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Hard money and fix and flip loans in Queens, New York
Financing for two-family homes, attached row houses and detached houses to renovate and rent across Queens.
The Queens market for investors
Queens is the largest borough by area and one of the most diverse places in the country. Its housing ranges from attached brick row houses in Ridgewood and Jackson Heights to detached and two-family homes in southeast Queens and the Rockaways.
Investors renovate dated one- and two-family homes for resale, hold two-families as rentals, and build where zoning allows. Southeast Queens and parts of the Rockaways offer lower entry prices, while western Queens rents strongly near the subway.
Neighborhoods investors ask about
- Jamaica, Hollis, Queens Village and St. Albans: detached and two-family homes to renovate
- Ridgewood and Glendale: brick row houses and two- to six-family buildings
- Astoria and Jackson Heights: two-families and small buildings near the subway
- The Rockaways: beach-area homes at lower prices, many in flood zones
- Flushing, Bayside and Fresh Meadows: higher-priced homes in northeast Queens
Plan for these on a Queens deal
- New York City’s mortgage recording tax is about 1.8% of a loan under $500,000 and 1.925% at $500,000 or more on one- to three-family homes and condos, and 2.8% on larger buildings and commercial property at $500,000 or more. Build it into your cash to close.
- On the sale, the seller customarily pays the city transfer tax (1% up to $500,000 and 1.425% above on one- to three-family homes) and the state transfer tax of 0.4%. Buyers at $1 million or more pay the mansion tax.
- Work that changes layout, structure, plumbing or the unit count needs Department of Buildings filings, usually through a registered architect or engineer, and a new certificate of occupancy for a change in units.
- Parts of the Rockaways, Howard Beach and Broad Channel are in flood zones. Check the FEMA flood zone before you make an offer. Where flood insurance is required, the premium is part of the payment.
- Paint in buildings built before 1960 is presumed to contain lead. Local Law 31 requires an XRF test in rental units of those buildings, including rentals in one- and two-family homes.
- Buildings of six or more units built before 1974 are often rent stabilized, and Good Cause Eviction covers many other rentals unless an exemption applies, such as an owner with 10 or fewer units statewide. Ask for the rent roll and registration history before you sign.
Loans available in Queens
| Program | Use it for | Top leverage |
|---|---|---|
| DSCR rental loans | Purchase or refinance of long-term rentals, two- to four-family homes, condos and small multifamily | 85% loan-to-value to buy, 80% on a cash-out refinance |
| Ground-up construction loans | Building a home, a two- or three-family or a small apartment building, lot included | 90% of cost for experienced builders, up to 70 to 75% of the finished value |
| Fix and flip loans | Purchase plus renovation of a property you intend to sell | 90% of the purchase price and 100% of the rehab, up to 70 to 75% of after-repair value |
| Portfolio and commercial loans | A group of rentals under one note, or multifamily and commercial property | 80% on a portfolio purchase; commercial priced per deal |
Queens hard money loans: common questions
Yes. We finance them as flips or as rentals, and both units’ rent counts toward a DSCR loan when the units are legal.
Yes. Check the flood zone first, because required flood insurance is part of the payment on a rental loan.
Local Law 18 bars renting out a whole home or apartment in the city for less than 30 days, so investment properties are underwritten on long-term rent.
Fix and flip loans average up to 21 days and can close in about 7 days when title and insurance are ready. Rental and DSCR loans take about 30 days, appraisal included. In New York each side is represented by an attorney, and a title company insures the title.
Looking at a property in Queens?
Send the address, the price and what you plan to do with the property. We will reply with the leverage and pricing that fit your deal.