Looking for a Hard Money Lender for 1.3m acquisition + 1m rehab (NYC)

[Joe Allen]

Hi BiggerPockets Community!!

I’m currently looking for recommendations on reliable hard money lenders and would greatly appreciate any insights you can provide. To ensure I’m as thorough as possible, I've listed below the criteria to narrow down options.

Thank you in advance for your help!

Property Address: New York City

Purchase Price: $1,300,000

Property Type: Townhouse condo

Number of Units: 3

Loan Type: 18 month fix n flip w/ early prepay (9months+)

Estimated FICO: 790 (mortgage, cars, cc’s. Nothing bad)

Renovation Budget: $1,000,000

After Repair Value (ARV: $3,300,000

Annual Property Taxes: $10,000

Annual Property Insurance: $6,000

Liquidity/Cash amounts to close: $250-$500k

Entity Name (LLC): n/a

Project experience: Multiple full gut reno alterations + full ground up developments with all permits/contracts/proof/site-walk-through available. Projects much more complex than this.

Project experience budget: $1m - $3m (just in reno)

My role on projects: General contractor

Credit notes: Never bankrupt, no foreclosures, nothing delinquent, no felony, US citizen, not a primary residence(investment), no judgments.

House notes: delivered vacant, standard acquisition, 3300 sqft, no sqft added, EXIT STRATEGY is to sell the units.

Thanks again!

[Jaycee Greene]

Hey @Joe Allen. Welcome to the BP Forum! From what I can tell, your prior experience on similar (albeit more complex) projects has been as a GC. Most HMLs I deal with have started requiring at least 3 prior projects with your name on title, not just as GC. I suspect you'll need to bring in another developer as a partner or perhaps bring on a very experienced GC.