Determine Your Needs: First, identify why you need a hard money loan. Do you need it for a fix-and-flip, a construction project, or a land loan? Knowing your specific needs will help you find the right lender and structure the loan terms appropriately.

Find a Local Lender: Look for hard money lenders who operate in Connecticut. Local lenders are usually more familiar with the real estate market and can provide more relevant advice and guidance. You can search online, attend local real estate investing meetups, or ask for recommendations from real estate professionals in your network.

Evaluate Your Lender Options: Research the potential lenders thoroughly. Look at their reputation, loan terms, interest rates, and customer service. Speak with previous borrowers (if you can) to get a sense of how the lender operates.

Prepare Your Proposal: Create a detailed proposal for your project. This should include information about the property, your renovation plan, the expected after-repair value (ARV), your budget, and your exit strategy. The more detailed and thorough you can be, the more likely the lender will consider you a solid investment. Most lenders will want you to have an accepted offer on a property in hand as proof that you are serious about closing a loan with them, or anyone else.

Create an LLC: Most hard money lenders want to lend to investors as opposed to those who are planning to live in the house that they will purchase and renovate with the hard money lender’s money. As evidence of the project being an investment, the lender will expect you to purchase the property in the name of an LLC as opposed to your individual name. It is easier to form an LLC in Connecticut as opposed to some other state.

Apply for the Loan: Once you’ve chosen a lender, you’ll need to fill out an application. This usually involves providing information about the property, your finances, and your real estate experience. The lender will then review your application and decide whether to approve your loan.

Undergo Due Diligence: If your application is approved, the lender will conduct due diligence. This usually involves an appraisal of the property, a title search, and a review of your financials. If everything checks out, you can move to the next step.

Close on the Loan: Once the due diligence is completed, you’ll need to sign the loan documents and pay any upfront fees. After that, the loan funds will be disbursed, typically either directly to you or to an escrow account, depending on the terms of the loan.

Remember, hard money loans carry higher interest rates and fees than traditional bank loans, so be sure to thoroughly understand all the terms before signing. It’s also wise to work with an attorney or a real estate professional to ensure you fully understand the loan terms and the risks involved.