Bridge loans for the flip. A 30-year DSCR loan for the rental.
Pimlico Capital is one of the private money lenders in New York that underwrites and funds its own loans. We are a direct lender, not a broker, so the people who price your deal and the people who wire the money work in the same office.
Both products are available across New York State, to LLCs and other entities, on non-owner-occupied property. We look at five-borough deals case by case.
Both of our core products are available across New York State to investors and entities (LLCs, corps, trusts). No owner-occupied loans.
We fund the purchase and the rehab with a hard money bridge loan. When the work is finished you either sell it or keep it, and if you keep it we refinance onto a 30-year DSCR loan. Both are normal endings and we price the bridge loan the same way either way.
If that second step is new to you, read how the BRRRR strategy works.
The 30-year rental program runs across New York State, on the same entity and non-owner-occupied terms as the bridge loan. The loan qualifies on the property's rent, not your tax returns, so it reaches investors who own several properties and show little income on paper. Program details are on our 30-year DSCR rental loan page.
Most states tax the deed when a property changes hands. New York taxes the deed and the mortgage. Record a mortgage here and the state charges a tax on the loan amount itself, every time, including on a refinance. Rates run from 0.75% of the loan in the cheapest counties to 2.80% in New York City, which charges 2.05% under $500,000. On a $400,000 city loan that is $8,200.
One slice of it is not yours to pay. On property with six or fewer residential units, the 0.25% special additional tax falls on the lender by statute, and the borrower cannot be charged for it, directly or indirectly.
If you plan to refinance, ask about a CEMA. Pay off the old mortgage the ordinary way and you pay the recording tax again on the whole new loan, including principal that was already taxed when you bought. A Consolidation, Extension and Modification Agreement has your current lender assign the mortgage to the new lender instead of discharging it, so tax is charged only on the new money. Nothing in the statute ties it to owner-occupied property, so it works on a business-purpose loan against a rental. Your existing lender has to agree to assign, and they normally charge a fee.
Rates above are from the state's Form MT-15 schedule, checked August 2026. For a cleaner run at the second loan, read refinance your rental property the right way.
Both products are available across New York State. We lend to LLCs, corporations and trusts on non-owner-occupied property, and we do not write owner-occupied loans anywhere.
Five-borough deals we look at one at a time. Send the address and the numbers and you will get a straight answer quickly. See every market we serve on our Where We Lend page, or read our team's write-up of the best short-term rental markets in New York State if you are looking outside the city.
Five rules that catch investors here.
See more information on the following sites:
Get a quote online or call us. We'll size the deal in 24 hours.
Our in-house team underwrites with local knowledge, not a scoring algorithm.
5–10 business days for bridge, 3–4 weeks for 30-year rental.
Financing guides and deal breakdowns from our lending team. Browse every market we serve on our Where We Lend page.
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55+ investor guides covering DSCR, bridge loans, fix-and-flip, BRRRR, market updates, and more.
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