Flipping in New York usually means one of two very different projects: an older two-family in Buffalo or Rochester, or a higher-priced house in the boroughs or on Long Island. Both tend to take longer than flips in many other states, and that should shape which lender you pick.
In short: No one fix and flip lender is best for every New York investor. Because New York projects often run long, the best fit is usually the program with a competitive total cost (rate plus lender and closing costs), enough term and fair extension terms, and draws that fund quickly after inspection. Compare leverage, experience rules and closing speed on the same deal as well. LendingStreet finances investment property in New York with fix and flip rates from 9.99% for qualified borrowers, up to 90% of the purchase price and up to 100% of the rehab budget, on loans from $150K to $5M+.
RCN Capital, LendingOne and CoreVest are national lenders that also finance short-term investor projects in New York, and the state has many regional banks and private lenders as well. Each has its own approach to leverage, draws and how experience is counted.
A lender that suits a quick cosmetic flip in Albany may not suit a Queens renovation with filed plans and a long inspection schedule. Pick the lender for the project you actually have.
In a state where permits, contractor schedules and closings can take longer, the cost of time often matters more than a small rate difference. Ask each lender to quote the same purchase, rehab, ARV and expected timeline, then compare:
Upstate cities such as Buffalo, Rochester, Syracuse and Albany have large stocks of older homes, including the two-family houses common in Buffalo and Rochester. Purchase prices are generally lower, so rehab often makes up a bigger share of the project. Syracuse has university demand, and Albany has steady state government employment. Winter can slow exterior work, roofing and siding, so plan seasonal timing into the schedule.
In the five boroughs and on Long Island, prices and budgets are larger and buyer demand is deep, but so are carrying costs. Brooklyn, Queens, the Bronx and Staten Island offer one- to four-family houses, while Nassau and Suffolk are mostly single-family. Long Island property taxes are known to be high, which adds to monthly carry. Co-op apartments are owned as shares with board approval, which makes them a poor fit for short-term flip financing, so ask before you bid on one.
In New York City, work beyond cosmetic updates generally runs through the Department of Buildings, and plan review and inspections can add weeks or months. New York City, Nassau County and Suffolk County license home improvement contractors locally, and upstate rules vary by municipality. Confirm permit and licensing requirements with the local building department before you set a timeline.
New York State charges a real estate transfer tax, and New York City and some other localities add their own. Who pays, and how much, depends on the price and location, and closings are customarily handled by attorneys. Ask your attorney or title company for an estimate of buy-side and sell-side costs before you run your numbers.
This example is illustrative and not a quote. An investor buys an older two-family in Buffalo for $165,000 with an $85,000 rehab budget and a $330,000 ARV. The loan covers 90% of the purchase ($148,500) plus 100% of the rehab ($85,000), for $233,500, about 71% of ARV.
At a sample rate of 11.24%, interest on the full balance is about $2,187 a month, or about $17,497 over an eight-month project. Add sample closing costs of $7,400, carrying costs of $600 a month ($4,800) and selling costs, including commissions and transfer taxes, of about 7.5% of the sale price ($24,750). Profit is about $25,553 before taxes.
If a winter start and inspection waits push the project to eleven months, interest rises to about $24,058, carrying costs to $6,600 and profit drops to about $17,192. Three months of delay costs about $8,361, roughly a third of the original margin.
| Item | 8 months | 11 months |
|---|---|---|
| Sale price (ARV) | $330,000 | $330,000 |
| Purchase plus rehab | $250,000 | $250,000 |
| Interest at sample 11.24% | $17,497 | $24,058 |
| Sample closing costs | $7,400 | $7,400 |
| Carrying costs | $4,800 | $6,600 |
| Selling costs (about 7.5%) | $24,750 | $24,750 |
| Estimated profit | $25,553 | $17,192 |
We offer fix and flip loans from $150K to $5M+, with rates from 9.99% for qualified borrowers and terms typically of 12 to 18 months. Leverage goes up to 90% of the purchase price and up to 100% of the rehab budget, with rehab funds paid in draws after work is completed and inspected.
Experience helps pricing and leverage, and first-time flippers can qualify on some programs, often at lower leverage. We can close in as little as 10 days, though New York attorney and title timelines often set the pace. Our financing team reviews your scenario and comes back with 2-3 options.
Bring the purchase contract, a detailed scope of work and budget, ARV comps, your estimated credit score and a list of completed projects with settlement statements. Include your contractor's license information where the locality requires one, and any filed or expected permits.
For a borough or Long Island project with plan review, share your expected permit timeline. We would rather size the term for a realistic schedule than have you request an extension later.
Yes. LendingStreet finances investment property in New York, including upstate cities like Buffalo, Rochester, Syracuse and Albany, plus the five boroughs and Long Island. Loans are business-purpose on non-owner-occupied property, starting at $150,000.
It depends on the project. RCN Capital, LendingOne, CoreVest, regional lenders and LendingStreet all finance investor projects. Compare total cost, term, extension terms and draw speed on the same deal.
Permit review, inspection scheduling, contractor availability, winter weather upstate and attorney-led closings can all add time. Build those weeks into your budget and loan term.
Yes. New York State has a transfer tax, and New York City and some localities add their own. Ask your attorney or title company to estimate them on both the purchase and the sale.
Co-ops are owned as shares and need board approval, which makes them a poor fit for short-term flip financing. One- to four-family houses and condos are more typical. Ask us before you bid.
On some programs, yes, usually at lower leverage. A licensed contractor, a detailed budget and reserves for a longer timeline help.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.