We are a suitable lender for situations where conventional bank loans are not available.
Loans must meet two characteristics:
1) Secured using real estate in Connecticut that is not your primary or vacation residence. Previous residency (decedent or otherwise) is allowed.
2) Does not involve a “workout” of your own property or where you have created a loss for a CT chartered Bank. Short-sales of third-party properties are perfectly fine.
We are happy to work with Trusts, Estates and Probate arrangements and/or other “entity ownership” structures.
We offer:
- Loans with deferred interest if the sale of the property is the only mechanism to provide liquidity (examples: Estates, renovation “flips”, new home construction, etc.).
- Traditional asset-based loans where income (or ownership status) does not allow traditional underwriting or where the Borrower is unable to provide required verification of income or ongoing documentation required by Banks.
- Loans for projects too small for conventional lenders (as low as $50,000). Smaller amounts available if desired for Trusts, Estates and Probate matters, depending upon attorney relationship.
- Fixed rate products, Lines of Credit, Amortizations of up to 10 years, Loans for renovations & new-construction as well as “flips” and other types of commercial real estate.
- Spec’ construction loans provided the land is already acquired. Alternatively, loans for property that is not yet stabilized.
- Extremely low transactions costs, normally with the ability to waive appraisal costs (we determine valuations). The ability to loan on property in almost every portion of Connecticut.
Recent Examples: [None of these loans involved a prepayment penalty, appraisal fees, or charges when inspections were made for advances]
- An Estate desired to borrow $75,000, with interest deferred until final sale of the property. Funds were used to pay back taxes, forthcoming taxes, minor renovations of the property and miscellaneous expenses of the Estate.
- Estate situation where one heir wanted to borrow against the property to buy out a sibling prior to subsequently selling the property.
- Owner of several smaller multi-family properties did not want an equity investor and prefers the amortizing (and tax deductible interest) nature of our longer term loans. Borrows approximately 63% of the acquisition cost, plus the costs for rehabilitation on this short-sale. Uses a 10-year fully amortizing structure. Flips the property after a year at significant profit, and pays off the loan without a prepayment penalty. Six transactions with this customer.
- Builder owns a lot in a suburb north of New Haven and requests a “spec” construction, interest only loan for 18 months used for constructions costs. Nine transactions with this individual.
- Builder and Investor on the shoreline (Middlesex County). Interest only construction loan on land owned. Subsequent transaction (our third with this individual) for acquisition financing of a Commercial real estate asset which amortizes over 15 years, with an 8 year balloon.