New York is really several markets: Buffalo and Rochester doubles priced like the Midwest, Capital Region and Hudson Valley homes drawing buyers from the city, and New York City and Long Island properties where balances climb fast. What they share is slow foreclosures, layered transfer and recording taxes, and tenant rules that reward planning the exit first.
In short: LendingStreet is our top pick for investors searching for hard money lenders in New York. We fund fix and flip and bridge loans from $150,000 to $5M+ on 1-8 unit investment property, with up to 90% of cost and up to 100% of rehab on some programs, closings in as little as 10 days and rates from 7.99%. That range covers an upstate double and a Queens two-family alike, and when you keep a property, our DSCR loan can refinance it on its rent.
Upstate and downstate projects need different loan sizes, and many local lenders only serve one region. LendingStreet lends statewide and nationally, so the same team can fund a Buffalo BRRRR and a Long Island flip, then refinance either into a DSCR rental loan.
Ready to price a deal? Get a quote with the form below or call (877) 298-1001.
If you are weighing CoreVest, Dominion Financial, LendingOne, Lima One and RCN Capital for a hard money loan for investors in New York, 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. |
| Bridge close in about 10 days | LendingStreet | We can close in as little as 10 days. CoreVest states its bridge loans typically close within 2 to 4 weeks. |
| 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. |
Local hard money lenders and private individuals fill a real need in New York: they move quickly when a bank cannot. Their terms vary widely, though, and most stop at the short-term loan. Here is how the options usually line up for a rehab investor.
| Investor need | LendingStreet | Local hard money | Private lender | Local bank |
|---|---|---|---|---|
| Close quickly on a good deal | As little as 10 days | Often fast | Fast if funds are ready | Often slow |
| Finance the rehab | Up to 100% of rehab on some programs | Varies | Negotiated | Often limited |
| Larger projects | Up to $5M+ | Varies | Limited by one person's funds | Varies |
| Keep it as a rental | DSCR loan, 30-year terms available | Usually short-term only | Usually short-term only | Often requires tax returns |
| Rates | From 7.99% | Varies | Varies | Varies |
Upstate, Buffalo's West Side, North Buffalo and first-ring suburbs like Cheektowaga and Kenmore are known for up-and-down two-family doubles. Rochester, Syracuse, Albany, Schenectady and Troy offer older single-family and two-family homes at prices that can support rental cash flow.
Downstate, the Hudson Valley cities of Newburgh, Poughkeepsie and Kingston draw flippers, while Long Island and the outer boroughs, especially Queens, Staten Island and the Bronx, have attached and semi-attached homes with much higher price tags. Larger balances there get more review.
This example is illustrative and not a quote. An investor buys an up-and-down two-family double in Buffalo for $165,000 and budgets $75,000 for two kitchens, baths, windows, electrical and paint. Total project cost is $240,000. With the loan sized at 90% of cost, the loan is $216,000 and the investor covers $24,000 of the cost.
The estimated interest-only payment is about $1,800 a month, or $10,800 over a 6-month project. Add about $3,900 in taxes, insurance and utilities during the hold and $6,500 in purchase closing costs, and the investor has about $45,200 in the deal. The interest figure assumes the full loan is out the whole time; rehab funds paid in draws would lower it.
Instead of selling, the investor leases both units for $2,800 a month and refinances into a DSCR loan at 75% of the $330,000 after-repair value, or $248,000. Estimated principal and interest is about $1,692; with $520 in taxes and $160 in insurance, the monthly payment is $2,372 and DSCR is about 1.18x. The new loan repays the $216,000 flip loan and returns about $32,000 before refinance closing costs, leaving about $13,200 in the deal. Register the units and pass any city inspection before the refinance closes.
| Item | Amount |
|---|---|
| Purchase price | $165,000 |
| Rehab budget | $75,000 |
| Total project cost | $240,000 |
| Loan at 90% of cost | $216,000 |
| Investor share of cost | $24,000 |
| Estimated interest-only payment | $1,800 a month |
| Interest over 6 months | $10,800 |
| Other holding costs | $3,900 |
| Purchase closing costs | $6,500 |
| Total cash in the deal | $45,200 |
| DSCR loan at 75% of $330,000 | $248,000 |
| Estimated principal and interest | $1,692 |
| Taxes and insurance | $680 |
| Total monthly payment | $2,372 |
| DSCR at $2,800 rent | About 1.18x |
| Cash returned at refinance | $32,000 |
New York forecloses through the courts, and it is one of the slower states for it. Foreclosure auctions are run by a court-appointed referee. Distressed properties often come from estates and long-vacant homes rather than quick auction turnover, so expect title work to take time.
Closing costs are layered. The state charges a transfer tax, and New York City adds its own. Buyers of residential property at $1 million or more pay an added mansion tax. Most mortgages are subject to a mortgage recording tax, with rates that vary by county and run higher in the city and nearby suburbs. Budget that tax on your loan amount.
In New York City, the Department of Buildings handles permits, and plan review can add weeks or months to a full renovation. Upstate cities set their own rules: Buffalo keeps a rental registry and Rochester requires a certificate of occupancy for rentals, so a BRRRR plan needs those inspections passed.
Tenant law matters for the exit. The 2019 tenant protection law tightened rules statewide, a 2024 good cause eviction law applies in New York City and in other cities that opt in, and rent stabilization covers many older city buildings. Confirm a building's status before you plan rents.
Upstate, many investors keep finished doubles because the rent supports a DSCR payment. Downstate, higher prices often make a sale the cleaner exit, though a two-family in Queens or Staten Island can still work as a rental.
A DSCR refinance qualifies on the lease, with no W-2s or tax returns and LLC borrowers as standard. Budget the mortgage recording tax on the new loan, too.
Ask every lender the same questions, in writing, before you sign a purchase contract that depends on financing.
How we answer each one: up to 90% loan-to-cost and up to 100% of rehab on some programs; as little as 10 days to close; LLC borrowing is standard; $150,000 to $5M+ in loan size; and a DSCR refinance with a 1.0x standard minimum, 620 credit, up to 80% LTV on rate-and-term on some programs and seasoning that varies by program. To talk it through, call (877) 298-1001.
Share the property, contract price, scope of work and target closing date. If you plan to keep it, add the expected rent so we can show the DSCR refinance too. Use the form below or call (877) 298-1001.
LendingStreet is our top pick for New York investors: fast closings in as little as 10 days, leverage up to 90% of cost and up to 100% of rehab on some programs, and a clear path from the flip loan into a 30-year DSCR rental loan.
Yes. LendingStreet lends in all 50 states and DC, including New York, on non-owner-occupied 1-8 unit investment property. Get a quote with the form below.
Generally yes. Most mortgages recorded in New York are subject to it, and the rate depends on the county. Include it in your closing budget, along with any transfer taxes.
They take more planning. Balances are larger, permits can take longer and tenant rules are stricter. We review larger balances case by case, so bring your scope, permit plan and timeline.
As little as 10 days. Title issues, missing scopes of work or slow access for the valuation are the usual causes of delay.
Yes. LendingStreet offers fix and flip, bridge and DSCR rental loans, so a flip that becomes a rental can refinance without starting over elsewhere.
No. Every loan is a business-purpose loan on non-owner-occupied investment property.
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