Connecticut: Stormfield lends in all counties in Connecticut: Hartford, Fairfield, New Haven, Storrs, Litchfield, Middlesex, Essex, Tolland, New London and Wyndham.
New York: Stormfield lends in New York City (all boroughs), Nasssau, Orange, Rockland, Suffolk, and Westchester, Putnam, Saratoga, Albany, Dutchess and Richmond counties.
New Jersey: Stormfield lends in Atlantic, Bergen, Burlington, Camden, Cape May, Cumberland, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Salem, Somerset, Sussex, Union, Warren.
Florida: Stormfield lends in Broward, Dade, and Palm Beach.
Maryland: Stormfield lends in Anne Arundel, Baltimore, Baltimore City, Cecil, Charles, Harford, Howard, Montgomery, and Prince George.
Massachusetts: Stormfield lends in the greater Boston area; Suffolk, Norfolk, Essex, Middlesex, and Plymouth.
Pennsylvania: Stormfield lends in Berks, Bucks, Chester, Delaware, Lehigh, Montgomery, Northampton, and Philadelphia.
Virginia & D.C.: Stormfield lends in Arlington, Alexandria, Fairfax, Washington D.C.
Vermont: Stormfield lends in all counties in Vermont.
New Hampshire: Stormfield lends in all counties in New Hampshire
Maine: Stormfield lends in all counties in Maine.
The majority of our bridge loans close within two weeks of initial borrower contact, if all of the necessary documentation is in order, we can close as quickly as 3 business days.
We do evaluate credit background of the deal principals, however we have no FICO minimum.
Yes, in almost all cases we require our borrowers to bring some cash to the closing.
Having experience is very helpful but we do lend to first time borrowers.
Fill out an Online Application , or call or email us with a basic deal summary. We will review and call you back if you email, or begin the conversation immediately if you call. We will listen to what you are looking for from a hard money lender. We will then ask you some questions about the profitability of your deal, your experience, the value of your real estate asset, available cash liquidity and your payoff plan for our loan. We will tell you approximately how much money we think we can lend to you and at what cost. We will also tell you what the process is to close our loan and all the associated costs.
If we think there is a viable deal, we will provide you with a Financing Letter of Intent which will outline the entire deal structure and all costs. You will not be asked for any money from us until we send you a Letter of Intent.
We do not require any specific initial paperwork, although it is very helpful to us if you provide a bridge loan application and a deal overview.
Our primary bridge loan program is a one year loan that is interest only until maturity and no prepayment penalty. We are willing and able to customize a loan program which works for your particular scenario. Learn more about our loan programs.
No, we only lend to some kind of entity – LLC or Corporation.
Yes, in almost all cases.
No, we only lend to investors. All of our loans must be non-owner-occupied.
No, we are a 1st lien lender only.
Yes, but only to experienced contractors or builders.
We are a direct lender with control of our own funds and decision making.
Within 24 hours if the submission is complete.
Yes, but it depends upon the particular circumstances of the loan and individual circumstances of the borrower.
Yes, we value repeat customers.
We do not have a minimum credit score, however, we do examine our borrower’s credit, and look at payment patterns.
We do not have set income requirements for the borrower, but the borrower and/or the asset must be able to demonstrate the ability to pay scheduled interest.
Yes, but only if you do not live in the house and have no intention of ever living in the house.
$100,000 – $5,000,000
No, we lend 80-85% of purchase and rehab costs up to a maximum of 60%-65% of after rehab value (ARV)
Yes, but we will carefully your scope of work and proposed draw schedule
We lend against all commercial real estate, including non-owner occupied residential.
We do not lend on primary residences, mobile homes, properties in very poor condition, and/or in very undesirable areas. We lend when we can value the asset with a high level of confidence.