About Waterbury Financial
Waterbury Financial is a Waterbury, CT based private lender. They offer loans throughout Connecticut. Their lending focus is primarily on hard money loans for commercial properties. They offer loans on most types of properties, including multi family, apartment buildings, offices, retail units, hotels, storage facilities, senior housing facilities, mixed use buildings, warehouses, industrial facilities, medical facilities, and undeveloped land.
Loan Types Offered: Commercial Hard Money Loans
Property Types Covered: Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Warehouse, Industrial, Medical, Land
Areas Served: CT
Lending Guidelines for Waterbury Financial
Below are the general loan guidelines published on the Waterbury Financial website. Please confirm all terms and rates directly with the lender.
Commercial Hard Money LoansLoan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/A
The following loans are for education purposes only. They do not represent actual loans executed by Waterbury Financial.
Loan Example 1
Waterbury Financial issues a hard money loan to Max for the acquisition of a new retail space after he is denied a conventional mortgage loan by his bank because he has a subpar FICO score. The price of the new building is $380,000 and the lending company agrees to fund 50% of the price (the loan-to-value / "LTV"), or $190,000. The other $190,000 will need to be paid by the borrower when the deal closes. The lender also stipulates the following terms to the deal: 1) a 14% rate of interest, 2) a 6 month term with interest-only payments monthly, 3) an origination fee of 3 points paid by the borrower at the close, and 4) no pre-payment penalty. Max will have to pay the origination fee of $5,700 and will then start to make the interest payments of $2,217 ($190,000 principle amount x 14% interest / 12 months per year). He may repay the note early if he wants to because there is no pre-payment penalty but he is responsible for paying off the full principle whenever he concludes the loan.
Loan Example 2
Irma is a real estate investor in Bridgeport, CT. She buys an older townhouse for a remodeling project and takes out a private money loan from Waterbury Financial with the following terms:
a) A $160,000 sales price, b) a 60% loan to value (LTV), c) a 6 month term, d) a 8% interest rate, and e) a 5% origination fee.
Irma intends to list the property when the note expires for $240,000. If she achieves this goal, the deal numbers will be as follows:
$240,000 sales price
- $96,000 principle (60% LTV)
- $64,000 cash paid at closing (40% on 60% LTV)
- $4,800 origination fee (5% of the $96,000 principle)
- $3,840 interest payments (6 months x 8% interest)
= $71,360 total profit (doesn't include taxes or renovation costs)
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