Delancey Street is a nationwide hard money lender that offers financing up to $8 million. It funds a variety of projects, including fix-and-flips, buy-and-hold, and commercial acquisitions, up to 80% loan to value (LTV). Its interest rates range from 7.99% to 12%. Delancey Street is best for experienced investors who have a verifiable track record.
Delancey Street Pros and Cons
100% financing is not available
No minimum credit score requirement
Only for experienced investors
No application fee
Who Delancey Street Is Best For
- Experienced investors with a verifiable track record: While Delancey Street does not require a minimum credit score, it prefers working with experienced real estate investors who have a verifiable track record. If you are a first-time investor, Delancey Street may not be a good option.
- Those who need commercial or residential financing: Delancey Street provides financing to a variety of projects like buy-and-hold, fix-and-flips, and commercial real estate acquisitions.
Delancey Street Costs and Terms
Hard Money Loan
Up to $8 million
Annual Percentage Rate (APR) Range
7.99% to 12%
Up to 24 months
As soon as 24 hours
The maximum hard money loan amount that you can borrow from Delancey Street varies depending on the purpose of your loan. You can borrow as much as $8 million for construction; $5 million for commercial/mixed-use properties, bridge, and cash-out refinance; and up to $3 million for fix-and-flips. It funds up to 80% LTV or 80% ARV, with repayment terms of up to 24 months.
Delancey Street will typically charge underwriting fees, payable at the closing of the transaction, which covers the cost of credit checks, application review, and closing of the loan. It can release funding in as quickly as 24 hours, especially if you can demonstrate the value and potential of your project.
Do You Qualify for Delancey Street Financing?
Minimum Credit Score
At least 20%
Delancey Street does not have a minimum credit score requirement. However, it prefers to work with experienced investors with a verifiable history. Its loans are for investment properties only and not for owner-occupied properties.
You will be asked to provide information about your business, such as your monthly and annual revenue, partners, and other existing loans. As part of your application process, you will be asked to submit a copy of your bank statements for the past seven months.
Delancey Street Application Process
You can apply for a hard money loan through Delancey Street’s online application. You will be asked to provide information about your desired loan amount, existing loans, revenue, and business history. Once you fill out and submit the online application, a loan specialist will be assigned to your file and will work on getting you qualified for one of its programs.
Delancey Street Alternatives 2020
Investors who want competitive rates and fast funding for residential fix and flips
Landlords wanting to refinance or grow their rental portfolio
Short-term investors looking for a good residential fix-and-flip hard money loan option
Investors who want great customer service with a local bank feel from a 44-state lender
Fix and flippers who want an alternative to LendingHome, but with a commercial component
What Business Owners Should Know About Delancey Street
- It offers financing to experienced real estate investors nationwide: Delancey Street can fund up to 70% to 80% LTV for fix-and-flip, cash-out refinance, and acquisition loans for experienced real estate investors nationwide. Borrowers need to demonstrate proof of experience and business history. This lender is not a good option for first-time investors.
- It funds projects regardless of size and complexity: Delancey Street can provide funding for those who can’t obtain loans through traditional means, regardless of project size and complexity. Its loans are more focused on the creative aspect of your project and its potential to earn profitable returns.
- It doesn’t charge any application fee: Delancey Street will not charge an application fee. The only time you are charged a fee is when your loan closes. If your loan application is not approved, there will be no fees due.
Most Helpful Delancey Street Reviews
As of the date that when this article was written (May 14, 2020), there are not many updated Delancey Street reviews available online. If you are a former or current Delancey Street client, we encourage you to leave a review to help those who consider using this lender’s services.
Delancey Street Frequently Asked Questions (FAQs)
What are Delancey Street hard money loans?
Delancey Street offers hard money loans that provide funding to experienced real estate investors with a verifiable history. Its loans are available for both commercial and residential investment properties nationwide, including bridge loans for acquisitions, fix-and-flip loans for rehabs, construction loans, and commercial loans.
What are the fees I need to pay to Delancey Street?
Delancey Street charges fairly standard banking fees. You will need to pay underwriting fees at closing. The underwriting fee will cover the cost of credit checks and loan processing. However, you will not be charged with an application fee. In case Delancey Street is unable to fund you, there are no strings attached, and no fees due.
How quickly can I receive funding?
How quickly you can receive your loan depends on the availability of your requirements. If all necessary information and required documents are in order, you can receive funding in as little as 24 hours. It’s important to work closely with the concierge assigned to your account for fast processing.
Delancey Street is best for experienced investors who require quick financing for complex projects. You can borrow up to $8 million or a maximum of 80% LTV, with loan terms up to 24 months. A secure online application is available, and you can get funded within 24 hours, provided all required information and documents are submitted. As it prefers to work with seasoned investors, this lender may not be a good option for first-timers.
In case you still are not sure if Delancey Street is the best fit for your needs, then this article on the best hard money lenders is a review of our top choices. We evaluated the companies based on their loan rates, terms, borrower qualifications, funding speed, and more.