Private Lending in New York City with We Lend

In the 15th episode of the Private Lending Insights Podcast, I interviewed Solomon Suleymanov, Partner and Director of Originations at We Lend LLC, to talk about private/hard money lending in the New York City metro area. Watch the video, listen to the audio, or read the summary below.

Summary of Interview with Solomon Suleymanov / We Lend

In this episode of Private Lending Insights, host Rocky Butani sits down with Solomon Suleymanov, co-founder of We Lend, a New York-based private lending firm. The conversation centers on We Lend’s deep expertise in the New York and New Jersey markets, highlighting unique trends, loan programs, and investor challenges in the region.

Solomon explains that while We Lend lends in several states, the majority of their loans are concentrated in the five boroughs of New York City and nearby areas of New Jersey. A key trend in NYC is the growing popularity of condo conversions. Investors are purchasing townhouses and converting them into multiple condo units, which are easier to sell and provide a more attractive exit strategy than a single $4 million property. This shift is largely driven by tight inventory, rising property values, and a limited buyer pool at the higher end of the market.

The conversation also covers the types of loans We Lend offers. In addition to traditional fix-and-flip and bridge loans, they’ve seen a significant uptick in ground-up construction financing, particularly for boutique condo developments in Brooklyn. They also offer DSCR (Debt Service Coverage Ratio) loans, commonly used when investors refinance stabilized rental properties after completing renovations. Interestingly, many of these DSCR loans are for properties that We Lend initially funded during the rehab stage.

One standout program Solomon discusses is their foreclosure bailout loan—designed for borrowers in default due to missed payments or loan maturity. These loans are capped at 65% LTV and are often used to refinance portfolios with multiple properties through cross-collateralization. Solomon shared a real-world example where We Lend helped a longtime property owner refinance several Brooklyn assets, giving him time to evict non-paying tenants and stabilize the buildings.

Tenant issues are a recurring challenge in New York. Solomon details the difficulties landlords face with squatters and lengthy eviction timelines, sometimes stretching up to five years in NYC. We Lend mitigates this risk by ensuring strong equity positions and working closely with borrowers on solutions. In contrast, eviction and foreclosure processes are notably faster in Long Island, Westchester, and New Jersey—where timelines are closer to 6–12 months.

While discussing pricing, Solomon notes that We Lend’s short-term bridge loans typically start at 10.25%, with rates going up to 11% depending on leverage and borrower experience. DSCR loan rates range from 7% to 7.5%, subject to market fluctuations. Maximum leverage is 92.5% loan-to-cost or 75% ARV, and loan amounts go up to $5 million. We Lend emphasizes experience, requiring at least 10% cash in on most deals and tailoring terms to the borrower’s track record.

On the company side, Solomon shared that We Lend has funded over 1,600 loans totaling more than $650 million. The firm operates a 506(c) Reg D debt fund with a hybrid capital strategy—some loans are balance-sheeted, while others are sold on the secondary market. Today, over 70% of their originations are held in-house. Despite operating in a notoriously challenging market, We Lend boasts zero principal losses to date.

Solomon also spoke about a 50–60 unit multifamily loan they funded for a repeat borrower in Connecticut. The deal involved acquisition and renovation financing, with a clear exit strategy via agency refinance. While large multifamily is not their core focus, We Lend will fund these types of projects when working with seasoned operators in select markets.

The interview closes with a look at We Lend’s growth since its founding in 2018. Originally active in real estate development, the team transitioned to lending after recognizing the stability and scalability of the business model. Their background as developers continues to inform their approach to underwriting and servicing, enabling them to better support borrowers facing real-world construction or tenant-related challenges.

Market Focus:

• Primary lending in NYC and NJ: Especially active in the five boroughs, with some activity in Long Island and northern New Jersey.
• Conversion Trend in NYC: Investors are converting brownstones and townhouses into multiple condos due to stronger exit potential and faster sell-through at lower price points.

Loan Programs:

• Fix & Flip and Heavy Rehab loans remain core.
• Ground-Up Construction loans increasing, especially for boutique condo developments in Brooklyn.
• Foreclosure Bailout Program: Helps borrowers avoid foreclosure, particularly in New York’s harsh default-interest environment (up to 24.99%). Capped at 65% LTV, often with cross-collateralization.
• DSCR Loans (Debt Service Coverage Ratio): Frequently used for stabilized rental properties. Many clients cash out after value-add renovations.

Lending Guidelines & Terms:

• Max leverage: Up to 92.5% LTC / 75% ARV.
• Interest rates:
• Short-term bridge/fix & flip: 10.25%–11%.
• DSCR: Around 7%–7.5%.
• Loan size: Up to $5 million.
• Borrower equity: Typically at least 10% cash in.

Property Types & Trends:

• NYC Boroughs:
  • Brooklyn: Extremely competitive; many off-market deals; popular for conversions.
  • Manhattan: High price variation; Harlem and Financial District still see value.
  • Long Island: Mostly single-family rehab projects or expansions—not many condo conversions.
• New Jersey:
  • High demand post-COVID in Essex, Monmouth, Hudson, and Ocean Counties.
  • Ground-up and rehabs common, but fewer conversions than NYC.

Market Challenges:

• Tariffs and Material Costs: Delays and cost overruns due to global trade issues.
• Tenant Issues:
  • Squatters and non-paying tenants cause major delays—evictions in NYC can take 3–5 years.
  • Nassau/Suffolk Counties and NJ are easier for evictions (6–12 months).

Company Overview:

• Founded in 2018 by Solomon, Moses Suleymanov, and Ruben Izgelov after transitioning from real estate development.
• Over 1,600 loans funded, totaling $650M+.
• Operates with a 506(c) Reg D debt fund.
• Around 70% of loans are now balance-sheeted while the rest are sold to the secondary market.
• Maintains zero principal losses to date.

Insider Perspective & Local Knowledge:

• Solomon brings firsthand experience as a real estate developer, giving We Lend a practical edge when structuring deals.
• Actively advises borrowers through complex issues like tenant evictions, project delays, and exit strategy planning.
• Deep understanding of NYC regulations, including zoning, SRO laws, and rent control.
• Willing to underwrite complex situations when there’s clear value and borrower experience.

Visit We Lend’s profile to learn more about their guidelines and to contact them directly. They pay us a monthly fee to be listed on our platform.