Development and Construction Funding in Brooklyn, Queens or surrounding areas of NY
Short-term (usually 3 years) real estate financing secured by a mortgage on the property being financed. This development and construction funding in Staten Island, NY, is meant to cover the cost of land development and building construction and is disbursed (1) as needed, (2) as each stage is completed, (3) according to a prearranged schedule, or (4) when some condition is met. Construction loans are paid off from the proceeds of permanent financing (usually for 20 to 30 years), which in turn is repaid from the cash flow generated by the completed building, and is arranged before the construction loan is disbursed. Also called building loan, construction mortgage, or development loan.
| Purpose: | Ground up construction, Tenant Improvements, Purchase & Renovations, Purchase & install equipment |
| Loan Types: | SBA 7(a), SBA 504, USDA B&I, Conventional |
| Loan Amounts: | Up to $5,000,000 |
| Collateral: | Commercial Real Estate, FF&E (fixtures, furniture, and equipment) |
| Term: | Up to 25 years |
| Rate: | Fixed or variable rate |
| Eligibility: | Must occupy 60% of new building for SBA financing |
| LTV: | Varies, up to 90% |
| Draws: | 48 hour turn times in most cases |
We represent a Nationwide Direct Private Bridge Balance Sheet Lender (1 to 3 years Interest Only) to the real estate investment community.
- We can lend up to $15 million on SFRs and $15 million on MFRs and commercial properties
- We currently lend in 45 states
- We excel at Fix and Flips, Fix and Rent, Cash Out Refinancing, and Ground Up Construction
- We are Fast, Reliable, and Flexible
What Type of properties we lend on:
- Single Family
- Multi Family
- Mixed Use
- Short Term Vacation Rentals (Air BNB)
- Industrial Warehouses
- Self-Storage
- Medical Office
- Skilled Nursing & Assisted Living
- Hotels/Motels
- Retail that has National tenants with long term leases
Types of loans:
- Purchase
- Refinance
- Cash Out Refinance
- Fix and Flips
- Tenant Improvements
- Ground Up Construction
- Construction Completion
- Property Re positions
Range of pricing and Leverage:
- Current Pricing starts at 9.99% interest with 2% Origination Fee
- Usually our investor, charges the same 2% fee.
- Up to 70% LTV on MFRs
- Up to 70% LTV on SFRs
- Up to 70% on every other asset class
- Up to 75% LTC on Construction
Where we excel and what sets us apart from other private money lenders:
- Multifamily: We can go up to 70% LTV and loans up to $15 mil with rates starting at 9.99%
- Construction: We can do both Ground Up construction and Construction Completion
- Property Repurposing: Example: Turning an Office Building into Multi Family or a “dark” Kmart into a self-storage facility.
- Short-Term Rentals: Airbnb properties and others like Airbnb
- High End SFRs: A large majority of private lenders only go up to $2 mil with a large % of the remaining lenders dropping out at $4 or $5 million on SFR loans.
We can go up to $20 Million loan amounts on SFRs.
