Hard money lenders in Connecticut are readily available to provide financial support for real estate investment deals.
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Connecticut may be a smaller state, but it is one with a lot of heart and lots of opportunity. It has one of the highest per-capita incomes in the country and has a wide range of home styles and neighborhoods. For those who are considering living here, expect densely populated areas as the state – the third smallest – is home to 3.6 million people. It’s known for many things, including an extensive history. It has a strong economy founded on energy and industry, along with a thriving real estate market. More so, the cities here, such as Bridgeport, Danbury, Stamford, New Haven and Hartford, are often part of the larger New York metro area, making it a place people like to spend time when they are not at work in the big city. Connecticut is also a modern state with an upscale lifestyle and good quality of life.
One of the things Connecticut is known for is its real estate. There is no doubt that the area has some of the most beautiful homes in the region, including many large estates and homes with ample acreage, but it is also a location with high valued property. The average sale price of a home in Connecticut in August of 2022 was $314,000. That is certainly not the highest in the region, but it is higher than many other states, making it a bit more expensive to live in this region.
For those who are thinking about buying real estate in Connecticut for investment opportunities, there could be a significant amount of demand for it. For example, the U.S. Census Bureau states that 63% of people who live in the state own their homes, and 37% rent their homes. However, the area has just 2.1% vacancy in its rental properties. This could be creating a sizable opportunity for people who want to buy property for investment here. The number of rentals in the area is competitive with other states, but the vacancy is low, creating the potential for a significant amount of opportunity.
Hard money loans provide a financing solution for property buyers of sometimes hard-to-finance properties to obtain a loan that is competitively priced and accessible. Hard money lenders are private money lenders in Connecticut that can charge more in interest for these real estate loans because they carry more risk in lending them. Often, these loans are best suited for things like fix and flip homes, new construction, rental investments, and commercial real estate investments and developments. Because these property types tend to have a higher default loan rate, lenders charge more in interest to compensate for that.
However, rates are typically still competitive for various reasons. The most prominent is that these Connecticut hard money loans are asset-backed. That means if the lender defaults on the payment, which means they stop making payments on the loan, the lender can use the value of the property to recoup some of its investment. This is done by pursuing a foreclosure on the property investment. Doing this provides more security to the lender.
Hard money loans in Connecticut can be lucrative because they tend to be readily available, and many times, the lender can close quickly on them. That means that if an investor finds a home in an ideal area that could be a good rental property, they can often bid on it and secure the loan faster. That makes these properties far more accessible and the loans a good fit for each individual investor’s needs. There are higher rates, and terms and eligibility can range widely between lenders, but these loans tend to be a wise investment for many people.
If you’re in the market for a real estate investment project in Connecticut, consider these hard money lenders that are available for projects in the state.
BridgeWell Capital got started in 2008 and, according to their website, has funded over $500 million in real estate investment deals. They lend throughout the midwest and eastern part of the country and offer the typical suite of private money financing.
We contacted BridgeWell Capital to learn more about their private lending business and here are some of the highlights:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
New Silver started in 2019 by Kirill Bensenoff and Alex Shvayetsky. They offer a variety of private money lending products like fix and flip, rental, ground up and personal loans.
We contacted New Silver Lending to learn more about their private lending business and here are some of the highlights:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
LendSimpli is a hard money lender based in Tampa, Florida. They can lend nationally in most states but may not be able to lend if the property is in a rural area. Founded by Brenden Crampton and Matthew Davies in 2018, they have nearly four years of experience in the private lending real estate investing market.
We reached out to LendSimpli to get more details about their bridge loan product and this is what we found:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
East Street Capital is based in Austin, Texas but lends nationwide except in North and South Dakota. Founded by Stephen Hagerman in 2016, Easy Street Capital has over six years of experience in the real estate investing world.
We reached out to Easy Street Capital to learn more about their hard money loans and this is what we found:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
Stratton Equities is a nationwide direct hard money lender for real estate investors. Founded by Michael Mikhail in 2017, Stratton Equities has over five years of experience in the private lending market.
We reached out to Stratton Equities to get more information about their hard money lending program and here are some highlights:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
Fund That Flip is a hard money lender based in New York that focuses on short term bridge loans for real estate investors looking to flip properties. Founded by Matt Rodak in 2014, Fund That Flip lends in most states.
We contacted Fund That Flip to learn more about their bridge loan program and here is what we found:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
EquityMax is based out of Florida and most of its business in the state but is able to lend throughout the United States. Founded by Brad Emmer in 1990, EquityMax has decades of experience as a hard money lender.
We reached out to EquityMax to learn more about their hard money loans and these are the key highlights that you need to know:
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
Hard money loans are different from traditional mortgages and construction loans from banks and credit unions for several reasons. First, the loans have the same structure in terms of being backed by the value of the home. However, there is often more flexibility in defining the value of the loan for borrowers. Often, these loans are beneficial for those engaging in real estate projects like a fix and flip home, in which they will hold the loan for a short period. However, these borrowers tend to need more access to a higher value because of the repair work and upgrades the properties often need. That is why hard money loans are often based on the after repair value of the home rather than the value at the time of the sale.
More so, most Connecticut hard money lenders offer these loans as short-term loans. Most of them have a term of 1 to 5 years, which is significantly shorter than typical home or commercial loans that range from 15 years to 30 years. That shorter term is meant to provide the borrower with the funds they need for the period of purchasing and repairing the property, but, in most cases, borrowers will then sell the property or refinance the loan into a lower interest rate loan. That makes the loan more accessible.
There are numerous other differences in Connecticut hard money loans. For example, the loans can often close very quickly, often within 30 days instead of the typical 90 days that it often takes. That means borrowers can often obtain the loan faster for investments they want to make. In addition to this, the higher value based on the after repair value of the property makes hard money loans a sizable investment.
If you want to find the best hard money lenders in other states, click on your state below.
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
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