In New York City and its suburbs, a two- or three-family house can cost more than $1M on its own, and state and city taxes on the deal and the mortgage are among the highest in the country. A large bridge loan has to be planned with both in mind.
In short: LendingStreet makes residential investor bridge loans from $1M to $5M+ on 1-8 unit New York property, with rates from 7.99%, interest-only payments and closings in as little as 10 days on a complete file. Typical collateral is two- to four-family homes in Brooklyn and Queens, Hudson Valley and Long Island rentals, and upstate packages in Buffalo, Rochester and Albany. Larger balances usually need a full valuation, and exits are a sale or a DSCR or jumbo DSCR refinance.
In the city, most 1-8 unit bridge activity is in Brooklyn (Bed-Stuy, Bushwick, Crown Heights, Flatbush) and Queens (Ridgewood, Astoria, Jackson Heights), plus the North Bronx and Staten Island. Two- and three-family homes there often trade above $1M each.
Outside the city, Westchester and Long Island have high-value single-family rentals, and Hudson Valley cities such as Kingston, Beacon, Newburgh and Poughkeepsie have older multifamily. Upstate, Buffalo, Rochester, Syracuse and Albany offer lower prices, where a seven-figure bridge usually covers a package of doubles and small buildings.
City sellers and estates often want a fast, certain close, and many two- to four-family homes need work or a vacant unit filled before a long-term loan will fund. A bridge loan buys the time.
New York State charges a transfer tax on deeds, and buyers of one- to three-family homes, condos and co-ops priced at $1 million or more generally pay a mansion tax that starts at 1%, with higher tiers in New York City. The city adds its own real property transfer tax. On a multi-property package, each deed is figured separately.
New York also taxes the mortgage itself. The mortgage recording tax runs roughly 1% to 1.3% of the loan outside the city, depending on the county, and about 1.8% to 1.925% in New York City. A bridge loan triggers it, and so can the refinance. Ask whether a consolidation, extension and modification agreement (CEMA) is possible on your exit, and get a full closing cost estimate from your title company.
This example is illustrative and not a quote. An investor buys two three-family homes in Ridgewood, Queens, for $3,100,000, six units in all. One unit in each house is vacant and needs a kitchen and bath before it can be rented. Each deed is over $1M, so the mansion tax applies to both purchases.
For this example, the bridge is $2,170,000, or 70% of the price. The estimated interest-only payment comes to about $18,083 a month, so a 9-month hold costs about $162,750 in interest before the refinance.
At refinance the properties appraise at $3,200,000. A DSCR loan at 70% LTV is $2,240,000, with estimated principal and interest of about $15,281 a month. Add $1,400 in taxes, $800 in insurance and $0 in other housing costs, and the total payment is about $17,481. Against $19,800 of monthly rent, DSCR is about 1.13x.
Because both homes are in the lower-taxed one- to three-family class, the six units clear 1.0x at 70% LTV. The $2,240,000 refinance repays the $2,170,000 bridge with about $70,000 left, before recording tax and other closing costs on the new loan.
| Item | Amount |
|---|---|
| Purchase price | $3,100,000 |
| Bridge loan (70% of price) | $2,170,000 |
| Estimated monthly interest-only payment | $18,083 |
| Interest carry over 9 months | $162,750 |
| Value at refinance | $3,200,000 |
| DSCR refinance at 70% LTV | $2,240,000 |
| Estimated principal and interest | $15,281 |
| Taxes, insurance and other monthly costs | $2,200 |
| Total monthly payment | $17,481 |
| Monthly rent | $19,800 |
| DSCR | 1.13x |
Brooklyn and Queens rents are high enough that many two- and three-family homes clear a 1.0x DSCR on long-term leases at a moderate leverage. Property taxes on one- to three-family homes in the city are relatively low, which helps; buildings with four or more units are taxed in a different class, usually at a higher effective rate.
Rent regulation is the big variable. In New York City, buildings with six or more units built before 1974 are often rent stabilized, and the 2019 state law made it very hard to deregulate units. Some Hudson Valley cities have also opted into rent stabilization. Confirm a building's status before you build a refinance around higher rents.
Our residential investor bridge program runs from $150,000 to $5M+, and this page covers the upper end: roughly $1M and up on 1-8 unit property in New York. Rates start from 7.99%, payments are interest-only, terms are short, and a complete file can close in as little as 10 days.
Balances above $1M are reviewed case by case. Expect a full valuation of each property on these larger loans, along with a clear exit plan: a sale, or a refinance into a DSCR or jumbo DSCR loan.
| Feature | Large residential bridge |
|---|---|
| Loan size | $1M to $5M+ (program from $150,000) |
| Rates | From 7.99% |
| Payments | Interest-only |
| Speed | As little as 10 days on a complete file |
| Valuation | Full valuation usually required on larger balances |
| Property | 1-8 unit non-owner-occupied investment property |
| Exit | Sale, DSCR or jumbo DSCR refinance |
New York City's short-term rental registration law, in force since 2023, generally bars rentals under 30 days unless the host is registered and present, so whole-unit nightly rentals in the city are not a realistic exit. Upstate and Catskills towns set their own rules.
City buildings carry a paper trail worth reading before closing: the certificate of occupancy, open Department of Buildings violations, HPD violations and any rent registration history.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the addresses, price, current rents, any rehab budget and the exit you have in mind, and the financing team will size the bridge against the exit before you commit. Call (877) 298-1001 or use the form below.
Large New York files move fastest when title, insurance and the valuation are ordered as soon as terms are agreed. Starting those three items early is usually what makes a 10-day close possible on a bigger balance.
It generally applies to one- to three-family homes, condos and co-ops priced at $1 million or more, whether or not the buyer lives there. Confirm with your attorney or title company.
Generally, yes. It applies to most mortgages recorded in New York, including bridge loans. Ask whether a CEMA can reduce the tax on your refinance.
Yes, if the numbers work on the regulated rents. Do not plan an exit that depends on deregulating units, since the 2019 law made that very difficult.
No. Our investor loans are business-purpose loans on non-owner-occupied property, such as rentals and properties bought to renovate and sell.
Rates start from 7.99%, with interest-only payments. Final pricing on larger balances depends on the properties, leverage and exit plan.
As little as 10 days on a clean, complete file. Multi-property loans and larger balances usually need more time for valuations and title.
Generally no. The city's registration law bars most rentals under 30 days unless the host is present, so plan on long-term leases.
Yes. Upstate packages of doubles and small multifamily are common large bridge collateral, often exiting into DSCR or blanket loans.
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