CLOSE IN 48 HOURS OR LESS! READY TO GET STARTED ON YOUR NEXT DEAL IN RHODE ISLAND?
A seasoned investor was purchasing an extremely distressed 3-unit property that was fully gutted. Because of its condition, there were few lenders out there that would finance. EquityMax offered a full rehab budget (in draws) to this borrower to complete the project and refinance within 6 months.
Multi-Family |
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Location – Providence, RI |
Loan Amount – $250,000 |
Purchase Price – $325,000 |
Loan Type – Purchase |
Term – 12 Months – 17 years (Borrower Option) |
Rehab Amount – $20,000 |
Actual Retail Value – $750,000 |
Profit – $175,000 |
Appreciation Continues To Rise
Real estate in Rhode Island remains a commodity but with high demand, low inventory, and increasing number of investors entering the marketplace, home values will continue to grow for the foreseeable future.
Moving Out Of The City
Providence is rather expensive compared to the surrounding suburban areas. With remote working increasingly popular among organizations, people are seeking more affordable and larger living alternatives outside of the big city.
Pawtucket Growing In Popularity
Pawtucket sits just outside of Providence on the Rhode Island and Massachusetts border. Currently home values in the city are $75,000 less than the state average which has provided homebuyers with a more cost effective living situation.
Rhode Island has been riding an improving real estate market ever since it experienced a recession ten years ago. However, much like the rest of the United States, The Ocean State’s real estate market may be hitting its tipping point as homes grow in value. There are still opportunities for investors to take advantage of, however, and those seeking deals should monitor the housing market closely for opportunities to capitalize on rehabs and wholesaling. Notably, current indicators in the real estate market favor landlords so rental properties are becoming increasingly popular in the state for long-term investors.
High LTV / Low Rates / Flexible Term
Minimal Insurance Requirements
Zero Prepayment Penalty
ZERO Credit or Qualification Requirements
No Personal Guarantee Required
Free Comparable and Repair Analysis
Catering to Real Estate Wholesalers
1-3 Day Funding
Minimal Notice to Close
Invest through a Self-Directed IRA or Solo 401K
Net Proceeds from Investing are Tax-Deferred
No Personal Guarantee
The time to drive from the two furthest points of Rhode Island can take less than 60 minutes.
First time investors are our specialty. Though, we also lend to experienced investors. It doesn’t matter if this is your first deal or 10th deal, we’ll fund it!
There is no credit minimum for our borrower to invest in Rhode Island, no matter the deal.
We have been in operation for 30+ years, since 1990, and have been lending in Rhode Island for nearly 20 years.