Delancey Street, a hard money lender based in New York City, is expanding and will begin offering commercial bridge loans in the five boroughs.
And the company, which also has a lending presence in Los Angeles, said that it may soon begin offering commercial bridge loans in L.A. as well.
What sets Delancey Street apart, the company claims, is the fact that it is one of the few lenders in the industry to use artificial intelligence in its decision-making process.
The company says that by using AI, it can make loans faster and cleaner than other lenders.
“Delancey Street has one simple philosophy: helping entrepreneurs unlock opportunities. Everything we do - focuses on accomplishing this one important goal,” the company said in a release. “Because of this, we touch deals that others turn down. We are creative - when others are stringent. When it comes to providing hard money loans, Delancey Street helps entrepreneurs achieve their desires.”
The company offers loans ranging from $1 million to $10 million, with typical financing up to 70% of acquisition costs on a variety of potential projects, including vacant/partially leased buildings, re-financing, construction costs, and more.