New York Hard Money Lender – financing your residential and commercial real estate deals
New York with an estimated 19.85 million residents in 2017, is the fourth most populous state. Two-thirds of the state’s population lives in the New York metropolitan area, and nearly 40% lives on Long Island. New York City is the largest metropolitan area in the world.
So far 2018 is looking like it will be a fantastic year for the New York real estate market. The market posted 11,927 sales in 2017, up 5% from the previous year. Chava Gourarie, writer for The Real Deal says:
“What a difference 10 years makes. Home prices in Manhattan were lethargic in 2017 when compared with the previous year, but downright feisty if you look a little farther back.”
The average price of a Manhattan condo is about $2M in today’s market, a 29% hike in price from the recession in 2008. When you look at the bigger picture, the commercial and residential markets in New York are doing well. Apartments with 3 bedrooms or more accounted for the most sales last year with 2,128 sales.
Looking to buy an investment property to rent out? Here’s why you should consider working with a New York hard money lender
Housing inventory remains the most influential and persistent factor affecting prices. The cost of living in New York City has continued to increase over the past 10 years making home ownership difficult for people. Many Americans desire the single-family home lifestyle but just cannot afford to buy into it. Also, Millenials are delaying getting married and have massive school debt, and are not buying real estate. The number of Americans renting is incredibly high, leaving a great investment opportunity in rental income properties.
- the majority of New Yorkers rent rather than owning, making purchasing a rental property a good business
- Purchasing a condo is less restrictive than a co-op, making it a better option as an investment
- Apartments with 1-2 bedrooms are the easiest to rent
“If you collect a portfolio of say 15 apartments and rent them out—studios, one-bedrooms and two-bedrooms—you can make a six-figure income from your investments” says Julia Hoagland of Compass.
Rental properties have recently created a stable vehicle for investing money and creating wealth. As many look to purchase an investment rental property, some look for a New York hard money lender to finance their real estate purchase. Unlike traditional lenders, private money lending institutions focus more upon on the equity in a property relative to the borrower’s credit score. The underwriting and funding process can take place in a matter of days instead of weeks or months. Wilshire Quinn continues to fund hard money loans in New York and across the nation.
Asset Based Lending
Asset based lending means we base our loan amounts on the value of real estate, such as an investment property, multifamily building, or commercial building, rather than strictly on your credit score and debt to income levels. Wilshire Quinn takes pride in our common sense equity based lending. Wilshire Quinn is a New York hard money lender, with experience lending nationwide. As an experienced hard money lender we can handle even the most complicated of lending scenarios and care more about the real estate that you are purchasing or refinancing than inflexible bank requirements.