How Our Loans Work

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.
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.