With hard money loans becoming more popular in the business community, it is essential for there to be easy ways for borrowers to find hard money lenders in Connecticut. Since it is uncommon to find these specialty lenders listed in the telephone books, potential borrowers must know how to locate hard money lenders that meet their needs and are the most likely to be interested in loaning money for that particular project.
Consider Your Needs
The first thing a potential borrower needs to think about before seeking out hard money lenders in Connecticut is the needs of him as an individual or his company. This step is important for several reasons.
Hard money lenders prefer to loan money on properties that are close to where they conduct business.
Hard money lenders choose project in which they believe they can turn a profit
Are you seeking funds for an existing property you own or the purchase of a new one?
Are you looking for funds to repair and renovate a property?
Have a Business Plan
In order to choose the best hard money lender it’s important to have a business plan ready. This will not only allow you to choose the right lender, but it will also allow the lender to gain a visual picture of what your project entails. This will allow the lender to determine whether he or she is interested in investing in the property you are presenting as collateral for the funding. A hard money lender may be an individual investor, a group of investors or a company that provides hard money loans.
Seek Lenders in your Local Area
Because hard money lenders prefer doing business in the local community where they conduct business, the most logical place to begin looking for hard money lenders is in your local community. This step will save time for both you and any potential lenders; the sooner you are able to secure a loan the sooner your project can commence, so time is essential.
Build a Relationship with a Hard Money Lender
When you are seeking hard money lenders in Connecticut you want to look for someone who is able to meet your needs for the future and not just as a one time transaction. This makes it easier and faster for you because the lender will already know the scope of your business and whether you pay your loans promptly. In addition, if you build a relationship with a particular lender, that lender is more likely to refer you to just the right lender if you have needs he is unable to handle.
Be careful when you are seeking hard money lenders in Connecticut in order to make sure you choose the lender who is most likely to have the desire and resources to handle your needs. Never think of your hard money loan as just a one time transaction because in all likelihood there will be other occasions you will need or want to avoid traditional financing.