Quick Tips On Getting Loans From New York Hard Money Lenders

New York is probably one of the most challenging yet lucrative places to engage in real estate investing

. Its a well-known fact that buying and selling properties in the Big Apple is one of the most profitable careers in the real estate industry. However, it is also among the most costly for real estate investors, as most properties in the state sell for very high prices.

Investors in New York need huge funds for their real estate projects. And because banks are virtually rejecting real estate loans today, investors are forced to look for alternative ways to find financing for their projects. This is where New York hard money lenders come in. Hard money lenders in New York are the best choices of funds for investors.

With the help of New York hard money lenders, you can offer all-cash deals to home sellers, close deals fast, and even profit from a project without spending a dime of your personal money. It is because of these reasons that hard money lenders in New York are very popular among real estate investors today. So if youre looking for a hard money lender in New York, here are a few simple tips that should help you get started.

Tip #1 Get Pre-Qualified

Among the best ways to secure a New York hard money loan is to get pre-qualified. Traditionally, real estate investors approach hard money lenders in New York only when they have a good deal in their hands. Getting pre-qualified is doing the reverse: approaching the lenders first and finding out what deals they lend money to.

By determining the type of deals that they want, you can find these projects and bring it to them. This way, youre certain to get that New York hard money loan because youll be bringing deals that the lenders want. Not a lot of real estate investors get pre-qualified, so this is an option that you should definitely try.

Tip #2 Avoid Contracts with Pre-Payment Penalties

When dealing with New York hard money lenders, always determine if there is a pre-penalty payment. A pre-payment penalty is a stipulation in the contract wherein the lender states that you have to pay a penalty if you pay off the loan entirely. You should avoid loan deals that have this provision.

Tip #3 Dont be Scared of the Interest Rate

A lot of real estate investors avoid New York hard money loan because of the high interest rate. Dont let this prevent you from securing loans from hard money lenders in New York. Always remember that these rates are yearly rates. So if youre paying a 12% interest rate, youre basically paying only 1% per month.

These are just some of the useful tips that would help you obtain loans from New York hard money lenders. For more tips, information, and resources on finding hard money lenders, visit www.RehabHardMoney.com.

by: Dan Ross

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