Gregory

Services That We Offer in Brooklyn, New York

At Gauntlet Funding, we specialize in high-risk loans for unconventional borrowers. Though many of our clients are commercial investors, we finance one-time residential buyers just as readily as we do repeat commercial clients. We have several loan programs for both types of borrowers, each of which comes with its unique benefits.

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Hard Money Loans in Brooklyn, New York

Hard money financing is merely a type of unconventional financing that caters to high-risk borrowers and/or helps with the purchase of risky properties. Hard money loans come with several benefits that traditional lending does not offer, such as easier qualification criteria, quicker approval processes, and fast funding. Hard money loans are also easier to customize to meet your exact needs.

Real Estate Lending

Fix and Flip Loans in Brooklyn, New York

We fix and flip loans for investors who wish to invest in distressed properties, meaning properties that are either REOs, short sales, or foreclosed. The purpose of fix and flip loans is to help investors pay for immediate and frequently costly repairs, make value-boosting updates and then flip said properties for a sizeable profit.

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Rental Loans in Brooklyn, New York

The New York rental market is one of the best in the country. If you’re looking to capitalize on its growth — whether as a novice or veteran flipper — a private rental loan may be just what you need to do so. There are several benefits of using our rental loans over other types of financing, including the fact that they’re flexible, customized, and ideal for properties that require significant repairs. Moreover, we can originate them quickly and close on them even faster.

bridge loan lenders

Bridge Loans in Brooklyn, New York

Also known as “interim financing,” “swing loans,” and “gap financing,” bridge loans are perfect for residential home shoppers who want to purchase new homes before they sell their existing ones. These short-term loans give individuals immediate access to cash when they need it most. In addition to bridging the gap between the sale and purchase of residential properties, bridge loans also work well for fix-and-flip professionals who need quick cash to fix a property to either sell or rent out.

Construction project ideas

New Construction Loans in Brooklyn, New York

Suppose you’re interested in building a structure from the ground up or in undertaking an extensive remodel. In that case, a new construction loan can provide the capital you need for everything from the land the structure sits on to the cost of materials and labor. Though you will want to clarify what a loan will and will not cover, these loans typically cover material costs, land, contractors’ labor and fees, permits, roof and framing costs, and building costs.

Services That We Offer in Brooklyn, New York

New Construction Loans - person painting a room

Joint Venture Financing in Brooklyn, New York

Suppose you struggle to obtain financing in your name. In that case, joint venture financing may be just what you need to realize New York real estate opportunities while splitting the risk with another more experienced party. Explore the ins and outs of incorporated and unincorporated joint venture financing by consulting with hard money lenders in Brooklyn, NY.

Frequently Asked Questions About Hard Money Loans in New York

 

Private lending solutions such as hard money loans are far less understood than typical lending solutions. As a result, investors have several questions regarding them. Below are the top FAQs regarding hard money loans.

How do you qualify for a hard money loan in Brooklyn, New York?

Qualifying for a hard money loan is much easier than qualifying for a conventional loan, as New York hard money lenders generally base approval on the potential value and not an applicant’s credit history. However, most lenders will only finance up to 80% of a property’s value, which means you may need a sizeable down payment to qualify.

What are the rates on hard money loans in New York?

Because of how risky they are, most hard money loans come with higher interest rates than conventional loans because they are short-term in nature. However, the rates are not so high as to render the loans unaffordable. As of 2020, the average interest rate on a hard money loan was between 11% to 13%, with 15% being on the high end.

How much of a down payment do you need to acquire a hard money loan in New York?

Again, hard money loans are risky, which is why most lenders like to see that borrowers have sizeable down payments. It is standard for lenders to request between 10% and 20% for residential loans and between 30% and 40% for commercial loans.

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    Need more information? Give us a call at (917) 397-3851.

    Real Estate Landscape in Brooklyn, NY

     

    The outlook for real estate investment in Brooklyn is characterized by a blend of exciting opportunities and ongoing transformations. The borough's dynamic cultural scene, diverse neighborhoods, and relatively lower costs compared to Manhattan had been attracting a steady stream of real estate investors. The continued development of civic, infrastructure, and architectural projects further contributed to the region's potential value appreciation. Notable projects included the Brooklyn-Queens Connector (BQX) streetcar line, which aimed to enhance transportation along the waterfront, and the redevelopment of the Brooklyn Navy Yard into a tech and manufacturing hub, driving economic growth and demand for nearby properties. Architectural endeavors like the Pacific Park complex (formerly Atlantic Yards) were adding new residential, commercial, and recreational spaces. Moreover, the renovation and expansion of the Brooklyn Museum, ongoing waterfront revitalization, and investments in parks and green spaces were bolstering the borough's appeal.

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    New York Areas We Service with Hard Money Loans

    New York City

    Brooklyn

    The Bronx

    Long Island

    Queens

    Staten Island

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