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West Forest Capital

Qualifications for a Hard Money Loan in CT

Hard money loans help buyers quickly get the cash they need to purchase their next property. With hard money loans, the lender makes a loan on the asset, which is the property or land, and does not concentrate as much on the qualifications of the borrower, such as their credit score. The process of applying for a hard money loan is quick and straightforward, with minimal requirements and 1 to 2-year loan term options.

In this article, you’ll learn exactly what you need to make sure you qualify.

Property Types

Residential properties, mixed-use, commercial, or industrial properties almost always qualify for hard money loans in Connecticut. Unique properties might require additional due diligence, so it’s important to work with a flexible lender who can lend on a variety of properties. At West Forest Capital, we can lend on any type of property.

Minimum Loan Sizes

Most hard money lenders have a minimum loan size of $100,000. This amount is usually for the purchase price and excludes the rehab funds amount.

Down Payment

One of the main factors in obtaining the loan is meeting the down payment requirement. The down payment serves as collateral for your loan and can range from 10% to 40% depending on the specific type of property. These down payments are calculated based on the Loan-To-Value (LTV) ratio of the property. For example, let’s say you want to purchase a residential property for $100K. If the LTV ratio offered is 90%, then you would be responsible for the $10K down payment.


This is ordered by West Forest Capital. The appraisal should be close to or exceed the purchase price.

Insurance Policy

West Forest Capital should be the loss payee and additional insured.

Builder’s Risk Insurance

For extensive rehab projects, a builders risk policy is required.

Lender Title Insurance

The hard money lender, in our case West Forest Capital, should be listed as the beneficiary.

Return on Investment

The investment should always provide a good return to the real estate investor. The goal is for the investor to make a profit on the deals we fund.

Work with a Reputable Title Company

When you work with a reputable title company, this will give the hard money lender additional confidence in the loan (we are happy to recommend our preferred title companies).

Knowledge of the Local Area

While not a requirement, it certainly helps when you have knowledge of the local Connecticut market. This ideally means having previous real estate experience and/or familiarity with the local area.

Work with a Reputable Contractor

Working with a good contractor that has experience with various building codes and local regulations is important if there is rehab required. A contractor that has previously worked with a CT hard money lender is even better since they will understand the draw process.

Credit History

You should have a credit history that does not have mortgage-related derogatory accounts. Although we do not have a minimum FICO score, a general credit check is done to get an overall sense of the borrower. Typically, a 600+ FICO is acceptable for a hard money loan in CT.

Loan Rates and Terms with West Forest Capital

Our loan rates are as follows:

  • 9.5% – 11% interest only
  • Amortization option available
  • 1 to 2 points origination


Our loan terms are as follows:

  • First lien preferred (second can be considered)
  • 1 year term
  • 2 year term available
  • Up to 85% of purchase price
  • Up to 100% of rehab
  • Total Loan amount not to exceed 70% ARV
  • Appraisal must be ordered by West Forest Capital

Get Your Hard Money Loan in CT with West Forest Capital

There’s never been a better time to apply for a hard money loan in CT. West Forest Capital provides funds to real estate investors and others looking to finance non-owner-occupied real estate. We fund property types which include:

  • Apartments
  • Single-family
  • Multi-family
  • Commercial
  • Industrial
  • Land

We provide rehab funds, or full construction costs, as needed. We also provide fast closings, almost always less than 10 days, and often as quick as 3 to 5 days. We’ve even previously closed a brand new loan in one day! In addition to Connecticut, we lend in New Jersey, New York, Massachusetts, Pennsylvania, and Florida.

To get started with your hard money loan, please call us at 212-537-5833 or text us at 917-267-9523.


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(Investment Properties Only)

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(Investment Properties Only)

To get started with your hard money loan,
please call us at 212-537-5833 or text us at 917-267-9523.

Hard Money Loans: FAQs

Hard money loans are short-term loans that are used to acquire investment properties to rehab and then flip for resale or rent. These loans are used by real estate investors and others who are looking to finance non-owner occupied real estate.

Yes, we can often pre-approve you on the same day as when you apply. For a pre-approval letter, please call us at 212-537-5833 or text us at 917-267-9523.

Yes, we do fund rehab costs through a hard money loan. In fact, we can fund 100% of your rehab costs. To do so, you will need to complete a portion of the project. We then send an inspector to review it, and we distribute the funds for the completed work. The entire process takes 2 to 3 days.

Yes, we provide extensions up to 6 months or longer on a case-by-case basis. We understand the timeframe complexities when rehabbing or building a new project – we will work with you.

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