Some of the best rental buildings in Hartford never make it to a conventional buyer. A five-unit brick building with two empty apartments, a three-family coming out of an estate, or a property with a code violation to clear all need a buyer who can close first and stabilize later.
In short: LendingStreet offers residential investor bridge loans on 1-8 unit properties across Greater Hartford, from $150,000 to $5M+ with rates from 7.99%. Loans can close in as little as 10 days, some bridge programs require no appraisal, and payments are interest-only over a short term. The exit is a sale or a refinance into a 30-year DSCR loan once the property is leased.
A bridge loan is a tool for a property that is not ready for long-term financing yet. In Greater Hartford, these are the situations we see most.
Final terms depend on the property, your experience and the exit plan.
| Feature | Detail |
|---|---|
| Loan amount | $150,000 to $5M+ |
| Rates | From 7.99% |
| Speed | Close in as little as 10 days |
| Appraisal | Not required on some bridge programs |
| Payment | Interest-only |
| Term | Short-term |
| Property | 1-8 unit residential investment property |
| Exit | Sale, or refinance into a DSCR loan |
This example is illustrative and not a quote. An investor buys a five-unit brick building in Frog Hollow for $560,000. Two units are vacant and need paint, flooring and new appliances, so the building cannot yet support a DSCR loan. A bridge loan at 75% of the price is $420,000, with estimated monthly interest of about $3,496.
Over the next several months the investor finishes the vacant units and leases all five at about $1,450 each, or $7,250 a month. With an appraised value near $650,000, the investor refinances into a DSCR loan for five to eight units, pays off the bridge loan and holds the building long term.
Many of the city's multi-family buildings have been owned by the same family or small landlord for decades. When they sell, it is often because of an estate, a retirement or a building that has become too much work. Those sellers tend to prefer the offer that closes on a firm date with fewer conditions, even if another offer is a little higher.
Some bridge programs require no appraisal, which removes one of the slowest steps. Title work, insurance and your entity documents are usually what set the closing date.
Speed also matters when you are competing with local investors who know the neighborhoods well. In Parkville, Frog Hollow and the South End, good multi-family buildings at fair prices often have more than one investor looking at them. A bridge loan lets you match a cash buyer's timeline while keeping your own cash for the work and reserves.
Older Hartford buildings can come with open housing code items: missing smoke and carbon monoxide detectors, broken egress windows, porch railings, or units that were never properly permitted. The city and several surrounding towns require rental registration or licensing and may inspect units, and a building with open violations can be hard to lease or refinance.
A bridge loan gives you time to correct those items. Make the repairs, get the inspections signed off and confirm the building is properly registered before you apply for the DSCR refinance, since the new lender will want a clean file.
The bridge loan only works if the refinance does. Before you buy, estimate rent for each unit after any work, pull the current tax bill and the city's mill rate, get an insurance quote and run DSCR at the loan amount you will need to pay off the bridge. On a five- to eight-unit building, remember that maximum LTV on the DSCR loan can be lower than on a two-family and varies by program.
If the numbers only work after a heavy renovation, a fix and flip loan with a rehab budget and draws may be the better structure.
Connecticut closings are handled by attorneys. Buyers pay title insurance, recording fees and lender costs, while the seller customarily pays the state and municipal conveyance tax. Properties close to the Connecticut River in East Hartford, Windsor, Wethersfield and parts of Hartford can sit in flood zones, so order a flood determination early.
We lend in Hartford, East Hartford, West Hartford, New Britain, Manchester, Bloomfield, Windsor, Wethersfield, Newington, Enfield and the rest of Connecticut. New Britain and East Hartford have multi-family stock and prices similar to the city's, while the western and southern suburbs are mostly single-family, where bridge loans are more often used to buy before selling another property.
Because each town sets its own mill rate, the same building can produce a different refinance outcome in Hartford than in New Britain or Manchester. Run the DSCR with the town's actual tax bill before you commit to a bridge loan, so the exit is not a surprise.
If you are building a portfolio, a bridge loan can be a repeatable step: buy a building that needs leasing, stabilize it, refinance into long-term debt and use any remaining equity toward the next one.
Send the address, price, current rent roll and your plan through the form below, or call (877) 298-1001. Tell us how and when you plan to exit, and we will structure the bridge loan around it.
Rates start from 7.99%, depending on leverage, experience, the property and the exit.
In as little as 10 days when title, insurance and entity documents are ready.
Not on some bridge programs. Others use one, especially on larger loans.
Yes. Buying a partly vacant building, leasing it up and refinancing is a common use.
Yes. Residential bridge loans cover 1-8 unit properties, which includes the brick five- to eight-unit buildings common in Hartford's older neighborhoods. Buildings of nine or more units are commercial.
You sell or refinance into a long-term DSCR loan. Plan the exit before you close.
Yes, if the property and exit support it.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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