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New York City

Hard Money Lenders in Manhattan, NY

 

Want to invest in real estate, but not sure which hard money lender in Manhattan, NY to partner with? The right financier will be able to give you various hard money loans options and help you to lock in your next property deal in no time!

Manhattan is the most densely populated out of New York City's five boroughs and is home to many affluent districts and neighborhoods, including West Village and Murray Hill. With plenty of opportunities to invest in Manhattan's real estate, hard money lenders in Manhattan, NY make it easy to fix and flip a unique property.

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

Why Work With Gauntlet Funding?

If you're considering a unique property to invest in, Gauntlet Funding provides the financial backing you need. With more opportunities to invest in what Manhattan has to offer, time is a factor. As your local hard money lenders, Gauntlet Funding is dedicated to helping you secure your loan as quickly as possible, whether you're looking to rent, buy, sell, or fix and flip. Unlike other hard financial lenders, Manhattan's Gauntlet Funding is a multimillion dollar-backed investment firm that can approve everything from joint venture loans to rental loans.

Hard Money Lenders in Manhattan - men sitting around a table

What Is a Hard Money Loan?

A hard money loan is a type of asset-backed loan that allows you to receive funding to purchase real estate by using the property as collateral. Commonly, private lenders and investment companies provide these loans, as this type of financing isn't available through traditional banks and credit unions. Unlike conventional mortgages, hard money loans are designed to secure funding for short-term property investments, like remodels or construction for rental or resale.

Hard money lending is a beneficial option for many buyers, especially when getting wholesale funding, fixing and reselling a property, and remodeling and renting a property. Gauntlet Funding is your Manhattan hard money lender, where we also offer various types of hard money loans, including:

hard money bridge loan illustration shown by hands buildling a model bridge over a gap between some boards

What Are the Advantages of Hard Money Loans?

Hard money loans can be an advantage because you can often close more quickly on your loan than with a traditional mortgage, as these types of loans don't require a lengthy underwriting process. Since the loan uses your physical property as the collateral, your financial position isn't always a concern with private lenders, either.

With a hard money loan, you can get funding for purchasing rentals, fixing and reselling, and raw land. Your experience in real estate can also be an advantage when securing your loan, and if you're trying to acquire a real estate deal quickly, a hard money loan can help you. Some additional benefits of hard money loans include:

  • No prepayment penalties.
  • Flexible repayment options.
  • Credit history doesn't affect approval.
  • Refinancing options.
Happy family looking at their new house obtained with the help of private lenders

How Can I Qualify for a Hard Money Loan in Manhattan?

Unlike traditional mortgage loans, hard money loans don't require extensive financial checks. In most situations, lenders evaluate the property you're planning to purchase, often with an inspection and appraisal to ensure the value of the real estate. Since hard money lenders don't have to follow the same repayment verification requirements as a traditional bank, you can have bad or no credit and still qualify.

Typically, hard money lenders consider the property, the loan amount, interest rates, and the value they receive should you default on the loan. As long as you can repay your loan within the time frame you establish with the lender, you can qualify for a hard money loan. Several factors that can help you qualify include:

  • Down payment or equity in the property.
  • Real estate experience.
  • Overall ability to repay the loan.
Hard Money Lenders - model home on a clipbboard

What Should I Know About Hard Money Lenders in Manhattan?

Hard money loans don't work the same way as traditional mortgages. For starters, hard money lending follows a quick process that has your funds to you within several days to a week of your approval. You're also obligated to repay your hard money loan in full within a short-term period, usually within one year.

Hard money loans also come with higher interest rates than traditional loans do, so it's important to consider your lending contract and whether you're able to afford the loan amount plus the interest. Since hard money lenders don't have the same approval requirements as conventional lending, this type of loan can also come with a higher risk to the lender.

Visit Gauntlet Funding Today

Overall, a hard money loan can be highly beneficial to obtain your real estate investment. For more information about hard money lending, contact the team at Manhattan's Gauntlet Funding. As hard money lenders, we finance REOs, construction projects, fix and flip properties, commercial real estate ventures, and more. We'll help secure your hard money loan as quickly as possible.

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 Manhattan, NY?

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 Manhattan, NY?

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 Manhattan, NY

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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    Hard Money Lenders in Manhattan - men sitting around a table

    New York Areas We Service with Hard Money Loans

    New York City

    Brooklyn

    The Bronx

    Long Island

    Queens

    Staten Island

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