Working with a local hard money lender in Rhode Island who has an unparalleled understanding of the local market, ensures you receive the best service possible. Having knowledge of the local market, can in some cases speed up the loan closing process as the lender is well informed of the factors affecting valuations and may not need to perform an appraisal which can be a lengthy process. Additionally a local lender will also be aware of the market prices for renovations, thus reducing the time needed to evaluate the estimated budgets for a project. Partnering with local lenders will provide you as the investor the best chance of success as they can tailor a loan to fit your individual circumstances and local market conditions. They are able to visit the site, and also provide you with advice based on their extensive experience. When the local Rhode Island hard money lender is lending their own capital, they have greater flexibility in how they structure the loan to meet your needs.

Another group of lenders known as private money lenders are private individuals or a group of them who provide capital for your project. They are distinct from hard money lenders. Since there are no licensing regulations in Rhode Island, anyone is able to lend money. As such they may not have the necessary processes in place to ensure you receive the best service and protect all parties. On the other hand hard money lenders in Rhode Island, are oftens organizations with professionals in the field and have well established rules and processes.

Another point to consider is the lenders approach to resolving issues that arise with the loan and borrower. It’s important to identify a lender who will work with you to find a solution to any challenges that arise rather than quickly defaulting to foreclosing. Reputable hard money lenders will be equally interested in your success, instead of foreclosing and purchasing your project cheaply to make money quickly.

In Summary, look for a hard Money lender who:

• Has a good understanding of the Rhode Island market
• A proven track record of working with borrowers to achieve success
• Has their own capital to lend to be flexible in meeting your needs 
• Have a variety of loan programs to meet your requirements

Make Norfolk Capital your first call when shopping for your hard money needs in the Rhode Island area. We’ve designed our company to offer Hard Money Borrowers the best combination of the best programs, the most flexibility and the best service:

• We have a combined 50+ years of real estate and lending experience in the greater Boston area. This means we understand the market and can evaluate a loan quickly, as well as help you succeed through our network.  
• We’ve done over $100M of deals, and have a reputation for helping our borrowers succeed. We’re more interested in your success and have mentored many first time borrowers to build a career investing in real estate.  Your success is our success.  
• We lend our own capital.  While we have a variety of sources of capital and lend throughout the country, we only lend our own capital in the local Rhode Island market. This means we’re able to be more flexible to meet your unique needs as well as move quickly because we know the market. 
• Because of our track record and partnerships, Norfolk Capital has the ability to lend across most loan and asset types.  We lend for fix-and flip, bridge loans, long term rental loans for commercial, residential, multi-family, mixed use, and new construction loans. See our programs page for more information. 
• While we are in Boston, we lend throughout the Greater Boston area. From New Hampshire to Worcester down to Rhode Island, we’re the local market lender for you.  We also lend nationwide for any lending needs you may have.