Flipping in New York City means bigger numbers, slower permits and heavier closing costs than almost anywhere else. A brownstone or two-family deal can run well past $1 million, so loan size, rehab funding and speed all matter at once.
In short: LendingStreet is our top pick among fix and flip lenders in New York City, NY. It funds 1 to 8 unit flips from $150,000 to $5M+, covers up to 90% of cost and up to 100% of rehab on some programs, and can close in as little as 10 days. That matters in the five boroughs, where purchase prices are high and Department of Buildings filings can stretch a schedule. If you keep the house, you can refinance into a DSCR rental loan with the same lender.
Why do investors choose LendingStreet in New York City? We fund the deal the way flippers work: leverage up to 90% of cost, up to 100% of rehab on some programs, draws as the work gets done, and closings in as little as 10 days. Loan amounts run from $150,000 to $5M+ on 1 to 8 unit residential property.
LendingStreet suits first projects and seasoned operators alike, borrowing in an LLC, with a clear path to keep the house as a DSCR rental if selling stops making sense. The fastest next step is the quote form below, or call (877) 298-1001.
If you are weighing Dominion Financial, LendingOne, Lima One and RCN Capital for a fix and flip loan for investors in New York City, NY, this is the short version: LendingStreet wins the scenarios below, and you can get a quote with the form below.
Figures for other lenders are as stated on each lender's own website as of November 2026. Lender terms change, so verify current terms with any lender before you apply. Ready to see your numbers? Use the form below or call (877) 298-1001.
| Scenario | Best fit | Why |
|---|---|---|
| Fix and flip above $3M | LendingStreet | Our fix and flip program runs from $150,000 to $5M+. LendingOne states fix and flip loans up to $3,000,000, and RCN Capital states up to $2M. |
| Flip of a 5-8 unit building | LendingStreet | We finance 1-8 unit investor properties. RCN Capital states its fix and flip loans cover 1-4 family homes, condos and townhomes. |
| Property in any state, including DC | LendingStreet | We lend in all 50 states and DC. Lima One states it lends across 46 states, and Dominion Financial lists 49 states plus DC. |
Most flips in the five boroughs are fee-simple houses, not apartments in towers: Brooklyn brownstones and rowhouses in Bedford-Stuyvesant, Crown Heights and East Flatbush, two- and three-family frame houses in Queens neighborhoods like Jamaica, Ridgewood and Richmond Hill, attached homes in the Bronx, and detached houses on Staten Island.
Co-op apartments come with board approval and share-based ownership, so they work differently. This page focuses on 1 to 8 unit buildings an investor owns outright. Deals here are often larger in dollars than elsewhere, which is why loan size limits matter as much as leverage.
Almost any meaningful renovation runs through the Department of Buildings, and work that changes layout, plumbing, gas or egress usually needs plans filed by a licensed architect or engineer. Homes in designated historic districts also need Landmarks Preservation Commission approval for many exterior changes.
Prewar housing means old wiring, aging boilers, galvanized supply lines, party wall questions on attached homes and facades or cornices that need care. If a building has six or more units and was built before 1974, ask whether any apartments are rent stabilized, since that can limit both rents and renovation plans.
Banks, local hard money lenders and private individuals all finance flips in New York City, and terms vary from one to the next. This table compares the typical pattern with what LendingStreet offers.
| What flippers need | LendingStreet | Typical bank or credit union | Typical local hard money lender | Private individual lender |
|---|---|---|---|---|
| Leverage | Up to 90% of total cost on some programs | Often lower on investor rehabs; varies | Varies by lender | Negotiated deal by deal |
| Rehab funding | Up to 100% of rehab on some programs, paid in draws | May not lend on a distressed house | Often funds rehab in draws; terms vary | Varies |
| Speed to close | As little as 10 days | Usually slower; full underwriting | Often fast | Can be fast if funds are ready |
| Documentation | Business-purpose loan; LLC borrowers welcome | Often requires tax returns and personal income | Varies | Informal; varies |
| Loan size | $150,000 to $5M+ | Varies; may limit investor exposure | Varies; often smaller balances | Limited by one person's capital |
| After the flip | Sell, or refinance into a LendingStreet DSCR rental loan | Separate application | Usually short-term only; no long-term option | Usually short-term only |
| Where they lend | All 50 states and DC | Usually local or regional | Usually local | Usually local |
This example is illustrative and not a quote. An investor buys a two-family house in East Flatbush for $780,000 and budgets $220,000 for new mechanicals, kitchens, baths and a reworked layout filed with the Department of Buildings. Total project cost is $1,000,000. The loan covers 85% of cost, or $850,000: the full $220,000 rehab budget, paid in draws as work is done, plus $630,000 toward the purchase, so the investor brings $150,000 toward the price plus closing costs.
If the full loan were drawn, the estimated interest-only payment would be about $7,083 a month. Over 9 months that is $63,747 of interest plus $14,400 of taxes, insurance and utilities. The home sells for $1,325,000, and after $92,000 of estimated selling costs and $38,000 of buy-side closing costs the estimated profit is about $116,853, on roughly $266,147 of the investor's own cash.
| Item | Amount |
|---|---|
| Purchase price | $780,000 |
| Rehab budget | $220,000 |
| Total project cost | $1,000,000 |
| Loan at 85% of cost | $850,000 |
| Rehab funded through draws | $220,000 |
| Loan toward the purchase | $630,000 |
| Cash due toward the purchase | $150,000 |
| Estimated buy-side closing costs | $38,000 |
| Estimated interest-only payment, fully drawn | $7,083 a month |
| Taxes, insurance and utilities while held | $1,600 a month |
| Months held | 9 |
| After-repair sale price | $1,325,000 |
| Estimated selling costs | $92,000 |
| Estimated profit before income taxes | $116,853 |
Transaction costs are heavier here than in most markets, and a flipper pays them on the way in and the way out. Expect New York State and New York City transfer taxes on a sale, a mortgage recording tax on the purchase loan, the state mansion tax paid by the buyer on residential purchases of $1 million or more, and attorney and title fees. Ask your attorney for current figures before you offer.
Resale also takes time: attorney review, the buyer's financing and, on multi-family buildings, a close look at leases and legal units. Build a resale window of a few months into the budget, on top of the permit and construction schedule.
Most flips end in a sale, and the loan is short-term and interest-only for that reason. But markets shift, and some houses are worth more as rentals. With LendingStreet, you can refinance a finished project into a DSCR rental loan that qualifies on the property's rent, with no W-2s or tax returns.
DSCR loans have a 1.0x standard minimum ratio, sub-1.0 programs, a 620 minimum credit score and 30-year terms. Seasoning before a refinance varies by program, so ask about it before you buy if a rental exit is on the table.
Use these questions with every lender you talk to. Vague answers are a warning sign.
LendingStreet's answers, in order: up to 90% LTC with up to 100% of rehab on some programs; draws released after inspections; LLC borrowing is standard; as little as 10 days to close; $150,000 to $5M+, with more review on larger balances; and a DSCR refinance at a 1.0x standard minimum, with sub-1.0 options and program-based seasoning.
Have the purchase price, a line-item rehab budget and recent comparable sales ready. Fill out the quote form below or call (877) 298-1001, and a loan officer will walk through leverage, draws and timing with you.
Our top pick is LendingStreet. It offers up to 90% of cost and up to 100% of rehab on some programs, closes in as little as 10 days, funds $150,000 to $5M+ and lets you refinance into a DSCR rental loan if you keep the house.
Yes. LendingStreet lends in New York City and across New York, and in all 50 states and DC. Our investor loans are business-purpose loans on non-owner-occupied property.
Yes. Fix and flip loans run from $150,000 to $5M+, and larger balances get more review. Send the purchase price, scope and budget so the team can size the loan.
Yes. Our fix and flip loans cover 1 to 8 units, including two- and three-family homes. Confirm the legal unit count before you plan the renovation and the sale.
Plan for mortgage recording tax, title and attorney fees on the purchase, and transfer taxes and commissions on the sale, plus the mansion tax for buyers at $1 million or more. Your attorney can give current numbers for your price.
Up to 90% of total cost on some programs, including up to 100% of the rehab paid in draws. Exact leverage depends on the deal and the program.
Yes. LLC borrowers are standard, and these are business-purpose loans on non-owner-occupied investment property.
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