Renovation Loans in Rhode Island
Rates Starting at 10%
West Forest Capital is a renovation lender, financing real estate investments up to $5 million. We have gained a reputation as the fastest renovation lender because we know how critical each day is in the competitive real estate market.
- We are a direct lender, not a broker
- Same day pre-approval
- Funding in 3-12 days, although 1 day is possible
- Loan amounts up to $5 million
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 |
Counties Covered
West Forest Capital lends in the following counties:
- Broward County
- Collier County
- Duval County
- Hillsborough County
- Martin County
- Miami-Dade County
- Orange County
- Palm Beach County
- Pinellas County
- Volusia County
Recently Funded Investment Property Renovation Loans
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Jersey City, NJ
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Newark, NJ
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Elizabeth, NJ
Why Use a Renovation Loan
- If You Need Rapid Funding: Unlike traditional banks that may take months to process your loan application, West Forest Capital offers same-day approval for investment property renovation loans, with funding available in just 3 to 12 days. In urgent cases, we can even provide funding within 24 hours.
- Because the Property Requires Renovation: Traditional banks often shy away from financing properties that need rehab, lack a Certificate of Occupancy (CO), or have other issues. West Forest Capital specializes in funding investment property renovation loans for properties that do not meet standard banking criteria.
- If You Have Less-Than-Perfect Credit: We understand that situations come up in life that might impact credit. That’s why we focus on the property’s value rather than your credit score when underwriting the loan.
- It’s Investment Real Estate: Typically, banks require loans to be made to individuals. But you are renovating your investment property and it should be treated as such by being in an LLC. This way, you get all of the benefits of owning an LLC, and the renovation loan is structured as a business-purpose loan to your LLC.
Why Choose Us For Your Renovation Loans
We’re passionate about supporting real estate investors with their renovation projects, providing specialized renovation loans tailored to meet your project’s unique needs. Our expertise spans beyond local regulations; we understand the critical elements involved in planning, budgeting, and structuring renovation financing for properties in various markets. With experience working alongside contractors, navigating permit requirements, and coordinating with city inspectors, we’re prepared to guide you through the entire renovation loan process. Let us be your trusted partner, helping you bring your investment properties to life with confidence and ease.
Finance Your Renovation Property
The market for renovating properties is strong, with high demand and a solid supply of homes ready for improvement. This setup offers a promising opportunity, with attractive spreads between purchase prices and renovation costs.
However, this active market also brings competition, as many real estate investors want to capitalize on these opportunities. Our team at West Forest Capital is here to help you gain an edge with committed, cash-equivalent capital and make sure your renovation process is as seamless as possible. Let us support you every step of the way to help make your project a success.
Asset-backed Lender Focused on Customized Solutions
We are guided by the current “as-is” market value, the renovation costs, and the “after repaired value.” We are easy to work with and typically provide a large amount of the purchase price and 100% of the rehab costs. We are also flexible: if you do the construction out of order from your original schedule, or have a budget overrun, we will work with you to make sure your renovation project is successful.
West Forest Capital also offers the longest hard money renovation loan available on the market (2 years), which is a great option for those projects that may take a bit more time.
Call us today, and let’s talk about your loan scenario. Most likely, we will be able to fund you.
Frequently Asked Questions
What are renovation lenders?
Renovation lenders, such as West Forest Capital, are experts in providing funding for properties requiring repairs or updates. Unlike traditional banks, we focus on the property’s value rather than the borrower’s credit, allowing for quicker and more accessible financing. Our streamlined approval process ensures that you can receive loan approval and funding in days, making it ideal for properties that need rehab or lack a Certificate of Occupancy, enabling you to take advantage of timely opportunities in the market.
How do renovation loans work?
West Forest Capital’s renovation loans are designed to be investor-friendly and easy to navigate. With interest rates ranging from 9 to 12% and closing fees, our loans cover up to 85% of the purchase price and 100% of renovation costs, released as work is completed. The loans are structured to keep the financed amount below 65% of the property’s after-repair value (ARV), ensuring that your project remains financially sound and within your budget. Our focus is on getting you the capital you need to succeed, quickly and efficiently.
What documents or information will I need to provide to get pre-approved?
For pre-approval, West Forest Capital requires a few essential details about the property you intend to purchase and renovate. You’ll need to provide the purchase price, a renovation budget, and the estimated after-repair value (ARV). Unlike traditional lending methods, we place less emphasis on your credit score and focus more on the property’s potential. Additionally, submitting your recent financials and proof of LLC ownership can help speed up the process. This information allows us to assess whether your property aligns with our criteria for investment, helping you move forward quickly with your renovation project.
What do renovation lenders look for?
Renovation lenders, especially those like West Forest Capital, look at various factors when reviewing loan applications. We examine the property’s purchase price and ARV to ensure that the investment in Rhode Island will be profitable. We also evaluate the renovation plan to ensure it’s realistic and on schedule. A clean title is essential, as it ensures that the property is free from legal issues. These factors guide our decision-making process, ensuring that the loan we provide supports a successful renovation project with high potential for a profitable return.
What is a renovation loan used for?
Renovation loans from West Forest Capital are an essential tool for real estate investors looking to purchase, renovate, and resell properties. These loans cover both the property’s purchase price and the rehabilitation costs, which makes them an excellent option for properties in need of extensive work or those that lack a Certificate of Occupancy. Our loans are especially helpful when acquiring properties at auction or when purchasing under an LLC, which traditional lenders often don’t accommodate. With our renovation loans, you can act quickly in a competitive market, whether you’re looking to flip homes for profit or rehab properties for long-term rental income. We’re here to help you succeed with financing that is fast, flexible, and tailored to your investment needs.
How is the home renovation loan budget assessed and approved?
When you submit a renovation loan budget to West Forest Capital, we ensure that it aligns with the property’s projected after-repair value (ARV) and the proposed renovations. We provide 100% financing for rehab costs as long as they meet our guidelines. If there are any unexpected costs during the project, we’re flexible and can adjust the loan accordingly, giving you the financial support needed to complete the renovation without the restrictions and delays of traditional home improvement loans. This flexibility allows you to focus on getting the job done without worrying about funding issues derailing your project.
What should I consider before applying for a renovation loan in Rhode Island?
When considering a renovation loan, it’s important to review the property’s potential return and confirm your renovation plans. At West Forest Capital, we focus on assessing your project’s profitability and ensure the loan terms suit your renovation timeline and budget. Preparing a clear plan will help you make the most of the loan.
How quickly can I access funds once approved for a renovation loan?
West Forest Capital ensures quick access to funds once you’re approved. Unlike traditional lenders, our fast approval and funding process allows you to begin purchasing and renovating your property right away, helping you avoid costly delays and stay ahead of your project timeline.
Can I apply if I have had credit issues in the past?
Yes! You are still eligible to apply even with past credit issues. We don’t rely solely on your credit score but assess your overall financial profile. This approach allows us to work with investors who may have a lower credit score but are investing in properties with a high after-repair value (ARV).
Do I need to have an LLC before applying, or can I set one up after loan approval?
You must have an LLC set up before we can close your loan. Since our renovation loans are business-purpose loans, they are only available to LLCs and not individuals. Other types of loans, such as personal loans or home equity lines, don’t require an LLC, but they also don’t offer the same level of funding or flexibility for real estate investment projects.
Can I use the loan to finance renovations for rental properties, or is it only for properties intended for resale?
Yes, our renovation loans can be used for both rental properties and properties intended for resale. Whether you’re making upgrades for tenants or preparing for a sale, our loans provide the flexibility that traditional home equity loans or personal loans might not offer when it comes to real estate investments.
