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Hard money and fix and flip loans in Staten Island, New York
Loans for detached and semi-detached houses to flip, two-family rentals and new construction on Staten Island.
The Staten Island market for investors
Staten Island has more detached and semi-detached houses than any other borough, with larger lots and more driveways and yards than the rest of the city. It is also where new two-family construction is most common.
Investors flip dated houses on the North and East shores, hold two-families as rentals, and build on infill lots. Parts of the East and South shores are in flood zones, which affects insurance and building requirements.
Areas investors ask about
- St. George, Stapleton and Tompkinsville: older homes near the ferry
- Port Richmond, Mariners Harbor and West Brighton: lower-priced homes on the North Shore
- Midland Beach, New Dorp and Great Kills: East and South Shore homes, many in flood zones
- Tottenville and Huguenot: newer and larger homes on the South Shore
Plan for these on a Staten Island 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.
- Shoreline neighborhoods were hit hard by Hurricane Sandy, and many 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.
- 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.
- 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.
Loans available in Staten Island
| 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 |
Staten Island hard money loans: common questions
Yes, at up to 90% of the purchase and 100% of the rehab at a 720+ credit score, within 70 to 75% of the after-repair value.
Yes, at up to 90% of cost for experienced builders, with the lot included.
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 Staten Island?
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.