There are seemingly endless opportunities for the commercial hard money lenders in CT because of the state’s opulence and thriving industries. Renowned for its wealth, Connecticut can boast of the highest per capita income and average household earnings in the country. With the surplus amount of riches to go around, the number of people willing to invest is continually on the rise. Multi-million dollar homes abound in this tiny state, second only to California in US. There is a constant demand for commercial hard money here, resulting in the establishment of money lenders of all kinds, like bridge loan lenders, commercial and residential hard money lenders.
Commercial hard money lenders in CT conduct brisk business, carrying out huge transactions every day. It is worth their while to commit money into their business as the turn-over is very high. The money lent is tied to some as is value of the real estate assets of the borrower. The rate of interest charged is astronomically high since the lender faces frequent default. To protect himself from monetary losses, the hard money lenders catering to commercial ventures have to demand this rate of interest. Hard money is generally borrowed for a short period of time (3 months to a couple of years) as interim funds before money can be arranged for a longer duration at a lower rate of interest. The need for immediate funding may ensue because the borrower is in a hurry to finalize a deal which he keenly wants before a long term loan can be arranged for, or too much of his potential earnings are at stake.
The commercial hard money lenders in CT make the task of borrowing a cake-walk. A simple procedure is followed before the borrower is able to lay his hands on the financial assistance required. No lengthy processing, waiting or interrogation; just a few formalities before the deed is signed. The lenders are flexible and hardly ever resort to penalizing the borrower. Even instances of non-payment are given concessions. They bend the rules of their various lending programs to suit individual circumstances giving the loan based on the value of the property offered as collateral. Using the convenient services of commercial hard money lenders in CT you can act fast and prevent a financial disaster.