This guide reviews the five best private money lenders for Connecticut and New York-based borrowers.
Private money lenders are typically independent companies and individuals who provide borrowers with financing to purchase investment properties.
Borrowers commonly use private money loans to rehab distressed properties (e.g., fix-and-flip loans), purchase rentals that they lease to tenants (e.g., DSCR loans), or buy a property while waiting for their current one to sell (e.g., bridge loans).
These borrowers — often professional real estate investors — prefer private money lenders over larger banks because:
With that in mind, selecting the right private money lender is often the difference between closing quickly and outpacing cash buyers rather than having your loan application drag out for months. In our experience as both a borrower and lender, we’ve learned that there are three things you should look for in a private money lender:
In this article, we cover the five best private money lenders in Connecticut and New York that help borrowers close quickly and reliably.
First, we discuss how we founded Constitution Lending to provide quick and reliable funding for real estate investors. We also review RCN Capital, Roc Capital, Easy Street Capital, and Lima One Capital, allowing you to compare your options.
You can price out different loan scenarios and see what interest rates you qualify for using our automated pricer.
Constitution Lending is a direct, private money lender that operates in states like Connecticut and New York.
We founded Constitution Lending in 2018 after nearly a decade as real estate investors, during which we faced two major issues with most investment property lenders:
Our lending process is designed to solve these problems by closing quickly and preventing last-minute drama.
This is what borrowers say about Constitution Lending:
Let’s review the specifics of our lending process below.
Many lenders have inefficient application processes that cause long closing times.
Specifically, borrowers have to wait multiple days for a loan officer to call them. Then, they have to sit on the phone with the loan officer for an hour, answering countless questions. Only after another few days do they receive a quote, approval letter, and term sheet, at which point they can begin submitting paperwork. This initial stage takes 5 to 7 days.
At Constitution Lending, we speed up the application process with our automated pricer and online documents portal. What normally takes 5 to 7 days can be done within one hour.
With our automated pricer, you can price out various loan scenarios and generate instant quotes — you don’t have to wait for a call from a loan officer.
Simply enter details like the property’s location, asking price, loan amount, and the type of loan you want to apply for, and our pricer will produce three quotes.
You can tweak these values, such as the purchase price, rehab amount, and rental income, to understand how each impacts your quotes. Then, you can apply for the loan you prefer by selecting it and entering your full name and email address. We’ll send you loan approval and a term sheet immediately.
Additionally, we’ll give you access to our documents portal. Here, you’ll find all the documents you need to submit depending on the kind of loan you’re applying for. These documents typically include:
This way, there’s none of the back-and-forth you get with other lenders, where you’re always waiting to hear if they require more paperwork.
This documents portal is also where you can track the status of your loan application and ask our team any questions.
Finally, we review your documents and close your loan.
The efficiency of our automated pricer and documents portal has enabled us to reliably close within 7 to 14 days. We’ve even closed within 4 days if borrowers needed to purchase a property quickly.
As we alluded to earlier, most banks and private lenders staff loan officers who don’t understand hard money lending criteria and, thus, cannot approve your application by just looking at your paperwork. They must forward your application to the underwriting department, which will underwrite it for a week or two before giving you a final answer.
The problem with this is that if discrepancies arise late in underwriting because the loan officer couldn’t identify them early on, your loan application can be rejected right before you’re about to close.
At Constitution Lending, we solve this problem because all our loan officers thoroughly understand lending requirements and can approve your application before sending it for underwriting.
This way, you know whether you qualify immediately after submitting the required paperwork. It’s very unlikely that issues will surface deep into underwriting because our loan officers can identify them early on, preventing those frustrating, last-minute rejections.
Constitution Lending is a direct lender that has closed more than $200 million in loans since 2018. These include fix-and-flip loans, DSCR loans, bridge loans, and new construction loans. We operate in almost all U.S. cities, including New York City, Stamford, Hartford, Bridgeport, New Haven, and more.
Because of the unique lending process discussed above, 92% of flippers do more than two flips with us per quarter and use us as their main lender. Additionally, 88% of investors have been with us for at least three years.
You can apply for a private money loan by using our automated pricer to generate an instant quote.
RCN Capital is a Connecticut-based private money lender offering various loan programs to borrowers in 45 U.S. states. Since its founding in 2010, RCN Capital has helped hundreds of borrowers finance real estate investment properties.
On their website, RCN says they use common-sense underwriting and can make exceptions to help borrowers qualify if they are sitting on a good deal.
You must fill out an application form on the RCN website, and a loan officer will reach out.
Roc Capital is a New York hard money lender that caters to professional real estate investors who need to close quickly. Like most private money lenders, it has flexible requirements and uses common-sense underwriting, so borrowers with high DTI ratios or who need exceptions can still qualify.
Roc Capital offers five main loan products:
To apply for a private money loan with ROC, you can call one of their loan officers or fill out a contact form, and a loan officer will contact you.
Easy Street Capital is a private, hard money lender that funds real estate projects in Connecticut, New York, Florida, California and all other U.S. states except North and South Dakota. Founded in 2016, it has helped borrowers finance fix and flip projects, purchase long-term rentals, and build investment properties from scratch.
Easy Street Capital has three main hard money loan products:
To apply for a private money loan with Easy Street Capital, you can complete the contact form on their website, inform them about your situation and the loan you want to apply for, and a loan officer will send you a term sheet.
Lima One Capital is a private nationwide lender that helps borrowers fix and flip investment properties, rent them out to tenants, and fund construction projects. They currently lend to commercial real estate investors in Connecticut and New York.
Lima One Capital offers four types of loans.
You can book a call with a loan officer on the Lima One website and they will contact you.
Learn what interest rates and LTV you qualify for using our automated pricer.
Constitution Lending lends to borrowers located in Manhattan, Brooklyn, Queens, and countless other real estate markets.
Related reads:
| Qualification | Requirement |
|---|---|
| Minimum and maximum loan amount | $150,000 to $3,000,000 |
| Type of property | Non-owner occupied single-family, multi-family, and 5-8 unit properties |