New York real estate investors who hold off on deals waiting for the Federal Reserve to cut interest rates are losing opportunities to competitors who execute at current rates, according to Ruben Izgelov, CEO and Founder of We Lend LLC, a private lender focused on the New York and New Jersey market.
Izgelov, whose firm has funded over 1,400 loans and more than $700 million in originations, said the most common mistake he sees is borrowers stalling because they expect better market conditions. “The answer is no, do not wait, just execute and move on,” Izgelov said. “Most of the time, those who are on the sidelines are the ones who are not doing as well as the ones who are just executing.”
The opportunity cost of waiting includes deals that close without the investor, relationships that build without their participation, and market knowledge gained through active deal-doing. Izgelov emphasized that a real estate investment that performs at current rates still generates returns, making the math straightforward.
Another costly habit is switching lenders over small rate differences, such as a quarter of a percentage point. Private lending is relationship-based, and a lender who knows a borrower will offer flexibility that a new lender cannot. “We are very relationship-based,” Izgelov said. “If I know you are committed to me, I am going to be committed to you.” Borrowers who constantly chase lower rates never build that depth, and lenders have no reason to prioritize them.
However, working exclusively with one lender carries its own risks. Izgelov, who completed over 100 fix-and-flip transactions before founding We Lend, advises borrowers to maintain multiple hard money relationships. “I always tell every single borrower: have multiple working hard money relationships, do not just work with one,” he said. The ideal strategy is to have one primary lender for most deals and at least one secondary relationship for occasions when the primary lender cannot move on a transaction.
Beyond strategy, operational preparedness is critical. Izgelov noted that the speed of closing depends on how quickly a borrower provides complete documentation. We Lend closed a $3 million mixed-use loan in under 48 hours because the borrower had everything ready. The standard closing window is seven to ten days, but it extends when documents arrive piecemeal. Borrowers who treat document preparation as reactive rather than proactive consistently lose time on competitive deals.
For more on how We Lend structures its loan process, visit welendllc.com/how-it-works.
