Hard Money Lenders Cranston, RI
Rates Starting at 10%
West Forest Capital operates as a leading hard money lender in Cranston, Rhode Island, offering financing solutions for real estate projects up to $3 million. We are known throughout Cranston for our speed and reliability, as we understand that every day matters when navigating the city’s competitive real estate environment. Property investors in Cranston turn to West Forest Capital for prompt loan approvals, clear communication, and expert insight, helping them secure opportunities without unnecessary delays.
- We are a direct lender, not a broker
- Same day pre-approval
- Funding in 3-5 days, although 1 day is possible
- Loan amounts up to $5 million
The Trust We've Earned
Property Types
- Multi-family
- Single-family Investment Properties
- Condominiums
- Apartments
- Co-ops
- Retail
- Small Office Buildings
- Industrial & Warehouse
- Duplex
- Triplex
- Quadplex
- Mixed-Use
Lending Parameters
| Loan Size | $100,000 to $5,000,000 |
| LTC | Up to 80% of purchase price |
| Rehab Funding | 100% |
| LTV | Up to 70% of the ARV |
| Term | Standard is 12 months. 24-36 months is available |
| Lien | First lien; second lien as additional collateral only |
| Interest Rate | 10%–12.5% |
| Points | 1.5–2% of the loan amount |
Areas Covered
For investors and developers working in Cranston, Rhode Island, West Forest Capital offers hard money lending in multiple locations throughout the area, helping you access funding efficiently. Our coverage includes:
- Western Cranston
- Edgewood
- Meshanticut
- Auburn
- Forest Hills
Why Use a Hard Money Loan
- If you need funding fast. Unlike conventional banks, which may take weeks to months to process loan requests, West Forest Capital specialises in rapid hard money financing. We can approve loans on the same day and typically fund them within three to five days. For urgent investment opportunities, we are even able to provide funds within a single day, giving you the speed and confidence needed in competitive markets.
- If the property isn’t stabilized. Many properties present obstacles that make them ineligible for traditional bank financing. This includes homes needing renovations, missing Certificates of Occupancy, or lacking a proven rental record. West Forest Capital steps in where banks hesitate, offering funding solutions for properties that require attention or have unique circumstances.
- If you have poor credit. Credit scores can be impacted by unforeseen events, and West Forest Capital recognises that this should not prevent investment opportunities. Our approach focuses primarily on the property’s value rather than the borrower’s FICO score or debt-to-income ratio, allowing qualified investors to secure financing even when traditional credit metrics are less than perfect.
- If you don’t want to take a loan in your personal name. Banks often insist on personal ownership for loans, which can be limiting if you wish to hold properties under an LLC or already own several investments. Hard money loans from West Forest Capital provide the flexibility to structure ownership as needed, making it easier to manage and expand your real estate portfolio without personal liability concerns.
Why Choose A Rhode Island Hard Money Lender
We are dedicated to being the best hard money lender in Rhode Island! Our team has a strong understanding of the growing and cosmopolitan nature of Cranston as well as the surrounding suburbs of Providence. Communities in this region include Warwick, East Providence, and Woonsocket. We have personally visited these areas and have a firsthand knowledge of local population shifts, property pricing trends, and market activity. If you are seeking investment property financing in Cranston, its nearby suburbs, or require a hard money loan in developing areas such as Warren, Johnson, or Central Falls, we are ready to help you secure the funds you need.
However, our support does not end there. If your investment interests extend to the scenic towns of South County, our services are available in those areas as well. Locations we cover include Narragansett, Kingston (South and North), Westerly, Jamestown, and Tiverton, to name just a few. We are committed to providing the funding solutions you require to bring your real estate projects to life throughout Rhode Island.
Financing your Cranston, Rhode Island Investment Property
Cranston, Rhode Island, enjoys the benefits of a steadily growing state economy that has remained resilient over the years. Key industries such as biotech, healthcare, and industrial sectors offer a dependable economic base for residents and investors alike. Proximity to Boston also provides an expanded range of job opportunities for Cranston residents who commute to the larger metropolitan area. The nearby cultural center of Providence contributes significantly to the region’s lifestyle, offering a variety of restaurants, bars, parks, shows, events, and nightclubs that appeal to people of all ages.
Rhode Island’s strong economic foundation directly supports its real estate market. Investors in Cranston can leverage a multitude of real estate strategies, including condominiums, single-family homes, multi-family developments, commercial buildings, or industrial properties. West Forest Capital provides the financial resources to enable Cranston investors to pursue these opportunities with confidence and efficiency.
Asset-backed Lender Focused on Customized Solutions
With our extensive understanding of the Rhode Island fix and flip market, West Forest Capital is able to craft financing structures that align with the hard money needs of investors in Cranston. We evaluate loans based on the asset’s value, and in many instances, we have been able to provide financing that exceeds 100 percent of the purchase price and the rehabilitation costs, allowing investors to fully capitalize on their projects without unnecessary financial strain.
West Forest Capital also offers the longest hard money loan available on the market (3 years), which is ideal for investors in Cranston who need more time to stabilise their properties. This longer term functions as a strategic option between traditional hard money loans and conventional long-term financing, giving investors the flexibility to optimize their investment outcomes.
Contact us today to discuss your loan offer and discover how West Forest Capital can assist with your Cranston investment property financing needs!
Hard Money Lender Cranston, Rhode Island: Frequently Asked Questions
For those interested in using hard money loans to acquire rental properties, the following information addresses many of the questions investors commonly ask.
What are hard money lenders?
Hard money lenders are non-bank, asset-based lenders. While conventional banks focus heavily on a borrower’s credit and debt-to-income ratios, hard money lenders concentrate primarily on the property being financed. The underwriting process is considerably faster, often allowing loan funding within a single week, rather than the two to three months or more typically required by banks. For investors in Cranston, this speed can be the difference between securing a property and missing an opportunity in a competitive market.
Real estate investors, especially those buying foreclosures at auctions in Cranston, often rely on private money loans from hard money lenders to meet the quick closing deadlines that auctions demand. Hard money lenders can also finance properties that banks will not touch, including those without Certificates of Occupancy. For borrowers with poor credit or those rebuilding their credit, hard money lending offers a practical path to financing, as low FICO scores are not a barrier. These lenders also provide options to refinance current loans or access cash-out opportunities, making them a versatile choice for Cranston investors looking to maximise their real estate investments.
How Do Hard Money Loans Work?
Because securing a hard money loan, such as a Rhode Island hard money loan, is considerably quicker and easier than going through a conventional bank, the interest rates are higher than traditional mortgage rates. In Cranston, interest rates generally fall between 10 and 12 percent, with an extra two points added at closing. Loan terms are usually one or two years and are structured in two segments to allow investors to finance both the purchase and any necessary property work. These two segments often include:
- Funds for the purchase, typically covering 70 to 85 percent of the property’s purchase price.
- Funds for rehabilitation or renovations, which may provide up to 100 percent of the projected rehab costs.
When rehab work is required, the funding is generally distributed in arrears, after specific portions of the project are completed. For example, if $50,000 is designated for renovation on a Cranston property, the borrower might first complete $15,000 worth of work and then request the same amount in funds from the lender, repeating this process until the rehab is finished. Hard money loans in Cranston are commonly used as bridge financing, fix-and-flip loans, or commercial real estate loans. They are structured so that the total loan amount, including purchase and rehab funds, does not exceed 65 percent of the property’s after-repair value (ARV). These loans are particularly valuable for investment properties in competitive markets like Cranston, where quick access to capital is essential for completing deals efficiently.
What do hard money lenders look for?
Because a hard money loan is considered a commercial loan, lenders generally do not make loans to individuals and require that the property be owned by an LLC. If you do not yet have an LLC, there is no reason to be concerned. Establishing one is straightforward and it can have a single member, allowing you to qualify for a loan while maintaining control of your Cranston investment.
Hard money lenders review both the purchase price and the after-repair value of the property to ensure that the loan can be repaid. Buying a property at or below market value is a crucial aspect of loan approval. If the borrower is also requesting funding for rehabilitation, the lender will ensure that the repairs are completed according to schedule and properly documented. A clean title is required. Any existing liens or judgments on the property or the LLC that will hold the loan must be cleared before the funds can be released for a Cranston property.
It is important to a hard money lender that the borrower is undertaking a project that is likely to be profitable. Lenders want the borrower to make a return on their Cranston investment so that the loan can be repaid reliably. They will ensure that there is enough spread in the project. This means the ARV will cover the purchase price, rehabilitation expenses, interest, closing costs, and any other fees with sufficient room left to ensure the investment is profitable for the borrower.
What is hard money used for?
A hard money loan is commonly used in the following scenarios for investors in Cranston:
- To purchase and repair a property that a conventional bank will not fund due to property condition or borrower credit issues, with the intent to sell to a retail buyer. This is typically known as “fix and flip.”
- To acquire and renovate a property that banks will not finance, which will then be rented. After stabilizing the property through tenancy, it may be refinanced with a traditional bank at a lower interest rate.
- To finance real estate transactions that require completion faster than a traditional bank can accommodate, such as purchases at foreclosure auctions. A hard money lender can often provide funding within a week while banks may take two or three months or longer.
- To quickly obtain cash-out refinancing by using an already-owned property as collateral.
- To refinance an existing mortgage that is approaching maturity, allowing the borrower to avoid penalties or missed payments.
- To purchase the ownership interest of a partner or family member. Hard money loans allow the borrower to secure full control of a property and later refinance into longer-term debt once the buyout is complete.