[Michael Loaner]

Hi every one,

I was wondering if I can still find a good hard money firm for multi family new construction in New York with some decent rates?
I do work with heavy developer's and have lots of good business to feed, most of the old contacts are gone since Covid, so I'm searching if there are any others still around.
I cant work with brokers at the moment.

Thanks

Michael

[Olderguy]

I have maybe 2 dozen lenders, many of whom can do it but yes I'm a broker....

If it's a basic hard money property loan, I have been doing a lot of them.....have several lenders I use. Some are blanket loans covering all properties with one loan. Some require loan on each property.

You can finance investment property - residential 1 - 4 units, more than 4 units, mixed use properties, land, commercial property, agriculture, etc.

One has no Fico requirements.

Can get up to 75% Loan to Value cash out on these programs. If Fico below 650, LTV goes down.

Here are your options:

Bridge loan - 24 months Interest Only - runs around 11%. Can have no prepayment penalty up to 6 months to a year depending on the lender.

10 year interest only, amortized 20 after. This program has a bit of a lower rate and is good for rental properties as it offers the lowest payment. However, it does have a 5.4.3.2.1 prepayment penalty. Thats 5% first year, 4% second year, etc. You can buy down the prepay to 3 years for 1% cost. To 1 year at a 5% cost. AGain there are variations.

30 year fixed.....this is for long term fixed and the rate is the lowest of the two above. It also has the 5,4,3,2,1 prepayment penalty.

These loans are NoDoc (no income documentation) or SISA (Stated income stated assets)

You can also do a dscr on 1 - 4 units and the rates gets into the 8% range.

Reach out with questions or help.

Lender fees run 0 - 3%
Broker fees usually I charge 3% up to $1M and 2% over $1M
I split with brokers at 50%.

I also have a guy who loves multi family new construction but his minimum is $10M....he does make exceptions for less if the file looks good and strong background. I got a LOI for an Alaska Hotel cash out refi at $6.4M at 5.84% fixed for 10 years, amortized 20 after.

Reach out if you want to.

[Ehenek]

What type of construction are they in? Also what is the revenue?

[Michael Loaner]

this is for a new York based deals, this borrower is a larger and experience developer and owner of multi family buildings all over Brookln, N.Y., with high fico and credibility, most of his deal run between 4-25 million, with the banks he has no issue its just the bureaucracy that it takes to long, so he rather goes with private money if the rates and terms is decent,.
usually he will go for the construction loan after the foundation and the approved plans are already in place so he is in to the project with a substantial amount of his own funds which makes his projects more attractive to borrowers.

[Olderguy]

45 days for my Alaska deal.

[Olderguy]

Michael - I can't give you a rate and term until I look at the file.

Like I Posted above:

I also have a guy who loves multi family new construction but his minimum is $10M....he does make exceptions for less if the file looks good and strong background. I got a LOI for an Alaska Hotel cash out refi at $6.4M at 5.84% fixed for 10 years, amortized 20 after. But again we need to look at the file.

[creloan]

Love the name - Loaner - very apropos.

All the best.

Hi every one,

I was wondering if I can still find a good hard money firm for multi family new construction in New York with some decent rates?
I do work with heavy developer's and have lots of good business to feed, most of the old contacts are gone since Covid, so I'm searching if there are any others still around.
I cant work with brokers at the moment.

Thanks

Michael