Hard Money Lenders Rhode Island
Rates Starting at 10%
West Forest Capital is a Rhode Island hard money lender, financing real estate investments up to $3 million. We have gained a reputation as the fastest hard money lender in Rhode Island because we know how critical each day is in Rhode Island’s competitive real estate market.
- We are a direct lender, not a broker
- Same day pre-approval
- Funding in 3-5 days, although 1 day is possible
- Loan amounts up to $5 million
Property Types
- Multi-family
- Single-family Investment Properties
- Condominiums
- Retail
- Office Buildings
- Industrial & Warehouse
- Hotels & Motels
- Special Purpose & Mixed Use
- Parking Garages & Lots
- Land
Lending Parameters
| Loan Size | $100,000 to $5,000,000 |
| LTC | Up to 80% of purchase price |
| Rehab Funding | 100% |
| LTV | Up to 70% of the ARV |
| Term | Standard is 12 months. 24-36 months is available |
| Lien | First lien; second lien as additional collateral only |
| Interest Rate | 10%–12.5% |
| Points | 1.5–2% of the loan amount |
Counties Covered
West Forest Capital lends in the following counties in Rhode Island:
- Bristol County
- Kent County
- Newport County
- Providence County
- Washington County
Recently Funded Hard Money Loans
Jersey City, NJ
Newark, NJ
Elizabeth, NJ
Why Use a Hard Money Loan
- If you need funding fast. While a typical bank may take months to review your loan application, West Forest Capital offers same day hard money loan approval, and funding within 3-5 days. In an emergency situation, we can even fund in 1 day!
- If the property isn’t stabilized. Sometimes, it’s not a question of time, but it’s the actual property that a traditional bank won’t finance. Examples include a property that requires rehab, missing a Certificate of Occupancy (CO), or does not have a strong rental history. Hard money lenders such as West Forest Capital will be able to fund the property when a bank can’t.
- If you have poor credit. West Forest capital understands that events that negatively influence one’s credit score can happen from time to time. Therefore, we mostly consider the value of the property, rather than FICO score or debt-to-income ratios when considering funding a loan.
- If you don’t want to take a loan in your personal name. A traditional bank is likely to require that a property is owned directly by an individual they are making the loan to. If you would like to own the property in an LLC, or if you own too many properties for a bank to finance you personally, a hard money loan is a great option.
Why Choose A Rhode Island Hard Money Lender
We are dedicated to being the best hard money lender in Rhode Island! We’re familiar with the cosmopolitan nature of Providence, and the growing suburbs surrounding the city. These include Cranston, Warwick, East Providence, and Woonsocket. We have personally visited and know these areas and understand the recent population shifts and pricing activity. If you’re seeking investment property financing in Providence, its suburbs or looking for a hard money loan in developing areas such as Warren, Johnson, or Central Falls, we’re here to assist you in securing the funding you need.
However, our commitment doesn’t stop there. If you’re in search of a hard money loan in the various towns of South County, you’re in luck – we provide bridge loans in these areas as well! Towns where we lend include Narragansett, Kingston (South and North), Westerly, Jamestown, and Tiverton – just to mention a few. We are here to provide the funding you will need to finance your real estate projects in the State of Rhode Island.
Financing your Rhode Island Investment Property
Rhode Island has an economy that has been in growth mode for many years. A variety of industries such as biotech, industrials, and healthcare provide a stable economic base. The state’s proximity to Boston also provides an additional avenue for jobs for the many commuters. The cultural center of Providence punches above its weight in terms of various offerings from restaurants, bars, parks, shows, events, and nightclubs.
Rhode Island has an economic base that supports the real estate market. We can help you take advantage of the many real estate strategies: condos, single family homes, multi-family developments, commercial, or industrial options.
Asset-backed Lender Focused on Customized Solutions
With our knowledge of the Rhode Island fix and flip market, West Forest Capital is able to structure creative transactions that fit your hard money financing needs. We fund loans based on the value of the asset so in some cases we were even able to finance more than 100% of the purchase price and rehab amount.
West Forest Capital also offers the longest hard money loan available on the market (3 years), ideal for investors that need more time stabilizing the property and a great “in-between” choice between hard money and longer term financing.
Give us a call to discuss your loan offer today!
Borrower interview
Interview with our client, Mike, in Massachusetts
Listen to our interview with Mike, a software engineer from Massachusetts, who started in real estate to provide himself with some passive income.
