Rhode Island's flip stock is some of the oldest in the country, and much of it is multifamily. Choose a lender that is comfortable with heavy rehab on two- and three-family buildings.
In short: There is no single best fix and flip lender in Rhode Island. The right lender offers the lowest total cost on your deal, finances enough of the purchase and rehab, funds draws quickly and is comfortable with 2-4 unit buildings. LendingStreet finances investment property in Rhode Island, with rates from 9.99% for qualified borrowers, up to 90% of the purchase price and up to 100% of the rehab budget paid in draws. On a heavy rehab of an older building, the timeline and draw process often matter more than a small difference in rate.
Rhode Island investors work with local banks, private lenders and national programs such as RCN Capital, Kiavi and LendingOne, as well as LendingStreet. Not every program treats a triple-decker the same way. Some limit unit counts, rehab size or leverage on heavy projects.
Ask each lender up front whether they finance 2-4 unit buildings, how they handle a rehab that is large relative to the purchase price and how draws are inspected.
| Question | Why it matters here |
|---|---|
| Do you finance 2-4 units? | Two- and three-family buildings are a large share of the flip stock |
| How large a rehab will you fund? | Gut renovations of century-old buildings are common |
| How are draws inspected and how fast? | Multi-unit jobs run on several trades at once |
| What does an extension cost? | Heavy rehabs often run longer than planned |
Our fix and flip loans run from $150,000 to $5M+, with terms typically 12 to 18 months and rates from 9.99% for qualified borrowers. A complete file can close in as little as 10 days.
We finance up to 90% of the purchase price and up to 100% of the approved rehab budget, released in draws after each phase is completed and inspected. We finance single-family and 2-4 unit properties. Experience improves pricing and leverage, and first-time flippers can qualify on some programs, often at lower leverage.
Providence, home to Brown University and several other colleges, has neighborhoods full of older single-family homes and triple-deckers. Pawtucket, Central Falls and Woonsocket have large stocks of mill-era multifamily buildings. Cranston and Warwick offer more single-family homes and postwar neighborhoods.
Newport and the coastal towns have higher prices, historic homes and seasonal demand. Because the state is small, many investors work several of these cities at once, but each city runs its own building department and permit process.
Much of Rhode Island's housing was built before 1978. Federal rules generally require lead-safe practices and certified contractors for renovation work on those homes, and Rhode Island has its own lead rules for older rental housing. Confirm what applies to your property and scope with your contractor or local counsel.
Expect to replace old heating systems, knob-and-tube wiring and galvanized plumbing in many buildings. Coastal properties may sit in flood zones and face nor'easters, so check flood status and insurance costs before you buy.
This example is illustrative and not a quote. An investor buys a Pawtucket three-family for $420,000 and plans a $140,000 renovation with new systems, kitchens and baths in all three units. The after-repair value is $700,000. The loan covers 85% of purchase ($357,000) plus 100% of rehab ($140,000), or $497,000, about 71% of ARV. The investor brings $63,000 down.
At a sample rate of 11.4% on the full balance, interest is $4,721.50 a month. The work takes ten months, so interest totals $47,215. Here is how the costs stack up against the $700,000 sale:
In the example, each month costs $6,221.50 in interest and holding costs. If the project ran two months longer, profit would fall to $14,242. That is why a realistic schedule, a contractor who can work several units at once and quick draw funding all matter on a heavy rehab.
Before you close, line up your trades, confirm permit timing with the city and ask how extensions work.
Send the address, contract, a unit-by-unit scope with bids, comparable multifamily sales, bank statements for down payment and reserves, LLC documents and your project history. Note whether the units will be delivered vacant or with tenants.
Our financing team reviews the deal and comes back with options that fit the scope.
Yes. LendingStreet finances investment property in Rhode Island, including Providence, Pawtucket, Cranston, Warwick, Woonsocket and Newport. Loans are business-purpose on non-owner-occupied property, from $150,000 to $5M+.
Yes. We finance 2-4 unit properties on our fix and flip programs, including three-family buildings. The after-repair value is based on comparable multifamily sales.
If the building was built before 1978, federal lead-safe rules generally apply to renovation work, and Rhode Island has its own rules for older rentals. Confirm with your contractor or local counsel.
Some programs will, depending on experience and the after-repair value. Heavy rehabs get closer review of the scope and budget.
The best one is the lender that offers the lowest total cost and the leverage you need on your building. Compare at least two or three offers on the same property.
Yes. A DSCR loan can pay off the short-term loan once the units are renovated and leased.
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