Private Money Lenders in New York are non-institutional lenders that issue short-term loans for purchasing and often, renovating their New York investment property.
Commonly known as “hard money lenders,” private money lenders offer private money loans to short-term fix-and-flippers as well as long-term investors looking for a rehab project or quick funding.
Are you looking for a private money lender to finance your next real estate investment? Gauntlet Funding offers competitive rates, at a fast turn around time!
Private money lenders usually offer loans that are secured by a real estate asset. These loans are used to purchase a house, condo or multifamily building.
Normally, when someone thinks about private money lenders in New York, they’re most typically referring to a hard money lender. This is because hard money lenders issue short-term real estate loans used to buy and flip an investment property.
Hard money loans are good for both short-term fix-and-flip investors as well as a way for long-term buy-and-hold investors to acquire distress assets quickly and stabilize them.
There are normally three types of private lenders. Each is based on the relationship between the borrower and the lender.
Family & friends
Colleagues, professional & personal acquaintances
Accredited investors & hard money lenders
Hard money lenders are often called “third-party” private lenders, which is the furthest away from a borrower in terms of relationship. However, hard money lenders are considered the best private lenders because they’re the most reliable and have standardized interest rates, costs, fees, and loan terms.
Private money lenders are primarily right for short-term fix and flippers who want to compete with the short timeline of an all-cash buyer. However, private loan lenders are also right for long-term investors who want to rehab a rental property before refinancing into a permanent mortgage or seasoning a property before refinancing.
Often this is because these properties move quickly and investors often have to compete with cash buyers. Hard Money Lenders should be there for you and if you are a customer produce an AS Good as CASH Proof of Funds
Gauntlet Funding is a New York-based private funding group comprised of experienced and knowledgeable industry professionals who specialize in direct private lending and distressed asset financing. If you’re considering commercial real estate investing, call Gauntlet Funding today at (631) 465-2161 to start your new financial future.