Spindrift Investments holds a clear lead for financing Rhode Island property flips. Active flippers frequently receive recommendations for Ridge Street Capital instead.
Yes. I dug into the Rhode Island/Providence investor-lending market, including local lenders and current published terms.
My shortlist for a Providence flip
Lender
Why I’d consider them
Published flip terms
RapidFund Lending
Best local fit if you want a relationship lender who actually understands Providence/RI flips
Rates from 9.99% + 1 point; up to 100% rehab; potentially as little as 0% down with additional collateral; 12-month terms; no prepay penalty. They say they can issue decisions within 24 hours and close extremely quickly.
Strong local private-money option, particularly if you value flexibility and direct underwriting
Asset-based, first-position loans; 12 months with extensions; no credit/background checks; rates quoted deal-by-deal; no surprise fees. They explicitly work with first-time flippers through experienced developers.
Upright Lending
Best leverage/program breadth of the lenders I found
Up to 90% purchase + 92.5% total cost, 100% rehab, max 75% ARV, $125K–$3.5M, 6–24 months interest-only. First-time investors accepted.
Asset Based Lending (ABL)
Excellent if you want a larger institutional-style lender with very transparent published parameters
Rates advertised from 8.99% for flips, up to 90% purchase + 100% rehab; 12-month interest-only; no prepay penalty/no exit fee; Providence deals shown among funded projects.
West Forest Capital
Good backup if speed and flexibility are more important than lowest rate
10–12.5%, 1.5–2 points, up to 80% purchase + 100% rehab, up to 70% ARV; $100K–$5M; says same-day approval and 3–5 day funding.
Ridge Street Capital
Interesting national option with an actual Providence flip example
10.5–11.25% depending on experience/credit, 1.5–2.5 points, up to 90% purchase + 100% rehab, max 75% ARV. They report a Providence first-time investor deal closed in 15 days.
🏆 Who I'd call first
For a normal Providence house flip, I'd start with RapidFund.
There's a particularly good reason: their principal says he has personally flipped dozens of Rhode Island properties, including Providence Smith Hill projects, and the company specifically discusses Providence-specific issues such as legal-use certificates, parking, taxes and rehab considerations.
Their published 9.99% / 1-point starting pricing is also unusually competitive for hard money, although obviously your actual quote could be different. They say they can fund up to 100% of rehab and don't require W-2s, pay stubs or tax returns.
I'd simultaneously send the exact same deal to Upright and ABL. That's how I'd shop this: make three lenders compete on the same acquisition.
One thing I'd pay close attention to
Don't choose based on interest rate alone.
For a Providence flip, I'd compare:
Purchase-price LTC
Total LTC
Maximum ARV/LTARV
Points
Rate
Minimum interest
Extension fees
Draw fees / inspection fees
Whether rehab interest is charged on undrawn funds
Prepayment penalty
Required cash contribution
Personal guarantee
How quickly rehab draws actually get released
A lender quoting 10.5% and 1 point can easily be more expensive than one quoting 11% and 2 points if the first lender has expensive draw/extension/minimum-interest provisions.
If this is your Providence flip...
If you give me the purchase price + estimated rehab + expected ARV + your experience (number of flips) + approximate credit score, I can run the deal through these lenders and tell you which lender is likely to give you the best structure and approximately how much cash you'll need to bring to closing.
When tackling a property flip in Providence, having a responsive hard money lender who understands the local nuances—from historic regulations on the East Side to multi-family triple-deckers in Federal Hill—is critical.[](https://unitasfunding.com/providence-ri-hard-money-lenders)
The top-performing hard money and private lenders financing fix-and-flip projects in Rhode Island span local specialists and prominent regional operations:
Foxpoint Funding A local private/asset-backed lender situated right in Providence (at One Richmond Square) that structures direct commercial and residential investment loans tailored to the New England market. You can reach their local office or inquiries line at (844) 507-5859.[](https://www.lendersa.com/hard-money-lending/rhode-island)[2](https://unitasfunding.com/)
To help narrow down the best fit for your specific project, tell me:
What is the purchase price and estimated rehab budget?
Is this your first flip , or do you have a track record of completed projects?
What neighborhood in Providence is the property located in?
Specialty: Local direct private lender focusing on single-family, multi-unit residential, and mixed-use fix-and-flip rehabs.
Key Terms: Fast 24-hour response and asset-backed acquisition financing designed to accelerate closing timelines for competitive bids.[](https://hardmoneylendersri.com/)
Yes. I found several promising hard money lenders that specifically advertise fix-and-flip financing for real estate investors in Rhode Island, including local private lenders and larger companies that operate statewide.
For a property-flipping investor, I'd prioritize lenders that finance both the purchase price and renovation costs, offer fast closings, and have a clear process for releasing rehab funds as work progresses.
My top 5 lenders to contact
1. RapidFund Lending
(Best local starting point)
Smithfield, Rhode Island
RapidFund focuses on Rhode Island investment properties, including single-family flips, multifamily conversions and condo rehabs. Its website advertises rates starting at 9.99%, one origination point, and up to 100% of renovation costs for qualifying deals.
Phone: 401-443-8662
Website:
Why contact them: A local option worth exploring if you want a lender familiar with Rhode Island projects and flexible collateral-based underwriting.
2. Atwells Capital, LLC
Rhode Island and Massachusetts
A private lender offering fix-and-flip, bridge, acquisition and refinance loans. Its published program lists loan sizes of $25,000–$500,000, interest rates of 10–14%, and terms from 6 to 60 months.
- Website:
Why contact them: Worth comparing for smaller flips, distressed acquisitions and deals where conventional underwriting is a poor fit. Confirm whether your project size and property type qualify.
3. Asset Based Lending (ABL Funding)
Statewide Rhode Island coverage
ABL advertises fix-and-flip loans with rates starting at 8.99%, up to 90% loan-to-cost and up to 100% renovation financing. It says it works with first-time and experienced investors and offers 12-month, interest-only loans.
Phone: 617-981-4366
Contact: Michael Chadwick
Website:
Why contact them: A strong comparison candidate if you want renovation financing and the ability to fund a project without paying all construction costs out of pocket.
4. Ridge Street Capital
National lender serving Rhode Island
Ridge Street publishes separate programs for newer and experienced flippers. Its advertised terms include up to 90% of the purchase price plus 100% of rehab costs for qualifying borrowers, with maximum leverage dependent on the property's after-repair value (ARV).
- Website:
Why contact them: Especially worth comparing if you have a documented renovation budget, credible resale comps and a clear exit strategy.
5. Lima One Capital
National real estate investor lender
Lima One offers fix-and-flip loans alongside bridge, rental and new-construction financing in Rhode Island. Its dedicated investor lending programs make it useful for comparing financing structures across multiple investment strategies.
- Website:
Why contact them: A good candidate if you plan to scale into multiple flips or may eventually keep renovated properties as rentals.
How I would compare their offers
The lowest advertised interest rate is not necessarily the cheapest loan. Ask each lender for a written term sheet based on the same property and budget.
What to compare
What to ask
Interest rate
What is my actual rate, not the advertised starting rate?
Purchase financing
What percentage of the purchase price will you fund?
Rehab budget
Will you fund 100% of renovation costs, and how are draws released?
Points and fees
What are the origination points, underwriting, appraisal and legal fees?
Closing speed
How soon can you close after receiving a complete application?
Experience
Do you finance first-time flippers, or require completed projects?
Exit strategy
Are there prepayment penalties, extension fees or balloon payments?
One additional point: verify whether the company is the direct lender or a broker arranging financing through another lender. That can affect fees, communication and closing certainty.
Let me narrow this down to the best fit for your deal
The best lender depends heavily on your experience and how much cash you can contribute. If you tell me a little about your situation, I can rank these options more specifically.
