Large bridge loans in Rhode Island fall into two camps. In Providence and Pawtucket, $1M to $3M usually buys a group of triple-deckers or a few small brick buildings. On the East Side, in Barrington and around Newport, the same money can buy one high-value house.
In short: LendingStreet provides residential investor bridge loans from $1M to $5M+ in Providence and across Rhode Island, with rates from 7.99% and closings in as little as 10 days. Loans are short-term and interest-only on 1 to 8 unit investment properties. Larger balances usually need a full valuation, and the exit is a sale or a refinance into a DSCR, blanket or jumbo DSCR loan.
Packages are common in Providence because so many investors own several triple-deckers. When a long-time owner sells, the buyer often takes three, four or more buildings at once. Brick 5 to 8 unit buildings in the West End, Federal Hill and the Armory district also cross $1M. On the high-value side, College Hill and Wayland Square homes, Barrington and East Greenwich houses, and Newport and Jamestown properties can exceed $1.5M on their own.
Buildings with 9 or more units are commercial and are handled separately.
| Deal type | Typical location | Usual exit |
|---|---|---|
| Package of triple-deckers | Elmwood, West End, Pawtucket | Blanket DSCR loan or partial sales |
| 5-8 unit brick building | West End, Federal Hill, Armory | DSCR refinance after lease-up |
| High-value single-family | East Side, Barrington, Newport | Jumbo DSCR refinance or sale |
| Maturing loan payoff | Statewide | Refinance or sale |
Speed and condition drive most large Rhode Island bridge loans. A seller with several buildings wants a fast, certain close, and a bridge loan can close in as little as 10 days when title and valuation are ready. Many triple-deckers in a package have vacant units, missing lead certificates or deferred maintenance, so they will not qualify for long-term DSCR loans until the work is done.
Bridge loans also cover the gap when a short-term loan matures before the property has stabilized, or when partners split and one buys the other out. On the high-value side, an investor might use a bridge loan to buy an East Side or Newport house quickly, complete updates and lease it before refinancing into a long-term jumbo DSCR loan based on the signed lease.
Larger balances usually need a full valuation, and in a package each building is typically valued on its own. East Side and Newport homes can be hard to compare because of their age, lots and architecture, and the reviewer will look closely at comparable sales and rents.
A track record with similar Providence properties, reserves and a written plan for each building make the review smoother. For a package, list each building with its unit count, current rents, vacancies, lead certificate status and renovation budget. That one page often answers most of the questions a reviewer would ask and shortens the time to terms.
If part of the plan is to sell one or two buildings after renovation, include recent nearby sales that support the expected prices.
Packages are usually priced below the sum of individual values, and the reviewer will weigh both figures.
This example is illustrative and not a quote. An investor buys a 6-unit brick building and two triple-deckers in the West End from one seller for $2,100,000, 12 units in all. Several units are vacant and two lack current lead certificates. A bridge loan at 70% of the price is $1,470,000, with estimated interest-only payments of about $12,862 a month.
After work and lease-up, the units rent for about $1,850 each, or $22,200 a month. A blanket DSCR refinance at the same loan amount would carry estimated principal and interest of about $10,531, plus about $4,300 in non-owner-occupied taxes and $1,000 in insurance, for a total of about $15,831. Portfolio DSCR would be about 1.40x.
| Item | Amount |
|---|---|
| Purchase price | $2,100,000 |
| Bridge loan (70%) | $1,470,000 |
| Estimated monthly interest-only payment | $12,862 |
| Stabilized monthly rent | $22,200 |
| Exit payment with taxes and insurance | $15,831 |
| Exit DSCR | About 1.40x |
Rhode Island's realty conveyance tax is usually paid by the seller, and the state raised it on the portion of a sale price above $800,000. On a large purchase, that cost can shape the seller's pricing and their willingness to sell as a package versus separately. Buyers pay title insurance and recording fees. Confirm the figures with your title company or attorney.
After the purchase, Providence's non-owner-occupied tax rate applies. Use that figure, not the seller's homestead bill, when you plan the exit ratio.
A package of 1 to 8 unit buildings often exits into a blanket portfolio loan. A single stabilized building can refinance into a DSCR loan, and a high-value East Side or Newport home leased long-term can move to a jumbo DSCR loan, which covers about $1.5M to $5M+ with max LTV that varies by program. Selling one or two buildings to pay down the bridge is also common.
Our bridge to DSCR guide covers timing and what the permanent loan will require.
For triple-decker packages, lead certificates are often the item that delays the permanent refinance, so start the inspections and any remediation early in the bridge term. A building that is fully leased but missing certificates can still hold up the exit.
Lead remediation, permits and contractor schedules in Providence can take longer than planned, and winter slows exterior work. Keep reserves for several months of interest and build a cushion into the bridge term. Coastal properties in Newport County and South County may also need Coastal Resources Management Council review for certain work, which adds time.
Leasing in Providence is seasonal too. Units near the universities lease for the academic year, often months in advance, and workforce units turn over more evenly through the year. Time renovations so units are ready when demand is strongest.
Send the addresses, price, rent roll, scope of work and exit plan. The team will size the loan, confirm valuation needs and come back with terms. Call (877) 298-1001 or use the form below.
Our residential bridge program runs from $150,000 to $5M+, with $1M+ balances reviewed case by case.
Rates start from 7.99%, depending on leverage, property, experience and exit.
Yes. Packages of 1 to 8 unit properties can be financed, with an exit to a blanket loan, DSCR loans or sales.
Larger balances usually need a full valuation, and each building in a package is typically valued.
Usually the seller. The state raised it on the portion of a price above $800,000.
In as little as 10 days when title and valuation are ready. Packages can take longer.
Often a jumbo DSCR refinance once the home is leased, or a sale.
Those are commercial and handled separately.
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