Connecticut Bridge Lenders for Commercial Real Estate
Are you seeking short-term financing secured by commercial real estate in Connecticut? On this page you'll find a list of select CRE Bridge Lenders that can finance a Connecticut property purchase, 1031 exchange, refinance, or equity cash out in 1st lien position. We have a separate page for lenders that can fund a rehab / value-add project. The maximum loan-to-value for most CRE bridge loans is 70%, and some lenders can go up to 75% for retail and industrial properties. The max LTV is typically much lower for office, hotels, and specialty property types.Searching...
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Funded CRE Bridge Loans in Connecticut
Blanket Refinance Bridge Loan for Cannabis Dispensary in Connecticut and a Shopping Center in New York
$800,000
Gelt Financial, a direct CRE lender, funded an $800,000 1st lien position blanket loan for a cannabis dispensary in Enfield, CT, and a shopping center in Schenectady, NY. two-property portfolio. The first property is a $1,800,000 purchase of a former two-unit Starbucks/Subway that is being converted into an owner-occupied cannabis dispensary. The city of Enfield approved a permit for the Borrower to open Connecticut’s 24th dispensary location. The property requires approximately $298,000 of renovation prior to occupancy. The second property is a free-and-clear shopping center located in Schenectady, NY (near Albany) that was purchased for $760,000 in early 2020. It consists of 19,962 square feet and is anchored by Family Dollar. Our loan was 53% LTV of the overall valuation. The Borrower was very experienced in real estate investments and had excellent credit. They plan to refinance into a long-term loan as an exit strategy. The interest rate was 13% floating and we charged 3% origination points. The loan term was set at 12 months. This CRE bridge loan was funded in December 2023.
Refinance Bridge Loan for Flagged Hotel in New London, Connecticut
$2,800,000
Avatar Financial Group, a direct private money lending firm, funded a $2,800,000 1st lien position bridge loan secured by a hotel in New London, CT. While the Sponsor was one week from closing on the purchase of a separate hotel, they were notified that they had exceeded the SBA limit for a single Borrower. Avatar was asked to quickly refinance the SBA loan on the Sponsors’ hotel which had lots of equity that could be used to execute the new hotel transaction. Avatar was able to complete the refinance of the property thus freeing up the capacity to take on new debt and allowing the acquisition to continue. The loan-to-value was 65%. Our interest rate was 9.99%. The loan term was 6 months with one 6-month extension. This CRE bridge loan was funded in May 2019.