Condo conversion and vertical expansion deals in New York need a lender that understands the full project cycle: DOB approvals, staged construction draws, air rights transfers, and a sell-down or refinance exit. Most conventional banks move too slowly for this deal type. Many private lenders that advertise construction financing have never actually closed a New York condo conversion. This article compares eight lenders with documented bridge, construction, or condo-specific financing programs active in the state, so borrowers and brokers can weigh their options against the criteria that matter most for this deal structure.
Our research team reviewed lenders active in New York's residential and mixed-use real estate lending market, with a focus on institutions and private lenders that have documented experience financing condo conversions, vertical expansions, or comparable complex construction projects in the state. Condo conversion financing can be structured as bridge, construction, or investor-purpose debt, so the list includes private lenders, institutional platforms, and commercial real estate finance companies. We assessed each lender against seven weighted criteria and rank-ordered the top eight providers:
Each factor was scored on a scale of 0 to 10, and composite scores were calculated using the weights above and rounded to one decimal point. The review score is included for borrower-sentiment context only and carries less weight than closing speed, product fit, and deal complexity tolerance. The table below shows all eight ranked lenders; in-depth summaries follow.
The table below breaks down each lender across all seven factors.
| # | Company | Geographic Coverage | Loan Types Offered | Rate Transparency | Avg Review Score | Closing Speed | Deal Complexity | Borrower Relationship Model | Score /10 |
| 1 | We Lend LLC | NY metro; tri-state experience | Bridge, Fix-and-Flip, DSCR, Ground-Up Construction, Rescue/Bailout, Condo Conversion, Vertical Expansion | 8.0 | 9.4 | 9.8 | 9.5 | 9.5 | 9.2 |
| 2 | Emerald Creek Capital | NY metro, broader Northeast | Bridge, Construction, Renovation, Condo-related bridge | 7.0 | 5.0 | 8.5 | 8.8 | 8.0 | 7.9 |
| 3 | BridgeCity Capital | NY metro, Tri-State, South Florida | Acquisition, Construction (ground-up and conversions), Bridge | 7.0 | 5.0 | 8.0 | 8.3 | 8.0 | 7.8 |
| 4 | Asset Based Lending (ABL) | Active in NY; Jersey City HQ; multi-state | Fix-and-Flip, DSCR, Bridge, Ground-Up Construction | 8.0 | 9.0 | 8.5 | 6.5 | 8.0 | 7.7 |
| 5 | Ready Capital | National (NY-headquartered) | Bridge, SBA, Commercial RE, Conventional | 7.5 | 7.0 | 6.5 | 7.5 | 6.0 | 7.1 |
| 6 | Manhattan Bridge Capital | NY metro only | Short-term first-mortgage hard money loans | 7.5 | 5.0 | 8.0 | 4.5 | 8.5 | 6.9 |
| 7 | Greystone | National (NY headquarters) | Bridge, HUD/FHA, Agency (Fannie/Freddie), Construction | 7.5 | 5.0 | 6.0 | 7.0 | 6.0 | 6.7 |
| 8 | Arbor Realty Trust | National (NY headquarters) | Bridge, Agency, Mezzanine, Construction | 7.0 | 5.0 | 5.5 | 7.5 | 5.5 | 6.6 |
Company name and factor labels are abbreviated in the table above to fit the page; see the write-ups below for full detail. "Avg Review Score" = converted to a 0-10 scale from the underlying Google, Trustpilot, or BBB rating; lenders with no publicly available consumer score received the neutral midpoint of 5.0 on this factor.
Geographic Coverage and Loan Types Offered are qualitative descriptors.
We Lend LLC is a founder-led private lender based in New York, founded in 2018 and led by Ruben Izgelov. The firm has funded over $700 million, with deep deal concentration in the New York metro area and surrounding tri-state markets. It holds a $20 million credit facility with Webster Bank and reports zero principal loss across its portfolio. A 68% repeat borrower rate reflects consistent reuse by the investors and brokers the firm works with. Loan products include bridge, fix-and-flip, DSCR rental, ground-up construction, rescue and bailout financing, and vertical expansion and condo conversion loans. On the condo conversion side, the firm finances up to 100% of rehab costs depending on borrower experience and project scope. We Lend's vertical expansions and condo conversions page publishes deal-level data on closed transactions, including a Brooklyn project with a projected ROI of 105.5%, along with additional vertical expansion examples in the surrounding tri-state market.
We Lend issues term sheets in 2 to 4 hours and closes bridge loans in 5 to 7 days. Borrowers and brokers work directly with the founding team rather than routing through committees or approval chains. For New York borrowers, the edge is speed paired with local-market familiarity. We Lend is built around New York metro investor deals, which makes it a strong fit for borrowers who need a lender familiar with metro-area collateral, tight acquisition timelines, broker-submitted deals, and construction-backed private lending. That matters in condo conversion and vertical expansion deals, where the financing question is rarely just about rate. It's whether the lender can understand the property, the approval path, the draw schedule, and the exit before the deal window closes.
Location: New York, NY
Price Range: $$$
Services Offered: Bridge loans, Fix-and-Flip, DSCR rental, Ground-up construction, Rescue and bailout financing, Vertical expansion and condo conversion
Year Founded: 2018
Average Review Score: 4.7/5.0 (Google, 47+ reviews)
| Summary of Online Reviews |
| Borrowers consistently highlight the firm's "constant communication" and "seamless loan process," with a recurring note that "the project was funded within 5 weeks from start to finish." A smaller share of reviewers notes that the firm's regional private-lending focus may limit availability for some out-of-market deals. |
Emerald Creek Capital is a Manhattan-based private bridge lender founded in 2009. The firm originates multimillion-dollar commercial bridge loans, with closings that generally run about two weeks. Terms are negotiated per deal, and the firm doesn't publish a fixed rate schedule, which is standard for private lenders in this segment. Emerald Creek focuses on non-standard real estate transactions across the New York metro area and broader Northeast: partial conversions, renovation bridges on mixed-use assets, and construction completion loans are documented deal types in the firm's press and case study record.
Emerald Creek's underwriting team has experience with unusual collateral structures, which may position the firm for condo conversion deals involving layered approvals, staged construction draws, or mixed-use collateral. The firm is smaller than institutional platforms and generally accessible to borrowers directly, without a lengthy origination chain. No aggregate borrower review score was found on major consumer platforms at the time of this research.
Location: Manhattan, NY
Price Range: $$$
Services Offered: Commercial bridge loans, Construction loans, Renovation bridge, Condo-related bridge financing
Year Founded: 2009
Average Review Score: Not publicly rated
| Summary of Online Reviews |
| No aggregate borrower review score was available on Google, Trustpilot, or the BBB at the time of publication. Industry press references document a pattern of "fast approvals on complex structures" and "execution on deals that institutional lenders declined," with one case study noting approval within three weeks on a Manhattan asset. |
BridgeCity Capital is a New York-based balance sheet lender founded in 2017. Per the firm's published about page, it has financed over $4 billion in transactions since founding, reports zero realized losses on its portfolio, and states that 65% of its business comes from repeat clients. Loan terms range from 6 to 42 months, and the product suite covers acquisition loans, construction financing for ground-up and conversion projects, and bridge loans across residential, mixed-use, industrial, and multifamily asset types. Documented deals include a $45 million construction loan for a 66-unit Long Island City condominium project and an $83 million loan for a Hudson Valley townhouse condo development. The firm's founding team includes principals with firsthand development experience across 1.5 million square feet of projects, which it cites as context for its underwriting approach.
BridgeCity operates primarily in the New York metro area and Tri-State region, with additional activity in South Florida. Closings generally run within days to two weeks for bridge transactions; construction loan timelines vary with draw schedules. The firm doesn't have an aggregate borrower review score on major consumer review platforms, though its client retention data and transaction volume are publicly cited in commercial real estate press.
Location: New York, NY
Price Range: $$$
Services Offered: Acquisition loans, Construction loans (ground-up and conversions), Bridge loans, Mixed-use and multifamily financing
Year Founded: 2017
Average Review Score: Not publicly rated
| Summary of Online Reviews |
| No aggregate borrower review score was available on Google, Trustpilot, or the BBB at the time of publication. Published deal announcements and firm-reported data reference a "65% repeat client rate" and a "zero realized losses" record since 2017 as borrower-facing performance indicators. |
Asset Based Lending (ABL) is a direct private lender active in New York and headquartered in Jersey City, New Jersey, founded in 2010. The firm maintains a multi-state lending footprint and is particularly active on the East Coast, where it covers New York and New Jersey alongside its home market. ABL offers fix-and-flip, DSCR rental, bridge, and ground-up construction loans. A distinguishing program feature is a zero-point option available to qualifying borrowers, which reduces upfront cost relative to standard private lending terms. Interest rates start around 6.5% and extend upward depending on deal and borrower profile. ABL was named a 2025 Top Workplace by Scotsman Guide, and it underwrites loans in-house without third-party placement.
For condo conversion and vertical expansion projects specifically, ABL's product set covers bridge and construction products that can be applied to conversion-type deals, though the firm's primary positioning is fix-and-flip and DSCR, rather than the bespoke condo conversion and air rights transactions that some dedicated NY private lenders focus on. Borrowers with highly complex conversion structures should confirm directly whether their project falls within current underwriting parameters.
Location: Jersey City, NJ
Price Range: Competitive private rates; zero-point option available
Services Offered: Fix-and-Flip loans, DSCR rental loans, Bridge loans, Ground-up construction
Year Founded: 2010
Average Review Score: 4.5/5.0 (Trustpilot, 46 reviews)
| Summary of Online Reviews |
| Trustpilot reviewers describe ABL as "fantastic to work with" with a "thorough and timely" communication style. A portion of reviews note that timelines "can take over a month" on more complex or larger transactions, which is worth confirming at the term sheet stage. |
Ready Capital is a New York-headquartered commercial real estate finance company listed on the New York Stock Exchange (RC). It operates a broad product suite including bridge loans, U.S. Small Business Administration loans, conventional commercial real estate financing, and transitional lending programs that can cover conversion and repositioning deals. Ready Capital operates nationally, with a meaningful share of its bridge volume in New York and other major metro markets. The firm holds a BBB A+ rating.
Because Ready Capital operates at institutional scale, its underwriting and approval process runs on a more structured timeline than a direct private lender: typical closings on bridge transactions range from two to six weeks. Borrowers seeking quick closes on time-sensitive condo conversion projects may find that pace limiting. For larger transactions requiring substantial capital and diversified product optionality, an institutional balance sheet is a genuine operational advantage.
Location: New York, NY
Price Range: Institutional bridge and conventional range, depending on product type and borrower profile
Services Offered: Bridge loans, SBA loans, Commercial RE loans, Conventional lending, Transitional financing
Company Status: Public company, NYSE: RC
Average Review Score: 3.5/5.0 (Trustpilot, 1,105 reviews)
| Summary of Online Reviews |
| Trustpilot shows a mixed borrower experience across 1,105 reviews, while the company's own materials emphasize broad product depth across bridge, construction, SBA, and commercial real estate finance. BBB customer reviews run lower than its institutional profile, a pattern that can appear with larger commercial and small-business lenders. |
Manhattan Bridge Capital is a publicly traded hard money lender on the Nasdaq Stock Market (ticker: LOAN), founded in 1989 by Assaf Ran and operating out of Great Neck, New York. The firm has maintained a simple, narrow model since founding: short-term, first-mortgage loans exclusively within the New York metropolitan area. Loans range from $50,000 to $1,400,000 and mature in approximately one year. As a public company, Manhattan Bridge Capital files quarterly and annual reports with the SEC, providing a degree of financial transparency that most private lenders don't offer.
For condo conversion specifically, the firm's product scope is limited. Manhattan Bridge Capital's model is built around straightforward collateral-based first-mortgage lending for residential and small commercial acquisitions. It doesn't offer second-lien products, mezzanine debt, or the layered draw structures that full condo conversion and vertical expansion projects typically require. Borrowers should confirm directly whether their project structure fits within the firm's underwriting criteria before submitting.
Location: Great Neck, NY
Price Range: $$
Services Offered: Short-term hard money first-mortgage loans (residential and commercial), NY metro area only
Year Founded: 1989
Average Review Score: Not publicly rated
| Summary of Online Reviews |
| No aggregate borrower review score was found on Google or Trustpilot at the time of publication. A small number of reviews on Yelp present a mixed picture. Borrowers who reference the firm in third-party forums note the "straightforward process" and "NY-only focus" as practical traits, with the "limited loan size cap" of $1.4 million frequently cited as a constraint for larger projects. |
Greystone is a full-service commercial real estate finance company founded in 1988 and headquartered in New York City, with more than 1,100 employees across 35-plus offices nationwide. The firm ranks as the number-one HUD multifamily and healthcare lender by dollar volume and operates one of the wider product suites in the market: bridge loans, HUD/FHA insured loans, Fannie Mae and Freddie Mac agency products, and construction financing. Greystone has received STRONG servicer ratings from S&P Global and MOR CS1 rankings from DBRS Morningstar. For borrowers seeking to take a property through bridge financing and then into long-term agency debt with a single lender, the firm's multi-product platform is a practical option.
For condo conversion and vertical expansion projects, Greystone's bridge loan product is the most relevant entry point. Closing timelines vary considerably by product type: agency loans are governed by regulatory timelines that can extend to several months, while bridge loans move faster, typically two to eight weeks. No consumer-facing borrower review score was found on major platforms, consistent with Greystone's institutional positioning and the commercial nature of its borrower base.
Location: New York, NY
Price Range: $-$$$
Services Offered: Bridge loans, HUD/FHA loans, Fannie Mae and Freddie Mac agency loans, Construction financing
Year Founded: 1988
Average Review Score: Not publicly rated
| Summary of Online Reviews |
| No aggregate borrower review score was available on Google, Trustpilot, or the BBB at the time of publication. Industry references document Greystone's recognition as a "consistent top-volume HUD lender" with "deep agency execution capability," while commercial real estate commentary notes that "smaller or faster-moving deals" are more efficiently served by direct private lenders. |
Arbor Realty Trust is a publicly traded real estate finance company listed on the New York Stock Exchange (ABR), headquartered in Uniondale, New York, and operating as a direct lender since 1993. The firm originates bridge loans, Fannie Mae and Freddie Mac agency loans, mezzanine debt, and construction financing with a concentration in multifamily and commercial real estate. Arbor holds a BB credit rating with Stable Outlook from Fitch Ratings and an S&P SmallCap 600 index inclusion. Its bridge lending program covers transitional and repositioning transactions, including multifamily conversions at institutional scale.
Arbor's institutional underwriting standards produce reliable but longer closing timelines: bridge transactions typically close in three to eight weeks depending on deal size and complexity. For large-scale conversion projects requiring substantial capital and a bridge-to-agency exit path, Arbor's integrated product platform serves that specific need. For smaller or time-sensitive condo conversion deals where closing speed is the primary variable, the institutional pace is a practical constraint to weigh.
Location: Uniondale, NY
Price Range: $$-$$$
Services Offered: Bridge loans, Agency loans (Fannie Mae and Freddie Mac), Mezzanine debt, Construction financing
Year Founded: 1993
Average Review Score: Not publicly rated
| Summary of Online Reviews |
| No aggregate borrower review score was available on Google or Trustpilot at the time of publication. Arbor's Glassdoor employee rating of 3.9/5.0 (212 reviews) reflects an internal culture perspective rather than borrower experience. Industry commentary positions Arbor as "reliable for large-scale multifamily transactions" with "strong agency execution," while noting that "smaller deal sizes and time-sensitive closings" are better matched to more agile direct lenders. |
We also broke down the top condo conversion loan providers into three subcategories based on specialty.
Have a deal? Email us at info@welendllc.com or call +1 212 777 7780. We turn around term sheets in 2 to 4 hours.