Where we lend: the five boroughs, Long Island and Westchester

Anywhere in the region

You do not need to be in one of those markets. We lend across New York City and its suburbs, and through Optimus Capital Corp we also finance property in other states.

What to know about lending here

• Closing taxes. New York City charges a mortgage recording tax when a loan is recorded. On one- to three-family homes and condos the borrower’s share is about 1.8% of a loan under $500,000 and 1.925% at $500,000 or more. On commercial property and buildings of four or more units it is 2.8% at $500,000 or more. Outside the city the rate is lower and varies by county.
• Transfer and mansion taxes. On a New York City sale the seller customarily pays the city transfer tax, 1% of the price up to $500,000 and 1.425% above that on one- to three-family homes and condos, and 1.425% or 2.625% on other property. The seller also pays the state transfer tax of 0.4%, which rises to 0.65% on homes of $3 million or more and on other property of $2 million or more. Buyers of one- to three-family homes and condos at $1 million or more pay the mansion tax, starting at 1%.
• Short-term rentals. New York City’s Local Law 18 allows a short-term rental only when the host lives in the home, is present during the stay, has registered with the Mayor’s Office of Special Enforcement, and hosts no more than two guests. Renting out a whole house or apartment for less than 30 days is not allowed, so investor-owned property in the city is underwritten on long-term rent. Towns on Long Island and in Westchester set their own rules, and many require a permit or limit short stays.
• Rent rules. Many apartment buildings of six or more units built before 1974 are rent stabilized, and since 2019 state law has made it very hard to deregulate an apartment or raise the rent for improvements. Good Cause Eviction, in effect in New York City since 2024, limits rent increases and evictions in most market-rate rentals. Exemptions include owners of 10 or fewer units statewide, buildings first occupied on or after January 1, 2009, and units renting above 245% of fair market rent.
• Landmarks. Large parts of Brooklyn and Manhattan are landmarked historic districts, including Park Slope, Brooklyn Heights, Fort Greene, parts of Bedford-Stuyvesant and Crown Heights, Harlem and the Upper West Side. Exterior work there needs a Landmarks Preservation Commission permit as well as Department of Buildings approval.
• Closings. In New York each side is represented by an attorney, and a title company insures the title. Have your attorney chosen when you apply.