When looking for a hard money lender in Connecticut, we believe these are the three most important criteria to evaluate them against:

• How quickly can they approve your loan? The fastest lenders can usually approve your loan within 24 hours and finalize everything within 7 to 14 days.

• Are they a direct lender? We suggest partnering with a direct lender to ensure you're dealing with the decision maker on your loan. Direct lenders set their own criteria and, therefore, can quickly determine your eligibility. They don’t need to start underwriting before giving you an answer, which lowers the likelihood of frustrating last-minute rejections.

• Can they give you an instant quote, or do you have to talk to a loan officer first? Good hard money lenders should offer an automated pricer that allows you to generate instant quotes and see what LTV and interest rates you qualify for. You shouldn’t have to spend an hour talking to a loan officer for a quote.

This article discusses the top five hard money lenders in Connecticut. We start by covering Constitution Lending’s loan options for real estate investors and how we close loans quickly and reliably.

Use our loan pricer to price out loan scenarios and generate a quote immediately.

1. Constitution Lending: A Fast and Reliable Hard Money Lender for Real Estate Investors in Connecticut

Constitution Lending is a Connecticut-based hard money lender that specializes in quickly financing real estate deals.

We founded Constitution Lending because, when we were flipping properties, we got tired of dealing with bad lenders who couldn’t close deals quickly and without drama or last-minute delays.

1. Many lenders took too long to close. We had to complete a questionnaire on their website and wait multiple days for someone to contact us. They’d then underwrite for a week or two before getting back to us with an answer. This lengthy application process made it difficult to compete with cash buyers.

2. Many “lenders” weren’t direct lenders but rather brokers between us and the actual lender. These brokers sometimes didn’t know what requirements the lender had, so they couldn’t give us an upfront answer on whether our loan would go through or not. In worst-case scenarios, this caused our application to get rejected after the lender had underwritten it for two weeks.

We aimed to fix this when creating Constitution Lending by closing loans quickly and giving borrowers a clear answer regarding their eligibility before underwriting.

Constitution Lending Funds Loan Within 7 to 14 Days

Instead of filling out a contact form and waiting for a loan officer to reach out, we speed up the application process using our loan pricer.

This loan pricer lets you generate a quote within seconds. Simply enter a few details, such as where the property you’re looking to buy or refinance is located, what type of property it is, and the current and after-repair value. We then present you with three loan options.

You can choose the option you prefer, enter your contact details, and we’ll immediately send you a pre-approval letter and term sheet.

At the same time, we provide you with access to our documents portal. You can submit all the required documents through this portal, including entity documents, scope of work, proof of insurance, and bank statements.

The process from application to funding can take as little as seven days. However, if you have all the documents ready and want to close quickly, we can fund your loan within four days.

Constitution Lending is a Direct Lender

As we mentioned above, a problem we faced when investing in real estate is that many of our loans would fall through right before closing. This led to us losing out on countless investment opportunities.

So, when we created Constitution Lending, we aimed to give borrowers a definitive answer on whether they can qualify as soon as they submit their documents and before we begin underwriting.

If you’re approved at this stage, your loan application should go smoothly. Alternatively, if you don’t qualify, we’ll notify you when you submit your documents and explain why.

We can do this because we’re a direct lender. We’re lending you our money, so we create our own lending requirements and deeply understand what criteria a borrower has to meet to qualify. We don’t have to start underwriting before identifying discrepancies.

Brokers, on the other hand, simply connect you with other lenders. They have to adhere to someone else’s requirements, and in many cases, they don’t even know what these requirements are.

This means they won’t know if you qualify by just looking at your documents. They have to ask the lender to start underwriting, and then they can only get back to you with a yes or no. This is what leads to last-minute rejections.

Get Started

If you’re looking for a quick hard money loan to purchase or refinance a property, use our loan pricer to generate a quote within seconds.

2. RCN Capital

Founded in 2010, RCN Capital is a lender that provides Connecticut hard money loans to purchase investment properties.

These loan products include fix and flip loans, bridge loans, construction loans, short-term rental loans for Airbnb properties, 30-year DSCR loans, and real estate-backed lines of credit.

Loan Requirements and Additional Information

These are the loan requirements you have to meet to qualify for a loan with RCN, as well as some additional information:

• Interest rates for fix & flip loans start at 10.75%, and 6.99% for DSCR loans.
• Loan amounts range from $50,000 to $2 million for one to four-unit properties, condos, and townhouses.
• Loan amounts range from $250,000 to $2.5 million for 5+ unit multi-family.
• A minimum FICO score of 660 is required.
• A maximum LTV of 80% is available.
• Fix and flip loan terms range from 12 to 18 months.
• Minimum after-repair value of $100,000 for single-family homes and $350,000 for 5+ unit multi-family homes.

How to Apply

To apply for a hard money loan with RCN, you must first create a borrower’s account on their website and fill in their application form. 

Here, they ask you questions like what type of loan you’re looking for, how much money you need to borrow, where the property is located, its current market value, and its estimated after-repair value. Once you complete the loan application form, RCN sends one of their loan officers to contact you and continue the application process.

Although RCN doesn’t give a specific time frame in which they usually finance loans, their website says that it’s faster than traditional banks.

3. BridgeWell Capital

Bridgewell Capital is a Connecticut-based hard money lender that offers financing solutions for residential, non-owner-occupied rental properties. Since its founding in 2008, it has financed a combined total of over $500 million worth of residential real estate.

In addition to fix-and-flip and bridge loans, BridgeWell provides investors with DSCR loans, short-term rental loans, fix-to-rent loans, commercial property loans, and cash-out refinance options.

Loan Requirements and Additional Information

These are BridgeWell’s lending criteria and loan options:

• The minimum loan amount is $100,000.
• They fund up to 100% of the rehab cost.
• Borrowers can qualify for a maximum LTV of 60% to 80%.
• Borrowers don’t have to pay interest on unwithdrawn rehab funds.
• BridgeWell doesn’t charge prepayment penalties on short-term loans.
• Borrowers can apply for private money lending in states like Connecticut as well as Florida and Texas. However, BridgeWell doesn't operate in New York, Nevada, or California.

How to Apply

To fund real estate projects with BridgeWell, you can get pre-qualified by completing a questionnaire on their website. This questionnaire will ask you questions like what loan product you’re looking for, the purchase price of the property, your credit score, and what real estate investing experience you have. 

Then, a loan officer will contact you within three days and provide a term sheet before asking you to submit documents like your scope of work, credit report, and bank statements.

BridgeWell’s website says they can provide borrowers with a pre-approval letter within three days and loan financing within 10 days.

4. Stratton Equities

Stratton Equities is a private money lender headquartered in Connecticut. It specializes in lending to self-employed individuals who don’t qualify for traditional funding at larger banks. It offers a variety of loan products, including fix-and-flip loans, bridge loans, blanket loans, and DSCR loans.

Loan Requirements and Additional Information

This is what you need to know about Stratton Equities’ mortgage loans, terms, and requirements:

• Interest rates start at 9.99% for short-term loans and 6.99% for DSCR loans.
• Loans can be used to purchase one to four-unit residential, commercial, and mixed-use properties.
• There are also non-traditional loan options for townhomes and industrial properties.
• Loan amounts range from $100,000 to $5 million.
• Borrowers can qualify for up to 75% LTV (i.e., a minimum down payment of 25% is required).
• Loan terms range from nine months to 24 months.
• Interest-only loans are available.
• There are no prepayment penalties for short-term loans.

How to Apply

There are two ways to apply for a private money loan with Stratton Equities. You can either call to speak with a loan officer directly, or you can complete one of the application forms on their website, enter a few details on what loan you’re applying for and the property you’re looking to purchase, and a loan officer will call you.

According to Stratton Equities’ website, they can close within three weeks without borrowers submitting tax returns or proof of employment.

5. New Silver Lending

New Silver Lending is a hard money lender that offers reliable in-house real estate loans. Although New Silver isn’t based in Connecticut, its loan programs are available to Connecticut real estate investors. These include fix and flip loans, bridge loans, new construction loans, and 30-year DSCR loans.

Loan Requirements and Additional Information

Here’s everything you need to know about New Silver’s hard money lending options as well as requirements for borrowers:

• Loan rates start at 10% to 12%.
• Maximum loan term of 24 months.
• The origination fee starts at 1.875% for fix and flip loans and 2% to 3% for rental loans.
• Borrowers can receive a maximum LTC of 90% or ARV of 75%.
• 100% of the construction financing.
• Loans can be used to purchase one to four-unit residential properties, condos, and townhomes.
• Loan amounts range from $100,000 to $5,000,000.
• The minimum FICO score is 650.

How to Apply

You have to create an account and complete a questionnaire on New Silver’s website in order to begin the loan process.

A loan originator will hop on a call with you within a few business days to learn more about your financing needs. If you’re pre-approved, they’ll require you to submit documents before ordering the appraisal and getting back to you with a final decision.

New Silver doesn’t publicly say how fast they can fund loans, but they offer quick term sheets and pre-approval letters.

Generate an Instant Quote

At Constitution Lending, we specialize in quickly financing real estate deals. As a direct lender, we have a deep understanding of the criteria borrowers must meet to qualify for a hard money loan.

You can use our loan pricer to get an instant quote and see what loan options you qualify for. We’ll then send you a term sheet and pre-approval letter within 24 hours.