New York Fix and Flip Loans

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Where we lend: the five boroughs, Long Island and Westchester

Brooklyn, Queens, the Bronx, Manhattan and Staten Island, plus Nassau and Suffolk counties on Long Island and Westchester County.

Local guides

MarketAreaWhat investors buy there
BrooklynKings CountyBrownstones and row houses to renovate, two- to four-family homes, small multifamily
QueensQueens CountyTwo-family homes, attached row houses, detached houses to renovate and rent
The BronxBronx CountyTwo- and three-family homes and small apartment buildings
ManhattanNew York CountyTownhouses, condos and mixed-use buildings
Staten IslandRichmond CountyDetached and semi-detached houses to flip, two-families and new construction
Nassau CountyLong IslandSingle-family flips and rentals, tear-down rebuilds
Suffolk CountyLong IslandSingle-family flips and rentals, new construction on larger lots
Westchester CountyYonkers, Mount Vernon, New Rochelle and beyondTwo- and three-family homes, single-family renovations, small multifamily

Anywhere in the region

You do not need to be in one of those markets. We lend across New York City and its suburbs, and through Optimus Capital Corp we also finance property in other states.

What to know about lending here

  • Closing taxes. New York City charges a mortgage recording tax when a loan is recorded. On one- to three-family homes and condos the borrower’s share is about 1.8% of a loan under $500,000 and 1.925% at $500,000 or more. On commercial property and buildings of four or more units it is 2.8% at $500,000 or more. Outside the city the rate is lower and varies by county.
  • Transfer and mansion taxes. On a New York City sale the seller customarily pays the city transfer tax, 1% of the price up to $500,000 and 1.425% above that on one- to three-family homes and condos, and 1.425% or 2.625% on other property. The seller also pays the state transfer tax of 0.4%, which rises to 0.65% on homes of $3 million or more and on other property of $2 million or more. Buyers of one- to three-family homes and condos at $1 million or more pay the mansion tax, starting at 1%.
  • Short-term rentals. 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.
  • Rent rules. Many apartment buildings of six or more units built before 1974 are rent stabilized, and since 2019 state law has made it very hard to deregulate an apartment or raise the rent for improvements. Good Cause Eviction, in effect in New York City since 2024, limits rent increases and evictions in most market-rate rentals. Exemptions include owners of 10 or fewer units statewide, buildings first occupied on or after January 1, 2009, and units renting above 245% of fair market rent.
  • Landmarks. Large parts of Brooklyn and Manhattan are landmarked historic districts, including Park Slope, Brooklyn Heights, Fort Greene, parts of Bedford-Stuyvesant and Crown Heights, Harlem and the Upper West Side. Exterior work there needs a Landmarks Preservation Commission permit as well as Department of Buildings approval.
  • Closings. In New York each side is represented by an attorney, and a title company insures the title. Have your attorney chosen when you apply.

Loan programs available everywhere we lend

ProgramUse it forTop leverage
DSCR rental loansPurchase or refinance of long-term rentals, two- to four-family homes, condos and small multifamily85% loan-to-value to buy, 80% on a cash-out refinance
Ground-up construction loansBuilding a home, a two- or three-family or a small apartment building, lot included90% of cost for experienced builders, up to 70 to 75% of the finished value
Fix and flip loansPurchase plus renovation of a property you intend to sell90% of the purchase price and 100% of the rehab, up to 70 to 75% of after-repair value
Portfolio and commercial loansA group of rentals under one note, or multifamily and commercial property80% on a portfolio purchase; commercial priced per deal
Actual leverage depends on credit, track record, property type and location. Loans start at $75,000.

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.