CLOSE IN 48 HOURS OR LESS! READY TO GET STARTED ON YOUR NEXT DEAL IN NEW YORK?
A new investor had initially purchased a primary residence years back, but now was living in a different home, and renting her previous residence out. Between renting it out and when the borrower inquired about a loan, the market price for her investment property skyrocketed. Once that tenant no longer occupied the unit, the borrower was looking to pull cash out of her now-rental property to make some improvements and then ultimately sell the property.
|REFI, FIX AND FLIP|
|Location – Gansevoort, NY|
|Loan Amount – $75,000|
|Purchase Price – $85,000|
|Loan Type – Purchase|
|Term – 12 Months – 17 years (Borrower Option)|
|Rehab Amount – $50,000|
|Actual Retail Value – $250,000|
|Profit – $115,000|
New York state is known around the world for its real estate. With New York City in the center and growing areas like Buffalo, Albany, and Rochester scattered throughout, there are plenty of opportunities for investors to take advantage of. This particular investor has purchased a property in previously distressed condition and now needed to perform repairs and sell it. EquityMax saw that there was a niche opportunity in this small town for the borrower to sell her previously underpriced property for a massive profit. We subsequently provided easy financing to ensure her dream became a reality.
Popularization of Urban Suburbs
Millennials are moving at a high rate to metropolitan suburban areas like Westchester and even across Long Island, where new neighborhoods are emerging that combine the best attributes of urban and suburban lifestyles. As a result, they make highly profitable investment opportunities for those in real estate.
Vacancy rates are decreasing as rental housing has increased in demand, especially during the summer months. Moreover, new rental units have been appearing rapidly throughout the state and the new boost in supply has forced landlords to price their properties more competitively and offer better concessions.
Strong Home Buyer Activity
Like much of the country, real estate is in high demand across New York as homebuyers are breaking previous records. This generally makes New York state a more stable investment market.
“EquityMax helped me with a short-term loan to fix up a property I had owned for years. I ended up selling for a large profit, and will use the proceeds to buy my next investment. Will definitely use them again!”
High LTV / Low Rates / Flexible Term
Minimal Insurance Requirements
Zero Prepayment Penalty
ZERO Credit or Qualification Requirements
No Personal Guarantee Required
Free Comparable and Repair Analysis
Catering to Real Estate Wholesalers
1-3 Day Funding
Minimal Notice to Close
Invest through a Self-Directed IRA or Solo 401K
Net Proceeds from Investing are Tax-Deferred
No Personal Guarantee
Several EquityMax clients, who are currently in Florida, have previously lived and invested in the Empire State. Given the rising market climate in the Sunshine State, EquityMax has gained several new borrowers who are New York Transplants.
EquityMax lends on any form of residential property, including single family homes, 1-4 multi-unit properties, condominiums & townhomes, and even small apartment complexes (20 units or less). We also lend on commercial property and industrial warehouses.
EquityMax can send a borrower a Proof of Funds within 5 minutes of receipt of an acceptable, three-score credit report. If a borrower does not have a recent report, he/she can request that Equitymax pull it. For instructions, please click here.
Yes. EquityMax has multiple borrowers with several active loans in our portfolio.
EquityMax does not require our borrowers to be a Corporation of LLC. We can originate loans to individuals, LLCs, Corporations, Land Trusts, and Self-Directed IRAs.
Certainly the greater New York City area is the most populous region in perhaps the whole country, but that doesn’t mean EquityMax will not lend in Upstate New York, even closer to the Canadian border (i.e. Buffalo) and other less metro areas such as Ithaca and Syracuse.
EquityMax will lend in urban, suburban, rural, and agricultural areas of the state. While we specialize in residential properties, EquityMax also lends on vacant land, modular homes, and anything that an investor can turn for a profit!
Real estate markets are always cyclical, and in the times of a distressed market is the time to load up on underpriced assets. Low prices don’t last forever, and a prolific market is bound to fall at some point. EquityMax, in part attests to the fact, that being a successful real estate investor has a lot to do with timing as well.
EquityMax can lend on non-warrantable condos without issue. However, EquityMax regrettably does not lend on CO-OPs because title is compartmentalized and not ultimately owned wholly by the borrower/buyer.