Hard Money Loans in Rhode Island


Private money lenders in Rhode Island are readily available to fund investment projects.

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Hard Money Lenders

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7 Best Hard Money Lenders in Rhode Island

Key Terms

  • Rhode Island’s real estate market sees elevated home values due to high demand and desirable coastal locations.
  • Hard money loans offer flexible financing for real estate investors, ideal for projects like fix and flips and rental properties.
  • These loans can close quickly and are based on the property’s after-repair value, making them appealing for fast-paced markets.
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You’re our first priority. We want you to understand how we make money. This post may contain affiliate links. Biglaw Investor may receive a commission at no additional cost to you if you click on the links in this article. This may influence which products we write about and where and how the products appear on a page. However, it does not influence our evaluations. Our opinions are our own. In some circumstances, if you work with us, we are able to provide an incentive to work with our advertising partners that is unavailable if you work with our advertising partners directly. Our partners cannot pay us to guarantee favorable reviews of their products or services. To read more about how we make money, click here.

Easy Street Capital

(All 50 States Except LA, MN, MO, NV, NY, ND, SD)

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Online

usually responds within 30 minutes

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Easy Street Capital

(All 50 States Except LA, MN, MO, NV, NY, ND, SD)

Easy Street Capital’s EasyFix loan program provides fix and flip loans for investors purchasing residential properties.

Approvals in less than 24 hours, close your loan in 48 hours—no appraisals! Easy Street’s EasyBuild loan program provides hard money construction loans for developers building residential properties.

Loan Products

  • Fix & Flip: Hard money loans to purchase renovate and sell non-owner occupied properties up to 10 units. Loans cover purchase price + rehab costs.
  • Bridge: Purchase-only hard money loans (no rehab). Popular among investors needing to close fast. Capitalize on time-sensitive opportunities and close in 48 hours!
  • Refinance: Use equity from a currently owned investment property for a business purpose, or request rehab funds for a currently owned investment property.
  • New Construction: Hard money loans covering the purchase of empty lots to build on, tearing down an existing property to construct a new one, or adding square footage to an existing property.
Lender Facts
Minimum Loan

$75,000

What We Do
  • Fix & Flip / Bridge loans up to 90% LTC
  • Hard Money Refinance loans up to 60% LTV
  • Construction loans up to 82.5% LTC
  • Interest-only payments
  • No prepayment penalty
  • 600 minimum FICO score
  • No appraisals
  • Draws processed in 48-72 hours
Not Available
  • No 100% Financing
  • No properties > 10 units
  • No owner-occupied properties
  • Restricted markets within eligible states: Baltimore, MD; Chicago, IL; Detroit, MI; Inner-City New Jersey
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Biglaw Investor Premium Lender

You’re our first priority. We want you to understand how we make money. This post may contain affiliate links. Biglaw Investor may receive a commission at no additional cost to you if you click on the links in this article. This may influence which products we write about and where and how the products appear on a page. However, it does not influence our evaluations. Our opinions are our own. In some circumstances, if you work with us, we are able to provide an incentive to work with our advertising partners that is unavailable if you work with our advertising partners directly. Our partners cannot pay us to guarantee favorable reviews of their products or services. To read more about how we make money, click here.

New Silver Lending

(All 50 States Except AL, AK, ID, LA, NV, ND, OR, SD, UT, VT)

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Online

usually responds within 30 minutes

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New Silver Lending

(All 50 States Except AL, AK, ID, LA, NV, ND, OR, SD, UT, VT)

Close deals faster with New Silver’s Fix-&-Flip Loans. Unlock streamlined loan approvals, instant term sheets, fast-tracked closing and repeat client discounts.

Get approved for a fix-and-flip loan in under 5 minutes, including instant term sheets and instant proof of funds.

Loan Products

  • Fix & Flip Loans: Hard money loans designed for purchasing, renovating, and reselling investment properties—perfect for executing quick fix-and-flip projects.
  • DSCR Loans: A 30-year fixed loan tailored for stabilized rental properties—ideal for growing your rental portfolio. No minimum DSCR required.
  • Ground Up Loans: Up to 100% construction financing for residential builders—ideal for developers ready to break ground.
Lender Facts
Minimum Loan

$100,000

What We Do
  • Fix & Flip Loans up to 90% LTC
  • DSCR Loans up to 80% LTV
  • Ground Up Loans up to 90% LTC
  • Interest-Only Repayments
  • Instant Proof of Funds
  • Instant Term Sheets
  • Discounts for Repeat Borrowers
  • No Hard Credit Pull
Not Available
  • No 100% Financing
  • No Properties with more than 4 Units
  • No Owner-occupied Properties
  • No Rural Properties
Star
Biglaw Investor Premium Lender

You’re our first priority. We want you to understand how we make money. This post may contain affiliate links. Biglaw Investor may receive a commission at no additional cost to you if you click on the links in this article. This may influence which products we write about and where and how the products appear on a page. However, it does not influence our evaluations. Our opinions are our own. In some circumstances, if you work with us, we are able to provide an incentive to work with our advertising partners that is unavailable if you work with our advertising partners directly. Our partners cannot pay us to guarantee favorable reviews of their products or services. To read more about how we make money, click here.

Ridge Street Capital

(AL, AK, AR, CO, CT, DE, FL, GA, HI, IN, IA, KS, KY, ME, MD, MA, MS, MT, NE, NM, NY, OH, OK, PA, RI, SC, TN, TX, VT, WA, WV, WI, WY)

Apply Now Contact Send Email

Online

usually responds within 30 minutes

Presented by

Ridge Street Capital

(AL, AK, AR, CO, CT, DE, FL, GA, HI, IN, IA, KS, KY, ME, MD, MA, MS, MT, NE, NM, NY, OH, OK, PA, RI, SC, TN, TX, VT, WA, WV, WI, WY)

Ridge Street Capital offers fast-closing, competitively priced 12-month fix and flip loans at 10.75% with quick online approvals for loans to purchase and rehab investment properties.

Request a term sheet or get approved online, and we’ll close your fix-and-flip loan in as little as 5 days. Ridge Street Capital offers hard money loans to both experienced and beginner investors at 10.75%, with amazing service, transparency, and rapid response times.

Loan Products

  • Fix and Flip Loans: 12 Month Loans to Buy, Renovate, and Sell or Hold residential investment properties across the US. Fix and Flip Loans cover up to 90% of purchase + 100% of rehab costs.
  • DSCR Loans: 30YR Fixed Rate DSCR Loans for purchasing and refinancing rental properties. Ridge Street’s DSCR Loans have low rates and are perfect for the BRRRR Investment Strategy.
  • Ground-Up Construction Loans: Up to 60% of land value + 100% of rehab for residential ground-up construction projects. Ridge Street’s GUC Loans cover 85% of the total project cost.
Lender Facts
Minimum Loan

$50,000

What We Do
  • Fix & Flip Loans Up To 90% of Purchase + 100% of Rehab
  • DSCR Loans Up To 80% LTV
  • Construction loans up to 85% LTC
  • 12 Month Loans With Rates of 10.75%
  • No Inspection Rehab Draws
  • Receive Draws in 24 hours
  • Soft Credit Check
  • No Pre-Payment Penalty
  • Get A Term Sheet Or Pre-Approval Letter Online
Not Available
  • No 100% Financing
  • No properties > 25 units
  • No owner-occupied properties
  • No credit score below 660

Rhode Island, though the smallest U.S. state, boasts a dense population of around 1.1 million, second only to New Jersey in population density. Its strategic East Coast location draws visitors to vibrant cities like Providence, New Shoreham, and Westerly. As the Ocean State, Rhode Island thrives on its maritime economy, with over 400 miles of coastline and expansive bays making up about 14 percent of its land area.

For those thinking about buying a home in Rhode Island, costs are typically higher due to limited access, especially along the coastal areas, and overall demand. Home values in Rhode Island are elevated, with the median sale price currently $420,000, according to Rhode Island Realtors Association, which is much higher than most real estate throughout the U.S. but mid-range for the Upper Atlantic region. Home values are elevated, and there is a lot of property here that is owned as a second home or vacation rental property, thanks to the high desirability of this region.

When it comes to homeownership, the U.S. Census Bureau states that about 64 percent of people who reside in Rhode Island own their homes. In addition to this, 36 percent lease their property. This is a considerable level of rental living, coupled with the fact that 3.9 percent of rentals in the area are unoccupied could indicate that there is a substantial demand for rental income in this area. That could mean, even with the high cost of purchasing real estate in some areas, home buyers could transform property into rental investments.

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How hard money loans work

A hard money loan is a type of real estate-based loan linked to the value of the property itself. Most hard money lenders in Rhode Island are individual private investors or groups of investors working together through an investment firm. These lenders are likely to approve or deny loans based on the specific terms they set. This makes these loans one of the most flexible types of financing options available today. As such, hard money loans are typically a solid investment opportunity for those who need money to purchase harder to finance real estate, such as fix and flip projects, rental income properties, bridge loans for bigger projects, and commercial real estate projects.

If a borrower defaults on the hard money loan in Rhode Island, the lender has the legal right to force the sale of the home through a foreclosure. This enables the property lender to reclaim the property or sell it to get some of its money back. Because these are high risk properties, there is a higher cost to using these loans over other types of asset based loans.

As a result of that higher risk, lenders typically charge between 8 and 15 percent in interest to borrowers. They may have specific standards for down payments and credit scores as well, though in most cases, these conditions are often more flexible than a traditional loan. Unlike a ground-up construction loan, the purchase price here is based on the possibility to sell this for more later in the real estate market.

For residential properties, these real estate loans can make a lot of sense if you can complete repairs quickly and get this listed back on the real estate market soon. If you find the right mortgage broker for your property loan, you can move quickly and start rehabbing the property now. The lending process can move quickly if you have everything in order and depending on the property types.

Another key factor about most hard money loans in Rhode Island is that they are in place for a short period of time, generally 1 to 5 years. Lenders expect borrowers to have refinanced the loan into a lower costing loan or sold the property to pay off the loan within that time. This may help borrowers to get the money they need to buy the real estate and then make repairs before selling it, for example. These are competitive loans available for many types of properties.

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7 Top Rhode Island hard money lenders

Some lenders only offer hard money loans to experienced investors, while other programs can lend to those that are pursuing their first real estate investment.

1. LendingOne

LendingOne focuses exclusively on real estate investor loans. Started in 2014 by Bill Green and Matthew Neisser, LendingOne acts as a direct private lender offering products like portfolio rental loans, DSCR loans, fix and flips, multifamily and new construction loans.

We contacted LendingOne to learn more about their private lending business and here are some of the highlights:

  • For rental property loans, they can finance from $75K to $5 million with up to 80% LTV for purchase and refinance and up to 75% LTV for cash out refinancing.
  • For fix and flip, they can finance up to 90% of the purchase and repair budget with interest only payments for up to 24 months and no pre-payment penalties.

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

2. New Silver

New Silver started in 2019 by Kirill Bensenoff and Alex Shvayetsky. They offer a variety of private money lending products like fix and flip, rental, ground up and personal loans.

We contacted New Silver Lending to learn more about their private lending business and here are some of the highlights:

  • Origination fee from 1.875%
  • Loan to cost up to 90%
  • 100% construction financing available
  • Loan to ARV up to 80%
  • Terms are typically 24 months
  • Loan amounts are from $100,000 to $5 million
  • Minimum FICO score is 650
  • No hard credit pull required

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

3. HouseMax Funding

HouseMax Funding is based out of Austin, Texas but has a national footprint when it comes to real estate industry lending. Started by Jeff Fetcher and Alex Morris, HouseMax provides asset-based loan financing to investors for real estate transactions.

We reached out to HouseMax to learn more about their hard money lending program and here is what we found:

  • Minimum loan amount is $75,000
  • Lends up to 75% of the after-repair value (APV)
  • 1-3 points origination charge
  • 3 months reserves required
  • Direct lender that approves loans internally and funds using their own private capital.
  • Lends in urban and suburban communities in all 50 states.
  • Goal is to close loans in 10 days or less.
  • Specializes in fix & flip loans, construction and rental loans
  • Multi-family and commercial properties are ok

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

4. EquityMax

EquityMax is based out of Florida and most of its business in the state but is able to lend throughout the United States. Founded by Brad Emmer in 1990, EquityMax has decades of experience as a hard money lender.

We reached out to EquityMax to learn more about their hard money loans and these are the key highlights that you need to know:

  • Single Family Homes
  • 1-4 Multi-Unit Properties
  • Condos and Townhomes ok
  • Commercial property and Industrial Warehouses OK
  • Direct lender that has decision making over financing deals.
  • Can originate loans to individuals, LLCs, corporations, land trusts and self-directed IRAs.
  • No prepayment penalties
  • No minimum credit score required

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

5. LendSimpli

LendSimpli is a hard money lender based in Tampa, Florida. They can lend nationally in most states but may not be able to lend if the property is in a rural area. Founded by Brenden Crampton and Matthew Davies in 2018, they have nearly four years of experience in the private lending real estate investing market.

We reached out to LendSimpli to get more details about their bridge loan product and this is what we found:

  • Loan amounts up to $5 million for 1-4 unit properties
  • Loan amounts up to $20 million for 5+ unit properties
  • Single family (1-4 units)
  • Multifamily (5-20 units)
  • No owner-occupied properties
  • Loan terms 12-24 months
  • Interest-only payments with rates starting at 8.50%
  • Max LTC is 90% of project costs
  • Minimum credit score is 660
  • Prefer that you have at least two transactions in the past three years

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

6. Easy Street Capital

East Street Capital is based in Austin, Texas but lends nationwide except in North and South Dakota. Founded by Stephen Hagerman in 2016, Easy Street Capital has over six years of experience in the real estate investing world.

We reached out to Easy Street Capital to learn more about their hard money loans and this is what we found:

  • Interest rates range from 6.9% – 10.9%
  • Points range from 2-3
  • There is a $1495 document fee
  • No minimum credit score required
  • Down payments of at least 10% required
  • Renovation financing ok
  • Fix and Flip loans do not typically have prepayment penalties

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

7. Stratton Equities

Stratton Equities is a nationwide direct hard money lender for real estate investors. Founded by Michael Mikhail in 2017, Stratton Equities has over five years of experience in the private lending market.

We reached out to Stratton Equities to get more information about their hard money lending program and here are some highlights:

  • Loan amounts from $100,000 up to $5 million
  • Investment properties only
  • Single-Family, Condos, Townhomes, Multi-Family, Commercial, Mixed-Use, Office, Retail, Industrial and Warehouse are all ok
  • Up to a 75% LTV
  • Rates start at 7.25%
  • Interest only payments
  • Loan terms are 9-24 months
  • Foreign nationals are eligible
  • No prepayment penalty option is available

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

What are the main advantages of a Rhode Island hard money loan?

Securing a Rhode Island hard money loan may be ideal when a traditional loan is not available or may not provide the key benefits the borrower requires. There are a few key befits here.

First, private lenders set the terms and conditions for the loan, which means there may be more able to negotiate the terms to fit your specific needs. Some private investors will work with those who do not have a large down payment or a super high credit score, though nearly all lenders have established eligibility requirements. These just tend to be more flexible than bigger banks.

If you have a track record in real estate, you might be able to fund your next real estate investment project if new construction is not an option for you. This is true when you find the right private money lender. Most people come to this conclusion after reviewing construction loans, a refinance, or other buying options. As far as financing solutions go, this can be a strong one for buyers of rental property.

Also notable, the loans are based on the after repair value of the property. Some lenders will lend up to 70 percent of the value of the property after repairs are made on it, which is often considerably higher than what the home is worth at the time of purchase. Some will lend at the full value of the property with repairs, including the land itself.

Often, these loans can close faster for borrowers than traditional loans. With a Rhode Island hard money lender able to work closely with the buyer, they may be better able to work with the borrower to close quickly, often within 30 days instead of up to 90 days which is typical of traditional loans.

Rhode Island lenders are more likely to help borrowers if they have some experience in fix and flip or other projects, but that is not always the case. If the lender can see the value of a project, they may be willing to invest in it.

Looking for a hard money lender in a different state?

If you want to find the best hard money lenders in other states, click on your state below.

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Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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