Rhode Island is small, but its rental stock is dense: triple-deckers, two-families and older multi-unit homes packed into Providence, Pawtucket, Central Falls, Cranston and Woonsocket. Many of them are financed on short bank terms that eventually need a long-term answer.
In short: LendingStreet is our top pick for Rhode Island investors refinancing a rental out of short-term or bank debt. Three reasons: we qualify on rent, not personal income; rate-and-term LTV reaches 80% on some programs; and 30-year terms are available to LLC borrowers. Rhode Island's multi-family housing makes combined-rent qualifying especially useful, and a DSCR refinance lets you replace a bank balloon or bridge loan without re-qualifying on personal income. Call (877) 298-1001 or use the form below for a quote.
If you own a stabilized Rhode Island rental and the loan on it is short-term, ballooning or costlier than it needs to be, LendingStreet is where we would start. We qualify the refinance on what the property earns, not on your personal income, and we lend to LLCs as a matter of course.
Our DSCR loans begin at $150,000 with no stated maximum, reach up to 80% LTV on rate-and-term refinances on some programs, and come with 30-year terms. We use a 1.0x standard DSCR minimum, sub-1.0 programs exist, and the credit floor is 620.
Fill out the form below or call (877) 298-1001 and we will look at your Rhode Island numbers.
If you are weighing CoreVest, Dominion Financial, LendingOne, Lima One, New Silver and RCN Capital for a DSCR refinance loan for investors in Rhode Island, this is the short version: LendingStreet wins the scenarios below, and you can get a quote with the form below.
Figures for other lenders are as stated on each lender's own website as of November 2026. Lender terms change, so verify current terms with any lender before you apply. Ready to see your numbers? Use the form below or call (877) 298-1001.
| Scenario | Best fit | Why |
|---|---|---|
| Rental loan above $2M | LendingStreet | Our DSCR loans have no stated maximum. LendingOne states DSCR loans up to $2,000,000 and RCN Capital states long-term rental loans up to $1.5M. |
| Credit score in the 620s | LendingStreet | Our DSCR minimum is 620. RCN Capital and New Silver state 660 minimums, and Dominion Financial states 680, with exceptions to 660. |
| 5-8 unit building | LendingStreet | We treat 1-8 units as residential DSCR. Lima One and CoreVest state 1-4 unit eligibility for their rental loans. |
| Property in any state, including DC | LendingStreet | We lend in all 50 states and DC. Lima One states it lends across 46 states, and Dominion Financial lists 49 states plus DC. |
The classic Rhode Island rental is the three-family triple-decker, often a century old, in neighborhoods across Providence, Pawtucket and Central Falls. Investors also own two-families in Cranston, East Providence and Woonsocket, and some higher-value rentals in Warwick and Newport County.
These properties often sit on local bank or credit union loans with balloons, or on bridge loans taken to buy and renovate. When the term ends, the investor needs a lender that will size a new loan on the building's rent and lend to the LLC that owns it.
Rhode Island has lead-safety rules for older rental housing, and many triple-deckers predate 1978. Keep your lead certificate current and on file, because missing paperwork can slow an appraisal or a closing.
Most Rhode Island investors weigh three or four kinds of lenders for a refinance. Each has a place, but for replacing short-term debt with a long-term rental loan, the differences are clear.
A bank can suit an investor with simple tax returns and one or two Rhode Island properties. A hard money lender is useful for the purchase, but it is not a long-term answer. For a 30-year rental loan sized on rent, LendingStreet is our top pick.
| What investors need | LendingStreet | Typical bank or credit union | Typical hard money or bridge lender |
|---|---|---|---|
| What decides approval | The rental's cash flow | Usually your personal income | Usually the asset and your exit |
| Leverage on rate-and-term | Up to 80% LTV on some programs | Varies | Short-term leverage only |
| Length of loan | Up to 30 years | Often a balloon in 5 to 10 years | Usually months, not years |
| Borrowing in an LLC | Yes, standard | Sometimes | Often |
| Income paperwork | No W-2s or tax returns | Usually required | Usually limited |
| Where they lend | All 50 states and DC | Mostly local | Varies |
| Three-family triple-deckers | Qualified on combined rent of all units | Varies; may count only some income | Short-term only |
Providence and some other municipalities tax non-owner-occupied residential property at a higher effective rate than homes that receive a homestead exemption. Investors who buy from an owner-occupant may see the bill rise after the sale, so run your DSCR on the investor tax bill, not the seller's.
Coastal properties in Newport County, Warwick and along Narragansett Bay can need flood or wind coverage, and older wood-frame multi-families can be costly to insure. Get a current quote early and confirm tax figures with the city or town assessor.
On a multi-family, the appraiser will estimate market rent for each unit. Keep a simple rent roll with lease dates and amounts, because it makes the combined-rent figure easy to support.
This example is illustrative and not a quote. An investor owns a Providence three-family worth about $640,000, financed with a local bank loan with a balloon coming due. The payoff is $455,000 and estimated closing costs are $9,000, so the new loan is $464,000, about 72% LTV, within the 80% rate-and-term limit on some programs.
Rent is $4,950 a month. Rent from all three units counts toward the ratio. Estimated principal and interest on a 30-year term is about $3,126, taxes are $690 and insurance is $260, for a total monthly payment of about $4,076. DSCR is about 1.21x, above the 1.0x standard minimum, and the short-term loan is replaced with a 30-year term.
Your numbers will differ. Try our DSCR calculator, then get a quote with the form below for real terms.
| Item | Amount |
|---|---|
| Property value | $640,000 |
| Existing loan payoff | $455,000 |
| Estimated closing costs | $9,000 |
| New loan amount | $464,000 |
| Loan-to-value | About 72% |
| Monthly rent | $4,950 |
| Estimated principal and interest | $3,126 |
| Property taxes | $690 |
| Insurance | $260 |
| Total monthly payment | $4,076 |
| DSCR | About 1.21x |
Timing on a Rhode Island rate-and-term refinance usually comes down to three things: seasoning, the appraisal and title. Seasoning varies by program, so confirm it before you order anything; payoff-only refinances tend to have more room.
Having leases, rent records, a current payoff letter and an insurance quote ready shortens the file. If the appraised rent leaves the ratio just under 1.0x, a smaller loan or a sub-1.0 DSCR program are the usual fixes.
Lenders describe themselves in similar terms, so the specifics are what separate them. Ask these six, and compare the answers with LendingStreet's.
Gather your payoff letter, leases, rent history and insurance quote, then send us the basics. We will size the loan on the rent and tell you how much of the payoff and closing costs it covers. If you would rather take equity out, we can price a cash-out refinance up to 75% LTV as well.
Our loans are business-purpose loans on non-owner-occupied Rhode Island rentals with 1 to 8 units; larger buildings go through our commercial programs. Fill out the form below or call (877) 298-1001 to get started.
We think it is LendingStreet: a DSCR loan qualified on the property's rent, up to 80% LTV on some rate-and-term programs, 30-year terms and LLC borrowing as standard. Call (877) 298-1001 or use the form below.
Yes. We make DSCR loans on non-owner-occupied rentals across Rhode Island and in all 50 states and DC.
No W-2s or tax returns are needed. The loan is qualified on the rental's income compared with its payment, along with credit and reserves.
Yes. LLC borrowers are standard at LendingStreet, and you can keep title in the entity that already owns the property.
Seasoning depends on the program rather than the state. Payoff-only refinances usually have more room than cash-out refinances. We confirm it at the start.
You still have options. Sub-1.0 DSCR programs exist, or a slightly lower loan amount can bring the ratio above 1.0x.
Yes. A three-family is residential for DSCR purposes, and we qualify it on the combined rent of all three units. Have current leases, your lead certificate and the investor tax bill ready.
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