Connecticut Bridge Lenders for Residential Real Estate

Stormfield Capital, a technology-enabled direct portfolio lender, funded a $2,550,000 senior lien position acquisition bridge loan secured by a residential investment property in Southport, CT. We funded 65% of the $3,900,000 purchase price, while the Borrower contributed 35% cash at closing. The Sponsor sought a short-term bridge loan after their relationship bank paused lending in the midst of the 2023 banking tumult. The subject property was in excellent condition and vacant at closing. It is a single-family residence with an accessory dwelling unit (ADU) and was approximately 65,000 square feet. The Borrower had excellent credit. They plan to lease the property upon completion of a rehab and eventually refinance as an exit strategy. We charged a 1% origination point and the broker earned a $25,550 commission. The loan term was set at 12 months. This residential investment bridge loan was funded in April 2023.