NY Fix And Flips By The Numbers
New York has always been a top real estate market, and that trend is continuing as demand for suburban housing rises. The proximity to major metropolitan areas and cultural centers attracts home buyers from all over the country. This makes it a great option for real estate investors to fund their next opportunity, and the growing number of New York fix and flips shows it. For example- according to ATTOM Data in Q1 of 2019, 35% of all house sales in Queens County were fix and flip projects. Asset Based Lending’s flexible underwriting and knowledge of the New York real estate market helps contribute to the rising success of NY fix and flips.
Due to the competitive real estate market in New York, ABL is committed to funding your loan in 10 days or less so you never miss a great deal.
What Are Fix and Flip Loans?
Fix and flip loans, sometimes known as bridge loans or rehab loans, are meant for short term renovation projects that require cash ASAP. They provide real estate investors with the funding needed to buy a property, rehab it, and sell it to an end-buyer. Some investors choose to get a conventional mortgage to meet these needs, but that type of loan comes with heavy restrictions that slow down approval time. A fix and flip loan is a type of bridge financing meant to help investors quickly purchase the property, fund the renovations, and list it for sale or refinance into a long term rental loan if they choose to keep it in their portfolio.
These loans typically feature:
- 12 to 18 month loan terms
- Variable loan amounts from $75,000 to $3 million
- Interest rates starting at 9%
- Up to 90% financing for experienced investors
A fix and flip loan is not intended for people to use for homes in which they intend to live, but is a perfect solution for real estate investors looking to expand their real estate business.
How Does a Fix and Flip Loan Work With A Hard Money Lender?
Hard money lenders are a more reliable and consistent version of private money lenders. Good hard money lenders allow for fast loan approval and quick access to cash with the dependability and trust of a financial institution. Borrowing from a hard money lender means a more flexible underwriting process than a conventional mortgage which only considers someone’s credit score and W-2 income. By evaluating the property value and the project details, hard money lenders can provide loans that some real estate investors would otherwise not have access to. These hard money real estate loans help first time investors get their start in the real estate market, and help professional investors grow their business at a rapid pace compared to other types of loans.
Why Do Investors Choose Asset Based Lending for Fix and Flip Loans in New York?
With a decade of experience funding some of the best New York fix and flip projects, Asset Based Lending has established itself as the top choice for hard money loans. Thanks to our quick loan approval, flexible underwriting, and dedication to our borrowers, we’ve managed to help many real estate investors grow their portfolio and business. Cutting down the time it takes to receive your approval and funding is critical to success in the real estate market, which is why so many of our NY fix and flip loans go to repeat borrowers!
ABL customizes every fix and flip loan to match your project, but each loan includes: preapproval within 24 hours, closings as quickly as 10 days, flexible loan amounts from $75,000 to $3 million, no penalties for early payoff, quick draw turnaround, and direct contact with decision makers.
Whether you do hundreds of fix and flips a year in New York or are a first-time investor, our team is dedicated to providing you the highest quality service every step of the way. Contact us today and experience why Asset Based Lending is the best hard money lender in New York.
Get pre-qualified today.