Hard money and fix and flip loans in New York
New York Fix and Flip Loans finances brownstone and row house renovations, two- to four-family homes, rentals, small multifamily and new construction in all five boroughs, Long Island and Westchester. Fix and flip loans cover up to 90% of the purchase and 100% of the rehab, and rental loans are approved on the rent, not your tax returns.
The New York division of Optimus Capital Corp. Business-purpose loans on non-owner-occupied investment property only.
Loan terms at a glance
| Flip: purchase financed | up to 90% |
| Flip: rehab financed | up to 100% |
| Flip: limit on after-repair value | 70 to 75% |
| Rental purchase | up to 85% LTV |
| Rental cash-out | up to 80% LTV |
| Ground-up construction | up to 90% of cost |
| Minimum credit score | 600 |
| Loan amounts | $75K to $10M+ |
Top fix and flip leverage is for credit scores of 720 and up, and a flip loan can close in about 7 days. Rental loans are approved on the property’s rent and take about 30 days. Construction at 90% of cost is for experienced builders.
New York Fix and Flip Loans is the New York division of Optimus Capital Corp, a nationwide hard money lender that works only with real estate investors. It is run by Andrew Shanti, who has worked in lending and real estate since 2005. We lend only on non-owner-occupied property: flips, rentals and new builds.
Fix and flip loans built for New York housing
Much of the city’s housing is a century old: brownstones and row houses in Brooklyn and Harlem, two-family homes in Queens and the Bronx, and frame houses on Staten Island and Long Island. A dated house with new systems, a new layout and legal units can sell for far more. Our fix and flip loans fund most of the purchase and all of the work.
Buy and renovate
Up to 90% of the purchase price and 100% of the rehab budget at a 720+ credit score, limited to 70 to 75% of the after-repair value. Scores down to 600 qualify at lower leverage.
Interest only, no penalty
Terms of 6 to 24 months with interest-only payments. Pay the loan off the day you sell, with no prepayment penalty.
Experienced flippers
Investors with 5 or more flips in the past 2 years can close without an inspection or appraisal, up to 75% of the after-repair value.
Keeping the house instead? When the work is finished, a DSCR rental loan can replace the flip loan, with a cash-out refinance at up to 80% loan-to-value.
Everything we finance
Every loan is a business-purpose loan secured by investment real estate. Terms run from 6 months to 30 years.
| Program | Use it for | Top leverage | Approved on |
|---|---|---|---|
| Fix and flip loans | Purchase plus renovation of a property you intend to sell | 90% of the purchase price and 100% of the rehab, up to 70 to 75% of after-repair value | The deal: price, rehab budget and resale value |
| DSCR rental loans | Purchase or refinance of long-term rentals, two- to four-family homes, condos and small multifamily | 85% loan-to-value to buy, 80% on a cash-out refinance | Whether the rent covers the payment |
| Ground-up construction loans | Building a home, a two- or three-family or a small apartment building, lot included | 90% of cost for experienced builders, up to 70 to 75% of the finished value | Budget, finished value and your building record |
| Mid-rehab loans | Completing a renovation or build that has run short of funds | The current as-is value plus the cost to finish | As-is value and remaining scope |
| Portfolio loans | A group of rentals under one note and one payment | 80% to buy or refinance, 75% on a cash-out | Rent across the whole group |
| Commercial loans | Multifamily, mixed-use, hospitality, office, industrial and retail | Priced per deal | The property and its income |
From first call to closing
- Tell us about the dealAddress, price, the renovation budget or the rent it earns, and whether you plan to sell or hold. A call or the short form is enough.
- See your termsWe run the numbers and tell you the leverage and pricing available. As a rule there is nothing to pay upfront.
- Appraisal and reviewThe appraisal is ordered and you pay the appraiser directly. Investors with 5 or more flips in the past 2 years can skip the inspection and appraisal on a flip.
- Close with your attorney and title companyRental loans take about 30 days, appraisal included. Fix and flip loans average up to 21 days and can close in about 7 days once title and insurance are ready. In New York, each side is represented by an attorney and a title company insures the title.
What clients say about Andrew
Andrew Shanti with Optimus Capital has been exceptional to work with. Over the past several years, I have closed numerous transactions with Andrew on behalf of sophisticated real estate investors, and his performance has been consistently outstanding. [...] Every transaction I have been involved with Andrew at Optimus Capital has closed, including many requiring thoughtful structuring and creative solutions due to their challenging nature.
Maria McKee, Premier Sotheby’s International Realty, Google review of Optimus Capital
Just completed a rental portfolio refi with Optimus. Andrew and Daisy were amazing to work with and helped me work through every challenge quickly and with clear understanding.
Zachary Hagan, Google review of Optimus Capital
These reviews were left for Optimus Capital, our parent company, about Andrew Shanti. Read all of the Optimus Capital reviews on Google.
Property and borrowers we work with
New York investment property
- Brownstones, row houses and frame houses to renovate and resell
- Two- to four-family homes
- Long-term rentals
- Condos, including non-warrantable condos
- Small multifamily and mixed-use buildings
- New construction and gut renovations
Commercial property
- Multifamily
- Mixed-use with retail below
- Hospitality
- Professional office
- Industrial
- Retail
Who can borrow
- New investors and seasoned ones
- Credit scores of 600 and above
- Out-of-state owners and LLCs
- Foreign nationals, on rental loans
- Investors with any number of existing loans
We do not finance a home you will live in, or co-op shares. For a primary residence, talk to a conventional mortgage broker.
Lending across New York
We finance investment property in Brooklyn, Queens, the Bronx, Manhattan and Staten Island, in Nassau and Suffolk counties on Long Island, and in Westchester County.
Questions investors ask us
Who is the best lender for a fix and flip in New York?
Look for a lender that funds most of the purchase and all of the renovation, closes quickly, and builds New York’s closing taxes, permits and landmarks review into the plan. We lend up to 90% of the purchase and 100% of the rehab, and lend only on investment property. How to choose a lender.
Can I finance a New York City house to rent on Airbnb?
New York City’s Local Law 18 allows a short-term rental only when the host lives in the home, is present during the stay, has registered with the Mayor’s Office of Special Enforcement, and hosts no more than two guests. Renting out a whole house or apartment for less than 30 days is not allowed, so investor-owned property in the city is underwritten on long-term rent. Towns on Long Island and in Westchester set their own rules, and many require a permit or limit short stays.
Do you check my income?
No. A flip or construction loan is approved on the deal, and a rental loan on the rent the property earns. There is no employment or debt-to-income review.
What credit score do you need?
Programs begin at a 600 score. The best fix and flip terms are for scores of 720 and up, and a rental purchase at 600 is limited to 70% loan-to-value.
Do you lend on Long Island and in Westchester?
Yes. We lend throughout Nassau, Suffolk and Westchester counties as well as all five boroughs of New York City.
How fast can a loan close?
Rental loans take about 30 days, appraisal included. Fix and flip loans average up to 21 days and can close in about 7 days once title and insurance are ready.
Have a New York deal in mind? Run it by us.
Send the address, the price and what you plan to do with the property. We will reply with the leverage and pricing that fit your deal.