Hard Money Loans in Rhode Island

Flips here usually start with an older house, so budget for heating, wiring, windows and lead-safe work. In Warwick and Cranston the project is often a postwar cape or ranch. In Providence and Pawtucket it may be a two-family sold to an owner-occupant, and exterior work in a local historic district needs design approval first. Apex's hard money fix and flip loans go up to 92.50% of cost and up to 100% of the rehab budget, with a 650 minimum FICO and lower scores considered case by case. First-time investors are welcome.

A triple-decker in Providence, Pawtucket or Central Falls puts three rents under one roof, and each unit's rent counts toward the DSCR. Tenants near downtown include students, hospital staff and state employees. Beach towns such as Narragansett and Westerly draw vacation renters, so check local rules before you underwrite a short-term rental. Apex qualifies DSCR loans on the property's cash flow, with no personal-income verification and ratios as low as 0.75x. Loans run from $100K to $3M+ with 30-year fixed and ARM options, and cash-out refinances go up to 80% LTV. Reaching the full 80% takes a stronger DSCR and credit score than the program minimums, so leverage on each file is set by its DSCR and credit.

A hard money bridge loan fits Rhode Island deals where time or condition keeps a bank out: a triple-decker with vacant units, a mill-area building that needs work before it can be refinanced, or a property bought at a foreclosure auction. Foreclosures here usually end in a public auction, so buyers need funding lined up early. A common plan is to buy, renovate and lease up, then refinance into a DSCR loan. On a triple-decker, price heat and lead-safe work early, since they often set the length of the hold. Apex sets bridge terms deal by deal and sends a term sheet within 12-24 hours.

New construction in Rhode Island is often infill and rebuild work: a vacant lot in an older neighborhood, a cleared parcel for a small multifamily, or a new house replacing a worn cottage near the water. Zoning is set town by town, so confirm what can be built before closing. Near the shore, work close to beaches, wetlands and bluffs may need approval from the Coastal Resources Management Council. Apex funds up to 100% of the construction budget, assessing lot and build together, with capital released in stages against construction progress.