As a prominent Rhode Island based hard money lender, it is our goal to be reliable and responsive to your needs. During our initial conversation, we will discuss your project in great detail and help guide you to a successful closing. Listed below are some of the criteria and information we require for approval of a rehab loan.
| PROPERTY TYPE | Residential, non-owner occupied investment properties located within Rhode Island. |
| LIEN POSITIONS | First position only. |
| STANDARD TERMS | 12 months |
| REHAB FUNDS | We lend up to 70% of the purchase price, and in many cases, 100% of the repair funds. |
| RELEASE OF REHAB FUNDS | Rehab funds are usually handled in two to three disbursements and are disbursed after the work is completed. |
| CLOSING TIME | 7-10 business days |
| POINTS | Paid at closing |
| CLOSING COSTS | Paid at closing |
| GUARANTEE | Personal guarantee required |
| LOAN DOCUMENTATION | Purchase & Sales Agreement, Detailed Repair Budget with Itemized Costs. Copy of Insurance Certificate, and other documents as requested. |
| QUICK CLOSINGS | Once a loan has been approved, closings can be held within a few days. |
Call us at (401) 250-2803 to discuss how we can help you.