Rhode Island is small but deal-dense. Providence, Pawtucket, Central Falls, Woonsocket and Cranston are full of triple-deckers and two-families built a century ago, and investors who can renovate them quickly have a deep pool of renters and buyers waiting.
In short: Our top pick for Rhode Island investors comparing hard money lenders is LendingStreet. We fund fix and flip and bridge loans from $150,000 to $5M+ on 1-8 unit investment property, with up to 90% of cost and up to 100% of rehab on some programs, closings in as little as 10 days and rates from 7.99%. Because so many Rhode Island projects are multi-unit, our DSCR rental loan, qualified on the combined rent, is a natural exit.
A Providence triple-decker can need $100,000 or more in work, which strains cash on a typical local loan. LendingStreet can fund up to 100% of rehab on some programs, then refinance the leased building into a DSCR loan.
To get started, get a quote with the form below or call (877) 298-1001.
If you are weighing CoreVest, Dominion Financial, LendingOne, Lima One and RCN Capital for a hard money 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 |
|---|---|---|
| Fix and flip above $3M | LendingStreet | Our fix and flip program runs from $150,000 to $5M+. LendingOne states fix and flip loans up to $3,000,000, and RCN Capital states up to $2M. |
| Bridge close in about 10 days | LendingStreet | We can close in as little as 10 days. CoreVest states its bridge loans typically close within 2 to 4 weeks. |
| Flip of a 5-8 unit building | LendingStreet | We finance 1-8 unit investor properties. RCN Capital states its fix and flip loans cover 1-4 family homes, condos and townhomes. |
| 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. |
Most Rhode Island investors weigh three choices for a rehab: a local hard money shop, a private individual lender or a bank. Each can work. The difference is how much leverage you get, how predictable the process is and what happens when the flip loan comes due.
| What investors need | LendingStreet | Typical local hard money lender | Private individual lender |
|---|---|---|---|
| Loan size | $150,000 to $5M+ | Varies; often smaller local deals | Depends on one person's funds |
| Leverage on a rehab | Up to 90% of cost and up to 100% of rehab on some programs | Varies by lender | Negotiated deal by deal |
| Time to close | As little as 10 days | Often fast | Fast if funds are ready |
| Rates | From 7.99% | Varies; fees and terms vary | Varies |
| Long-term rental loan | Yes: DSCR loans, 30-year terms available | Usually short-term only | Usually short-term only |
| Where they lend | All 50 states and DC | Often one city or region | Usually local |
| LLC borrowers | Standard | Common | Varies |
In Providence, investors buy in Elmwood, Olneyville, Mount Pleasant, Silver Lake, the West End and the South Side. Pawtucket, Central Falls, Woonsocket and East Providence have similar multi-family stock at lower prices, while Cranston and Warwick lean toward single-family homes. Newport and the coast are a higher-priced, seasonal market.
Triple-deckers and two-families from the early 1900s dominate. Expect knob-and-tube wiring, old boilers, lead paint, porches that need rebuilding and separate utilities for each unit.
Most Rhode Island foreclosures use a power of sale with an advertised auction, so properties can reach sale faster than in court-based states. Bidders usually need a deposit at the auction, so plan financing and title review before you bid.
The seller customarily pays the state realty conveyance tax, which Rhode Island raised in 2025; confirm the current rate with your title company. Providence taxes non-owner-occupied residential property at a higher rate than homes people live in, so use the investor rate in your numbers.
This example is illustrative and not a quote. An investor buys a triple-decker in Providence for $485,000 and budgets $125,000 for lead work, three kitchens, baths, new boilers and porch repairs. Total project cost is $610,000. With the loan sized at 90% of cost, the loan is $549,000 and the investor covers $61,000 of the cost.
The estimated interest-only payment is about $4,575 a month, or $36,600 over a 8-month project. Add about $8,800 in taxes, insurance and utilities during the hold and $8,000 in purchase closing costs, and the investor has about $114,400 in the deal. The interest figure assumes the full loan is out the whole time; rehab funds paid in draws would lower it.
Instead of selling, the investor leases all three units for $6,400 a month and refinances into a DSCR loan at 75% of the $800,000 after-repair value, or $600,000. Estimated principal and interest is about $4,093; with $1,150 in taxes and $320 in insurance, the monthly payment is $5,563 and DSCR is about 1.15x. The new loan repays the $549,000 flip loan and returns about $51,000 before refinance closing costs, leaving about $63,400 in the deal. Taxes here use the higher non-owner-occupied rate, and the lead certificate should be in hand before tenants move in.
| Item | Amount |
|---|---|
| Purchase price | $485,000 |
| Rehab budget | $125,000 |
| Total project cost | $610,000 |
| Loan at 90% of cost | $549,000 |
| Investor share of cost | $61,000 |
| Estimated interest-only payment | $4,575 a month |
| Interest over 8 months | $36,600 |
| Other holding costs | $8,800 |
| Purchase closing costs | $8,000 |
| Total cash in the deal | $114,400 |
| DSCR loan at 75% of $800,000 | $600,000 |
| Estimated principal and interest | $4,093 |
| Taxes and insurance | $1,470 |
| Total monthly payment | $5,563 |
| DSCR at $6,400 rent | About 1.15x |
| Cash returned at refinance | $51,000 |
Rhode Island's lead law requires most pre-1978 rentals to have a lead certificate, which shapes the rehab scope on almost every triple-decker. Plan paint, windows and porches with that inspection in mind.
Contractors must register with the state Contractors' Registration and Licensing Board, and permits come from each city or town. If you plan a short-term rental, Rhode Island requires statewide registration, and local rules also apply.
Rental demand from universities, hospitals and commuters to Boston keeps Providence-area units leasing, so many investors hold their triple-deckers. A DSCR loan qualifies on the combined rent of all units, with no W-2s or tax returns.
Single-family flips in Cranston, Warwick and East Providence are more often sold. Either way, check seasoning on the refinance; it varies by program.
Ask every lender the same questions, in writing, before you sign a purchase contract that depends on financing.
Here is how LendingStreet answers: up to 90% of cost and up to 100% of rehab on some programs, closings in as little as 10 days, LLC borrowers as standard and loans from $150,000 to $5M+. When you keep the property, our DSCR loan has a 1.0x standard minimum, a 620 minimum credit score, up to 75% LTV on cash-out and up to 80% on rate-and-term on some programs, with seasoning that varies by program. Call (877) 298-1001 to walk through your deal.
Tell us the deal: address, price, rehab budget, after-repair value and whether you plan to sell or rent. We will come back with loan size, leverage and timing. Get a quote with the form below, or call (877) 298-1001.
Our top pick is LendingStreet. We combine hard money style speed, closing in as little as 10 days, with up to 90% of cost and up to 100% of rehab on some programs, rates from 7.99% and a DSCR rental loan for investors who keep the property.
Yes. We finance business-purpose investor loans across Rhode Island and in every other state and DC. Use the form below or call (877) 298-1001.
Most rentals built before 1978 do under the state lead law. Plan the rehab so the property can pass, and have the certificate before tenants move in.
Providence uses a higher tax rate for non-owner-occupied residential property. Use that rate when you run rental and DSCR numbers.
In as little as 10 days with LendingStreet. Clean title, a signed contract, a clear rehab budget and quick access to the property help most.
Yes. When the rehab is done and the property is leased, a DSCR loan qualifies on the rent with no W-2s or tax returns. Seasoning varies by program.
No. Our loans are business-purpose loans on non-owner-occupied investment property, so a home you will live in does not qualify.
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