Hard Money Lender in Waterbury, CT
Rates Starting at 10%
West Forest Capital is a Waterbury hard money lender, offering financing solutions for real estate investments up to $3 million. Our team has built a reputation as the fastest hard money lender in Waterbury by recognising the importance of acting quickly in Waterbury’s fast-paced and competitive property market.
- We are a direct lender, not a broker
- Same day pre-approval
- Funding in 3-5 days, although 1 day is possible
- Loan amounts up to $5 million
Property Types
- Multi-family
- Single-family Investment Properties
- Condominiums
- Apartments
- Co-ops
- Retail
- Small Office Buildings
- Industrial & Warehouse
- Duplex
- Triplex
- Quadplex
- Mixed-Use
Lending Parameters
| Loan Size | $100,000 to $5,000,000 |
| LTC | Up to 80% of purchase price |
| Rehab Funding | 100% |
| LTV | Up to 70% of the ARV |
| Term | Standard is 12 months. 24-36 months is available |
| Lien | First lien; second lien as additional collateral only |
| Interest Rate | 10%–12.5% |
| Points | 1.5–2% of the loan amount |
Locations Covered
West Forest Capital lends in the following counties and locations near Waterbury:
- New Haven County
- Downtown Waterbury
- East End
- South End
- The Naugatuck River
- Bunker Hill
- Waterbury Industrial Area
Recently Funded Hard Money Loans in Waterbury
Bloomfield, CT
- Location: Bloomfield, CT
- Purchase Price: $425,000
- Rehab Budget: $0
- Loan Amount: $350,000
- ARV: $550,000
- Exit Strategy: Construction Loan
- Investor Capital: $75,000
- Equity Created: $125,000
- Investor Return on Capital: 167%
Our client has been accumulating several homes and lots on the same block for the last several years with the plan to construct a large 50-unit multi-family building on the combined lots. A Connecticut hard money loan in Bloomfield was used to acquire this home, the 8th and final property. After the acquisition, our client has been working with the town to obtain permits, and with an architect to create plans for the proposed conversion. Our client will next secure a permanent construction loan to move forward with the project.
New Britain, CT
- Location: New Britain, CT
- Purchase Price: $350,000
- Rehab Budget: $35,000
- Loan Amount: $245,000 at Closing
+ $35,000 Rehab = $280,000 - ARV: $430,000
- Exit Strategy: Rent & Refinance
- Investor Capital: $105,000
- Equity Created: $45,000
- Investor Return on Capital: 43%
Our client needed a fast Connecticut hard money loan in New Britain to close on a contact which had been in place for several months. This is a strong cashflow mixed-use property which contains two commercial units on the ground floor and four apartments on the second floor; the property needed only light rehab, which we also funded 100%. Given the time sensitive nature of this loan, we were able to close in under 1 week after getting the call, including the time needed to get an appraisal. Our client is currently in discussions for a permanent rental loan refinancing, a service which we are also able to offer.
East Hampton, CT
- Location: East Hampton, CT
- Purchase Price: $100,000
- Rehab Budget: $50,000
- Loan Amount: $50,000 at Closing
+ $50,000 Rehab = $100,000 - ARV: $275,000
- Exit Strategy: Sale
- Investor Capital: $50,000
- Equity Created: $125,000
- Investor Return on Capital: 150%
Our client was able to secure a purchase contact significantly under market value. In addition, because our client wanted to minimize the interest rate on this Connecticut hard money, they elected to only borrow 50% of the purchase price. Although our minimum loan amount is usually $100,000, in this case we were comfortable releasing the rehab very quickly due to the value in the property. Our client used the rehab funds to quickly finish the rehab and put the property up for sale only 3 months later, paying off the loan a month thereafter. A month after that our client became a repeat borrower, taking out another hard money loan with us.
Recently Funded Hard Money Loans in Waterbury, CT
Bloomfield, CT
- Location: Bloomfield, CT
- Purchase Price: $425,000
- Rehab Budget: $0
- Loan Amount: $350,000
- ARV: $550,000
- Exit Strategy: Construction Loan
- Investor Capital: $75,000
- Equity Created: $125,000
- Investor Return on Capital: 167%
Our client has been accumulating several homes and lots on the same block for the last several years with the plan to construct a large 50-unit multi-family building on the combined lots. A Connecticut hard money loan in Bloomfield was used to acquire this home, the 8th and final property. After the acquisition, our client has been working with the town to obtain permits, and with an architect to create plans for the proposed conversion. Our client will next secure a permanent construction loan to move forward with the project.
New Britain, CT
- Location: New Britain, CT
- Purchase Price: $350,000
- Rehab Budget: $35,000
- Loan Amount: $245,000 at Closing
+ $35,000 Rehab = $280,000 - ARV: $430,000
- Exit Strategy: Rent & Refinance
- Investor Capital: $105,000
- Equity Created: $45,000
- Investor Return on Capital: 43%
Our client needed a fast Connecticut hard money loan in New Britain to close on a contact which had been in place for several months. This is a strong cashflow mixed-use property which contains two commercial units on the ground floor and four apartments on the second floor; the property needed only light rehab, which we also funded 100%. Given the time sensitive nature of this loan, we were able to close in under 1 week after getting the call, including the time needed to get an appraisal. Our client is currently in discussions for a permanent rental loan refinancing, a service which we are also able to offer.
East Hampton, CT
- Location: East Hampton, CT
- Purchase Price: $100,000
- Rehab Budget: $50,000
- Loan Amount: $50,000 at Closing
+ $50,000 Rehab = $100,000 - ARV: $275,000
- Exit Strategy: Sale
- Investor Capital: $50,000
- Equity Created: $125,000
- Investor Return on Capital: 150%
Our client was able to secure a purchase contact significantly under market value. In addition, because our client wanted to minimize the interest rate on this Connecticut hard money, they elected to only borrow 50% of the purchase price. Although our minimum loan amount is usually $100,000, in this case we were comfortable releasing the rehab very quickly due to the value in the property. Our client used the rehab funds to quickly finish the rehab and put the property up for sale only 3 months later, paying off the loan a month thereafter. A month after that our client became a repeat borrower, taking out another hard money loan with us.
Why Use a Hard Money Loan
- If you need funding fast. Conventional lenders can take a significant amount of time to process a loan, sometimes stretching into several months. West Forest Capital can approve hard money loans on the same day, and most borrowers receive funding within three to five days. In critical situations, we are even able to fund loans in just twenty-four hours.
- If the property isn’t stabilized. There are instances where the property itself prevents bank financing. Properties that need rehabilitation, lack a Certificate of Occupancy, or do not demonstrate a stable rental history often cannot be financed by banks. West Forest Capital specializes in funding these properties where traditional banks cannot.
- If you have poor credit. Life events can temporarily lower credit scores, and West Forest Capital takes this into account. We generally evaluate the property’s value rather than focusing heavily on the borrower’s credit score or debt-to-income ratio.
- If you don’t want to take a loan in your personal name. Banks usually require the property to be held in the borrower’s personal name. If your strategy involves an LLC or you have multiple properties that complicate personal financing, a hard money loan provides the flexibility you need.
Why Choose A Waterbury Hard Money Lender
With years of experience as a hard money lender in the tri-state region, we have become very familiar with Connecticut, providing a major advantage for our borrowers. Why? Because unlike lenders focused only on New York or New Jersey, we understand the unique value of properties in every part of Connecticut and do not limit ourselves to a single region. Whether your investment is in Waterbury, New Britain, or Danbury, our loans are available across the entire state.
Financing your Waterbury Investment Property
Asset-backed Lender Focused on Customized Solutions
With our expertise in the Connecticut fix and flip market, West Forest Capital is able to create financing solutions tailored to your hard money loan requirements. We base our loans on the property’s value, and in some situations, we have successfully financed more than 100 percent of the purchase and rehabilitation costs.
We also provide the longest hard money loan available, with terms up to three years, perfect for buy and hold investors operating in Waterbury and nearby areas.
Call us or submit your loan application today to take advantage of financing opportunities for your real estate projects in Waterbury.
Frequently Asked Questions about Waterbury Hard Money Loans
In Waterbury and throughout Connecticut, the real estate market has opened up more potentially profitable investment opportunities in rental properties. Learn about the benefits of using asset-based lenders rather than conventional bank loans or mortgages for your real estate projects in Waterbury.
What are hard money lenders?
Hard money, also referred to as private money lending, provides an alternative approach to financing real estate investments, with the loan being collateralized by the property itself. In contrast to conventional loans, which rely heavily on the borrower’s creditworthiness, income verification, debt-to-income ratio, and other financial metrics, hard money lenders base their approval decisions largely on the property’s value. In cases where the borrower defaults on a private money loan, the lender is able to take possession of the property in order to recover the funds owed.
How do hard money loans work?
Hard money loans are typically short-term financial solutions designed for borrowers who need to act quickly to secure funding for real estate transactions. These loans are often sought for investment properties in competitive markets, whether residential or commercial, where timing is a crucial factor.
Borrowers can often have their loans approved and processed in just a few days, compared with conventional lending through banks or other institutions, which may take weeks or months to finalize the funding.
The value of the property being purchased usually secures the loan, and repayment terms are often significantly shorter than traditional loans. Many hard money lenders offer flexible repayment options, and some loans allow early repayment with or without penalties, giving borrowers more control over their investment timeline.
What do hard money lenders look for?
When approving loans, hard money lenders look primarily at the property’s value instead of the borrower’s credit history. Creditworthiness still matters, but it is secondary to the investment potential of the property itself. Unlike traditional mortgages, hard money financing decisions are based on the anticipated value of the property and the borrower’s exit plan. These loans often serve as temporary bridge loans for borrowers planning to refinance with conventional lenders or to sell the property quickly. Loan terms are generally shorter than those offered by banks, which means repayment schedules are faster.
What is hard money used for?
A hard money loan is typically used for residential or commercial property transactions and in some cases provides short-term financing until alternative funding or investors replace the loan.
In Waterbury, developers use local hard money lenders to obtain construction loans for their building projects. Similarly, investors often work with private lenders to finance properties that require substantial renovations or repairs.
Is a down payment required?
Most hard money loans will call for a down payment, although the amount required can differ according to the kind of property being financed. Unlike standard mortgages or conventional loans, hard money lenders usually expect borrowers to put some of their own money into the project upfront. This not only reduces the lender’s risk but also signals that the borrower is fully invested in the success of the venture. The required down payment often takes into account the property’s value, its present condition, and the borrower’s past experience in managing real estate projects.