Hard Money Lenders Rhode Island

Fast Rhode Island Hard Money Loans
Ready to close in less than a week

  • Interest rates 10 – 12.75%
  • Credit score 650+
  • Loan-to-Cost Up to 90%
  • No income verification
  • Get approved online in 5 minutes
  • Instant proof of funds letter
  • Interest only payments
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Rhode Island Image

Need financing for your upcoming real estate project? Get approved for a hard money loan in 5 minutes using our online application

Need funding fast? Look no further than New Silver. New Silver has the perfect selection hard money loans for property investors in Rhode Island.

New Silver has a variety of different hard money loan products available to suit the needs of any real estate investor. Run by a team of experienced real estate professionals, our fix and flip loans are ideal for real estate investors in RI.

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Loan Programs

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Fix & Flip

For house flippers hoping to purchase a fixer upper to renovate and resell in Rhode Island. Interest rates from 10 – 12.75%, Loan-To-Cost up to 90%, with loan terms up to up to 24 months. Hard Money Refinance Loans also available.

  • Get up to $5,000,000
  • Interest rate 10 – 12.75%
  • Origination fee from 1.375%
  • Up to 100% construction
  • More info
Get Approved Online
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Rent

30-year rental loans for stabilized rental properties. Ideal for investors hoping to acquire an investment property. Interest rates from 7.5, loan-to-purchase price up to 80%. Built for buy and hold investors that purchase rental properties.

  • Get up to $3,000,000
  • Interest rate 7.5
  • Origination fee 2-3%
  • 30-year fixed rate
  • More info
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Ground Up

Designed for residential builders, our ground up construction loans can finance up to 90% Loan-to-Cost (LTC). Interest Rates from 10 to 13.25%

The perfect solution for builders in Rhode Island that need quick access to capital to fund construction costs.

  • Get up to $5,000,000
  • Interest rate 10 - 13.25%
  • Origination fee from 1.375%
  • Up to up to 24 months
  • More info
Get Approved Online

Hard Money Lenders RI

Getting a traditional loan is a slow, drawn-out and exhausting process. At New Silver, our hard money loans are designed for real estate investors that value speed, efficiency and transparency. Offering house fix-and-flip, fix-to-rent and cash out refinance loans, our team of experienced real estate experts are available to get you capital and assist you with any hiccups that may come up along the way.

New Silver is one of the most established hard money lenders in Rhode Island. As licensed real estate investment professionals, we know what real estate investors need: quick and easy online applications, terms of up to twenty-four months and most of all, fast loan closing and attractive rates. As a private money lender, we specialize in hard money loans for single-family residential, but we can also cater to multi-family and commercial real estate projects. Contact our Rhode Island hard money lending team today to find the best loan fit for your next real estate project.

Ultimately, if you need fast, efficient, financing solutions with competitive interest rates, New Silver is the hard money lender for you.

New Silver lends in these cities:

  • Barrington
  • Bristol
  • Burrillville
  • Central Falls
  • Coventry
  • Cranston
  • Cumberland
  • East Greenwich
  • East Providence
  • Johnston
  • Lincoln
  • Middletown
  • Narragansett
  • Newport
  • North Kingstown
  • North Providence
  • North Smithfield
  • Pawtucket
  • Portsmouth
  • Providence
  • Smithfield
  • South Kingstown
  • Tiverton
  • Warwick
  • Westerly
  • West Warwick
  • Woonsocket

Rhode Island Housing Market Overview

Average Home Value

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$406,177

1-Year Home Appreciation

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8.9%

Average
2 Bedroom Rent

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$1,453

Average 4 Bedroom Rent

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$2,229

Homes In Rhode Island Are Valuable: The average home value in RI is worth $406,177. This is over $77,000 more than the average home value in the US ($328,745). The higher cost of homes is good news for house flippers, because it increases the potential gross profit that a flipper can make when the house is resold.

Instead of creating a low selling price ceiling, the comps (comparable properties) in Rhode Island effectively create a high selling price ceiling. Provided you offer the right price initially (the 70% rule is a good guide) and stick to your renovation budget, flipping houses in Rhode Island can potentially be very lucrative.

Home Values Are Starting To Stabilize: From mid 2020 to mid 2022, house prices in Rhode Island skyrocketed. This was partially caused by the supply-demand dynamic, with low housing inventory helping to drive property prices upward for about 3 years.

However, more recent data indicates that property prices are starting to stall in 2023. For instance, in July 2022, the average price in RI was $409,224, while in January 2023, the average price dropped down to $406,177. Based on these numbers, it’s fair to expect Rhode Island home values to remain relatively flat for the next 6-12 months, and maybe even longer than that.

Median Home Price by MSA

MSA Name Median Home Price 1-Year Appreciation 3-Year Appreciation
Providence $431,700 7.8% 39.0%

Rhode Island Real Estate Investor Associations

Reasons to Fund Your Investment Property with New Silver

It doesn’t matter if you are a buy and hold investor or a house flipping specialist. New Silver is one of the highest rated hard money lenders in Rhode Island with a selection of real estate loans perfectly matched to meet your real estate investing needs. Unlike a conventional mortgage which can take ages to complete, our hard money loans can be approved online in less than 5 minutes, with an instant proof of funds letter to help you secure the purchase. We are ready to help you solve your real estate investing needs with a fast closing hard money loan.

Frequently Asked Questions

Yes. New Silver is a private lender that offers short term loan products for house flipping projects, but we also have 30 year rental property loans for investment properties. We also cater to real estate entrepreneurs hoping to build multi-family apartments with our new construction loans.

Yes, New Silver is a private money lender that provides asset-based loans at scale. With asset-based lending, the underwriting process can be more lenient than conventional lenders. This is because the underlying value of the asset is more important than the financial background of the investor when setting the terms of a private money loan.

As a result, the financing and credit score requirements of a private money lender are less stringent, income verification is not needed and the debt-to-income ratio of the borrower doesn’t matter. Plus, we can get you approved and closed with a hard money loan within 7 days.

Yes. We offer ground-up construction loans for real estate developers that build single family (1-4 unit) residential properties.

As one of the most established hard money lenders in RI, we can offer a maximum loan amount of $5,000,000 to borrowers that need construction loans.

Yes. Our fix and flip loans can act as a bridge loan for real estate investors with a loan term ranging from 6 to 24 months in duration. More information can be found on the loan product page, together with the maximum loan amounts available.

It is important to not our fix and flip loans are actually hard money bridge loans, but with the express purpose of helping residential real estate investors fix and flip houses.

The main reason hard money loans have higher interest rates than traditional loans is because of the risks involved in the transaction. Unlike a residential home purchase, a fix and flip project could run over budget or the real estate market could take a turn for the worse, making the property difficult to sell quickly.

In other words, you could potentially lose money with a fix and flip. This risk is applicable to the borrower and the lender. The higher interest rate compensates for this risk, which most conventional lenders are unwilling to take on. Hard money lenders effectively fill the gap, using an asset based lending model to fund real estate deals.

The origination fee (loan points) is usually between 2-3%, but this varies with each deal. To work out the expected monthly payments, it is best to use our hard money loan calculator.

On this point, it is also worth noting that the monthly payment of all New Silver hard money loans work on interest only payments. This helps reduce the cash flow burdens of the investor while the project is underway. Interest only payments are one of the best benefits that you can unlock by working with a reputable hard money lender like New Silver.

In short, yes. While our credit requirements are not as stringent as a traditional lender, we do review the credit history of all our borrowers. If you’re worried about bad credit, it is best to look at our hard money loans product page to see if New Silver is a good fit for your needs.

You should find that our interest rates are lower than other private money lenders. In addition, we don’t require income verification during the credit history check.

  1. House Flipping Loan – Designed for house flippers
  2. Rental Property Loan – 30 year loan for investment properties
  3. Construction Loan – For new residential building projects
  4. Personal Loan – Private loans for whatever you need

Right now, we do not specialize in commercial hard money loans. With that being said, our maximum loan amount should be big enough to cover both residential and commercial properties.

Ultimately, it all comes down to the number of units. We can provide funding for residential real estate investors hoping to build or purchase properties ranging from 1 to 50 units. If the investment property exceeds 50 units, we can connect you with one of our partners in order to secure the funding you need to buy large-scale commercial properties.

Where We Lend

Hard Money Loans Across The US

Apply for a loan at New Silver today!

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