Rhode Island Hard Money and Private Lender
for Real Estate Investors
DSCR, fix and flip, bridge and construction loans for investors in Providence, Pawtucket, Newport and across Rhode Island, with one Relationship Manager from the first call to the final wire.
Rhode Island Real Estate Investor Loans
About one in five Rhode Island homes sits in a building of two to four units, close to three times the national share, and in Providence and Pawtucket it’s more than two in five. More than a quarter of the state’s homes were built before 1940. So most deals here are an older multi-family in the cities or an older house near the coast, bought to renovate and then rent or sell. We finance each stage: fix and flip loans for the purchase and the work, bridge loans to buy before the last deal sells, DSCR loans once it’s rented, and construction loans for the lots where new homes still get built.
DSCR Loans in Rhode Island
Leverage
Up to 80% LTV
Rate
Instant Quote
Sized to the rent, not your tax returns. We ask one question: does what the property rents for cover the monthly payment, with room left over for you? In Providence, an investor-owned home is taxed at 75% to 85% more than one whose owner lives there, so we size the loan to the tax bill you’ll get, not the seller’s. Up to 80% of value on a purchase or rate and term refinance, 75% on a cash-out, fixed for 30 years, and 1 to 4 unit rentals can close vacant or occupied.
Fix and Flip Loans in Rhode Island
Leverage
90% / 100% / 70% ARV
Rate
From 7.99%
Close
5–10 days
We underwrite Rhode Island flips to the finished value: the scope, the budget, and the sales behind your number. We lend up to 90% of the purchase and 100% of the renovation, capped at 70% of what the property will be worth finished, and release renovation money as the work is done. That holds at coastal prices: our recent Rhode Island flips run from $1.1 million in Narragansett to $2.2 million on Block Island.
Bridge Loans in Rhode Island
Term
Up to 24 Months
Best fit
Buy now, refinance later
For the deal that can’t wait on a long-term loan. Close on the next property before the last one sells, or buy a two- or three-family with empty units, lease it up, and refinance into a 30-year DSCR loan once the rent is in place. Our recent bridge loans include two-to-four-unit purchases in Providence and Pawtucket.
Construction Loans in Rhode Island
Leverage
Up to 80% LTC
Exit
Sell or refi to DSCR
With more than a quarter of the state’s homes built before 1940, new construction here is infill in the cities and single lots in the suburbs and along the coast. We finance both, from the foundation to the certificate of occupancy. Build to sell, or keep it and refinance into a 30-year DSCR loan once it’s rented.
What Works Differently in Rhode Island
Every rental goes on a state registry
Landlords must register each rental with the Department of Health within 30 days of buying it or signing a new lease, then update it every October. An unregistered landlord can’t file to evict for unpaid rent.
For your deal: register as soon as you close. The fine runs every month, and the registration is what lets you evict.
Older rentals need a lead certificate
A rental built before 1978 has to meet the state’s lead standard, and the registry asks for its certificate. If the last owner never met it and an at-risk tenant lives there, you get 60 days after you buy, with an inspection in the first 30 business days.
For your deal: ask the seller for the lead certificate before you sign, and budget the work if there isn’t one.
Providence taxes investors at nearly double
Providence taxes an investor-owned two-to-five-family at $14.00 per $1,000 of assessed value, against $7.55 when the owner lives there. State law lets Providence set that gap wider than most towns can.
For your deal: the seller’s bill may carry the owner’s rate. Underwrite on the investor rate, since that’s the tax your DSCR payment will carry.
The seller pays 0.75%, more above $800,000
Unless the contract says otherwise, the seller pays $3.75 per $500 of the price, or 0.75%. On a home above about $800,000, the part of the price over that line is taxed again at the same rate.
For your deal: on a $1.3 million coastal resale, set aside about $13,500. It comes out of the flip’s profit.
Rhode Island Relationship Manager
Relationship Manager
Michael Plansky
mplansky@cvlending.com
Where We Lend in Rhode Island
Hard Money Loans in Providence
Providence is the state’s two-to-four-unit market: about two in five homes are in buildings that size, and close to half were built before 1940. The rental numbers turn on the tax rate. The city taxes an investor-owned multi-family at close to twice the owner-occupied rate, so a building that looks cheap on the seller’s bill can carry more tax once you own it. Our recent closings below include a $470,000 two-to-four-unit bridge purchase in Providence.
Hard Money Loans in Pawtucket, Woonsocket and Cranston
North of Providence, Pawtucket and Woonsocket have about two in five homes in buildings of two to four units, and about two in five built before 1940. Cranston leans more toward single-family, with about one in five homes in two-to-four-unit buildings. Our recent closings below include a Pawtucket bridge purchase, a West Warwick cash-out refinance and a Smithfield rental.
Hard Money Loans in Newport and South County
On the coast the deals are larger and the houses older: close to three in five Newport homes were built before 1940, and about one in nine is held for seasonal use. Our largest recent Rhode Island closings are coastal flips: $1.1 million in Narragansett, $1.4 million in Newport and $2.2 million on Block Island. A house rented by the night or the week has to be registered with the state before it’s listed online.
Funded Loans in Rhode Island
Location
Property Type
Purpose
Amount
New Shoreham, RI
Single Family Residential
Purchase
$2,200,000
Newport, RI
Single Family Residential
Purchase
$1,400,000
Narragansett, RI
Single Family Residential
Purchase
$1,100,000
Providence, RI
Single Family Residential (2-4)
Purchase
$470,000
Smithfield, RI
Single Family Residential (2-4)
Purchase
$330,000
West Warwick, RI
Single Family Residential (2-4)
Cash Out Refi
$330,000
New Shoreham, RI
Single Family Residential (2-4)
Cash Out Refi
$220,000
Pawtucket, RI
Single Family Residential (2-4)
Purchase
$180,000
Frequently Asked Questions
Does Conventus lend on 2-to-4-unit and small multifamily properties in Rhode Island?
Yes. Two-to-four-unit buildings are the most common investor property in Providence, Pawtucket and Woonsocket, where about two in five homes are in buildings that size, and we finance them on both fix-and-flip and DSCR terms. Several rents on one building make it easier for the rent to cover the payment than on a single-family home at the same price.
What loan products does Conventus offer Rhode Island investors?
We’re flexible based on your deal structure. Our four main categories are fix-and-flip and bridge loans for acquisition and rehab, DSCR loans for the rental hold, and ground-up construction financing. If these don’t fit your deal, reach out and we’ll put something together to get your deal financed.
Do you offer DSCR loans in Rhode Island, and how do property taxes affect them?
Yes. DSCR loans qualify on the property’s rental income, not your tax returns. The rent has to cover the full monthly payment, taxes included. In Providence an investor-owned two-to-five-family is taxed at $14.00 per $1,000 of assessed value, against $7.55 for an owner who lives there, so we size each loan to the tax you’ll pay as the owner, not the tax on the seller’s bill.
Is Conventus a hard money lender?
Conventus is a private real estate lender. Investors often use “hard money” as shorthand for fast, asset-based financing that qualifies on the deal instead of a W-2, and that is what we provide, with institutional backing, in-house underwriting, and a local Relationship Manager rather than a one-off broker.
Does a fix-and-flip loan cover the renovation budget, or just the purchase?
Both. A Conventus fix-and-flip loan finances the purchase and the rehab in one file, with the construction budget released in draws tied to completed work, so you are not carrying the renovation in cash or stacking a second lender.
Do I need a Rhode Island LLC to borrow?
These are business-purpose loans, so most clients borrow through an LLC, and we can typically close in the entity that holds the deal. We do not lend on owner-occupied primary residences.
Which Rhode Island markets does Conventus lend in?
Statewide. Recent closings run from Providence, Pawtucket, West Warwick and Smithfield to Newport, Narragansett and Block Island, and we finance deals across the state.
How fast can you close in Rhode Island?
On investor timelines, not retail ones. As fast as 5-10 days on a clean fix-and-flip file. Speed comes from in-house underwriting and a Relationship Manager who works your file directly.
How do I get a quote or get started?
Call us at (800) 204-2705, email your Rhode Island Relationship Manager, Michael Plansky, at mplansky@cvlending.com, or submit your deal through the lead form and we will follow up. Bring the address, the purchase price, and the rehab scope or the rent, and we can tell you how it structures.