Good Providence multi-families do not sit for long. Estate sales, buildings with vacant units and properties that a bank will not touch until they are leased all reward a buyer who can close quickly and refinance later.
In short: LendingStreet offers residential investor bridge loans on 1-8 unit properties across the Providence metro, from $150,000 to $5M+ with rates from 7.99%. Loans can close in as little as 10 days, and some bridge programs require no appraisal. Bridge loans are short-term and interest-only, and the exit is a sale or a refinance into a 30-year DSCR loan.
Bridge financing fills the gap between buying a property and qualifying it for long-term debt. In Providence that gap usually comes from the building, not the borrower.
These are the program basics. Exact leverage and term depend on the property, your experience and the exit plan.
| Feature | Residential investor bridge |
|---|---|
| Loan size | $150,000 to $5M+ |
| Rates | From 7.99% |
| Closing | In as little as 10 days |
| Appraisal | Not required on some bridge programs |
| Payments | Interest-only |
| Term | Short-term |
| Property types | 1-8 unit investment property |
| Exit | Sale or refinance into a DSCR loan |
This example is illustrative and not a quote. An investor buys a Mount Pleasant three-family for $520,000. One unit is leased and two are empty after the previous owner moved out, so the current rent will not support a long-term loan. A bridge loan at 80% of the price is $416,000, with estimated monthly interest of about $3,463.
Over the next few months the investor paints, updates the kitchens in the vacant units and signs two new leases. With all three units rented, the building can be refinanced into a DSCR loan that qualifies on the full rent roll, and the bridge loan is paid off.
Providence has a limited supply of two- and three-family houses, and many are owned by long-time owner-occupants or families settling an estate. Sellers in that position often favor the buyer who can close on a firm date without a financing contingency hanging over the deal.
A bridge loan lets you make a cleaner offer, then deal with leasing and repairs after you own the property.
Speed also helps at auctions and on bank-owned properties, where the closing window can be short and a missed date can cost the deposit. Because some bridge programs require no appraisal, the time between contract and closing depends mostly on title, insurance and your entity documents.
The refinance is the most important part of a bridge loan. Before you close, estimate the rent each unit will bring, the non-owner-occupied tax bill and the insurance, then run the DSCR at 1.0x or better. If the building only works with a long rehab, a fix and flip loan with a rehab budget may fit better than a bridge loan.
Expect the DSCR lender to ask for signed leases, a lead certificate on pre-1978 units where required and proof that any permitted work is closed out.
Lease-up timing in Providence follows the academic calendar more than in most cities. Units near Brown, RISD, Providence College and Johnson & Wales tend to lease for a June or September start, so a building bought in October may sit partly empty until the next cycle unless you market to non-student tenants. Factor that into how long you will carry the bridge loan.
Rhode Island has a realty conveyance tax that is customarily paid by the seller, and the state has changed the schedule for higher-priced sales in recent years, so confirm the current amount with your closing attorney. Title insurance, recording fees and the lender's closing costs fall to the buyer.
Properties near the Providence River, the Woonasquatucket and the upper bay can sit in flood zones. Order a flood determination early so a required flood policy does not surprise you at closing.
We lend in Providence, Pawtucket, Central Falls, Cranston, East Providence, North Providence, Johnston, Warwick and the rest of Rhode Island. Each city has its own tax levels and rental rules, so the refinance math can look different on either side of a city line.
Pawtucket and Central Falls offer more units for the money, and their dense two- and three-family blocks are common bridge targets. Cranston, Warwick and East Providence lean toward single-family homes and duplexes, where a bridge loan is more often used to buy before another property sells. If you own five or more rentals, ask about a blanket portfolio loan for the long-term refinance.
If the building is already leased at market rent, skip the bridge loan and go straight to a DSCR purchase, which saves a second closing. If it needs a gut renovation, a fix and flip loan with a rehab budget and draws is built for that. A bridge loan fits the middle: a property that is close to rentable but not there yet, or a deal where closing speed is worth more than the cost of refinancing later.
Telling us which of those describes your deal is the fastest way to get the right quote. Many Providence investors use all three over time as they buy, renovate and hold.
Send the address, price, current rent and your plan for the property through the form below, or call (877) 298-1001. Tell us how you plan to exit, and we will size the bridge loan to match.
In as little as 10 days when title, insurance and entity documents are ready.
Rates start from 7.99%. Your rate depends on leverage, experience, the property and the exit.
Some bridge programs do not require an appraisal. Others use one, especially on larger loans.
Yes. That is one of the most common uses. The plan is to lease up and refinance into a DSCR loan.
Yes. Bridge loans are short-term and interest-only.
Either selling the property or refinancing into a long-term DSCR loan once it is leased.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
Yes, if the property and exit support it. Many investors use a bridge loan to buy time to lease and refinance.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
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