In Hartford, $1M buys three or four city three-families, not one building. Large bridge loans here usually finance groups of multi-family houses, a run of perfect sixes, or a high-value home in West Hartford, Avon, Farmington or Glastonbury.
In short: LendingStreet makes residential investor bridge loans from $1M to $5M+ on Hartford-area 1 to 8 unit properties and packages, with rates from 7.99% and closings in as little as 10 days. The loans are short-term and interest-only, usually repaid by a sale or a refinance into a blanket DSCR or jumbo DSCR loan. Larger balances usually need a full valuation of each property.
Most $1M-plus requests are packages: an owner selling five to ten three-families in Parkville, Frog Hollow or the South End, an estate with buildings scattered across the city and New Britain, or a group of perfect sixes on one street. These buildings often come with long-term tenants below market rent, deferred porch and heating work, and units that need full turns.
Single-property balances over $1M come from the western and southern suburbs, where larger homes in West Hartford, Avon, Farmington, Simsbury and Glastonbury can exceed that price and attract investors planning a renovation and sale or an executive rental.
Package deals also come from investors who built portfolios with short-term private notes and now need to refinance them all at once. A single bridge loan can pay off several maturing notes, buy time to finish renovations and set up one clean blanket refinance.
A permanent DSCR loan wants stabilized rent. Packages of older multi-family buildings rarely arrive that way, and sellers usually want one buyer and one closing. A bridge loan lets you buy the package, renovate units as they turn, bring rents to supportable market levels and then refinance on the improved rent roll.
Speed helps win these deals. Closing in as little as 10 days on some files can matter when an estate or a retiring owner is weighing several offers, and a buyer with financing lined up often gets the better terms.
This example is illustrative and not a quote. An investor buys six three-families and two two-families in Hartford for $2,560,000 and budgets $440,000 for porches, heating systems and unit renovations. The bridge loan is $2,250,000, 75% of total cost, with estimated interest-only payments of about $19,688 a month.
After renovation, the eight buildings appraise at $3,600,000 and the 22 units rent for $1,400 on average, $30,800 a month. A blanket DSCR refinance at 70% of value is $2,520,000, enough to retire the bridge loan. Estimated principal and interest is about $17,191; with taxes of $5,600 and insurance of $2,080, the payment is about $24,871 and the DSCR is about 1.24x.
| Item | Bridge phase | Blanket DSCR exit |
|---|---|---|
| Loan amount | $2,250,000 | $2,520,000 |
| Basis | 75% of $3,000,000 cost | 70% of $3,600,000 value |
| Monthly debt payment | About $19,688 interest-only | About $17,191 principal and interest |
| Taxes and insurance | Paid by investor | $7,680 |
| Monthly rent | Rising as units turn | $30,800 |
| DSCR | Not used | 1.24x |
Hartford requires a fair rent commission, as do other Connecticut towns with 25,000 or more residents, and tenants can challenge increases they consider harsh and unconscionable. Plan rent growth around unit turnovers and documented improvements rather than across-the-board jumps for tenants in place. The refinance lender will count rent in place or supportable market rent, so the exit depends on leases actually signed at the new levels.
That means the bridge term should be long enough for normal turnover. In a package of 22 units, some tenants will stay for years, and the refinance will be sized on a mix of old and new rents. Model the exit on that realistic mix rather than on every unit at market.
Larger balances usually need a full valuation of each property. Appraisers look at legal unit counts, condition and sales of similar multi-family buildings nearby, which can vary block to block. Have certificates of occupancy, rental licenses where required and inspection reports organized by building.
Order title early on every parcel. Older Hartford buildings can carry municipal liens, unpaid water or sewer charges from the Metropolitan District, or open code violations that must be cleared before closing.
Connecticut's conveyance tax, with state and municipal shares, is generally paid by the seller. Buyers still pay title insurance, recording fees and prorated taxes on every parcel. Hartford's high mill rate, applied at Connecticut's 70% assessment ratio, makes the tax line a large part of carrying costs during the bridge term and of the payment at exit, so build both into your budget. Insurance on older multi-family buildings during renovation, including vacancy coverage, belongs in the budget too.
For a single home over $1M in West Hartford, Avon or Glastonbury, the bridge loan often funds a purchase and renovation for resale. If you plan to rent the home, test a jumbo DSCR exit with the real tax bill: suburban mill rates on a high-value home can make it difficult to clear 1.0x without lower leverage. In north-central and eastern towns, also ask about foundation testing for pyrrhotite.
Renovation scope on these homes is often large: kitchens, baths, systems and sometimes additions. Share contractor bids and a timeline so the bridge loan is sized on realistic total cost, and confirm with the town which permits your plan will need.
Most Hartford packages refinance into a blanket DSCR loan once units are renovated and leased, keeping one payment with release provisions. Some investors sell a few buildings after renovation to pay down the bridge and refinance the rest. Send the property list, price, renovation budget and exit plan through the form below, or call (877) 298-1001.
Include the current rent roll for every building, lease dates, any inspection reports and the seller's timeline. We will size the bridge loan, show the interest-only payment during the work and test whether the blanket refinance will be large enough to pay it off at realistic rents and taxes.
Yes. Large bridge loans run from $1M to $5M+, and in Hartford they usually cover packages of two- and three-families or buildings up to 8 units.
Rates start from 7.99%. Larger balances are priced case by case.
Yes. Six-unit buildings are residential for our programs.
Larger balances usually need a full valuation of each property.
They can limit how fast you raise rent on tenants in place. Plan increases around turnovers and improvements.
In as little as 10 days on some files, though many valuations and title searches can add time.
A blanket DSCR refinance once units are leased, a sale, or a jumbo DSCR loan.
Yes. Bridge loans are short-term and interest-only.
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