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Hard money and fix and flip loans in Westchester County, New York
Financing for two- and three-family homes, single-family renovations and small multifamily in Westchester, from Yonkers to the northern towns.
The Westchester County market for investors
Westchester sits just north of the Bronx, with Metro-North service into Manhattan. Its southern cities, Yonkers, Mount Vernon and New Rochelle, have older two- and three-family homes and apartment buildings, while the towns farther north are mostly single-family.
Investors renovate and rent multi-family homes in the southern cities, flip single-family homes in established suburbs, and build where zoning allows. Several Westchester municipalities have opted into rent stabilization for older apartment buildings, so check the address.
Areas investors ask about
- Yonkers: two- and three-family homes and apartment buildings, the county’s largest city
- Mount Vernon and New Rochelle: older multi-family homes near Metro-North
- White Plains and Port Chester: mixed housing and small multifamily
- Northern Westchester towns: single-family homes and rebuilds
Plan for these on a Westchester County deal
- Outside New York City the mortgage recording tax is lower than in the city but still applies when the loan is recorded. Include it in your closing costs.
- Some Westchester cities and villages, including Yonkers, Mount Vernon and New Rochelle, apply rent stabilization to older buildings of six or more units. Ask for the rent registration history.
- Each city, town and village runs its own building department. Confirm permit timing for the address.
Loans available in Westchester County
| 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 |
Westchester County hard money loans: common questions
Yes. We finance flips and two- and three-family rentals, and both rents count toward a DSCR loan when the units are legal.
Yes, across the county’s cities, towns and villages.
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 Westchester County?
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.