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Bridge Loan Rhode Island
Last Updated: May 2, 2025
At OfferMarket, we’re proud to power your real estate journey right here in Rhode Island. Our goal is simple: help Ocean State investors like you expand your portfolio, maximize profits, and move through the investment world with assurance.
With our fully integrated platform, you’ll gain access to:
💰 Custom-tailored private lending solutions
☂️ Investor-focused insurance rate comparisons
🏚️ Exclusive access to Rhode Island's off-market property deals
Our Rhode Island Bridge Loan program was crafted to provide swift, dependable, and cost-effective financing — helping you buy, renovate, and scale your residential investment projects throughout the state.
Whether you're flipping homes for quick gains or executing a BRRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy to build rental income, OfferMarket stands beside you every step of the way.
What Is a Rhode Island Bridge Loan?
A Rhode Island bridge loan is a short-term financial tool designed specifically for real estate investors who need fast funding to bridge the gap until they secure long-term financing or exit strategies.
Common Use Cases for Rhode Island Bridge Loans
Across Rhode Island’s dynamic neighborhoods and towns, investors use bridge loans for scenarios like:
- Purchase and rehabilitation of distressed homes: Obtain the capital you need to buy and rehab properties without locking up your own cash.
- Refinancing to fund renovations: If you bought a fixer-upper with cash, a bridge loan can unlock that equity to finance improvements.
- Clearing an old loan and completing a project: Need to pay off an initial lender but still have work to finish? A Rhode Island bridge loan is your answer.
- Purchasing without renovating: Snatch up undervalued Rhode Island properties to resell AS-IS for a profit.
- Refinancing a cash purchase (no rehab): Free up your equity even if your property didn’t need any repairs.
- Refinancing after renovation: Finished the rehab but need a bit more time to sell or refinance? A bridge loan gives you that breathing room.
Among experienced investors, bridge loans are often called “hard money loans” or “fix-and-flip loans.” These terms are used interchangeably across Rhode Island's private lending and investment communities.
How Our Rhode Island Bridge Loan Works
Each OfferMarket Rhode Island bridge loan includes two essential parts:
- Initial Advance: Covers your property's purchase price and gets wired straight to the title company at closing.
- Construction Holdback: Reserved for your renovation budget, this amount is released to you through a simple draw process as you progress on your rehab.
The best part? Flexibility.
You can use both the initial advance and the construction holdback—or just one—depending on your project’s needs.
Many Rhode Island investors combine both to maximize leverage while protecting their own capital. However, if you're self-funding the renovation or buying properties that don't need repairs, that's perfectly fine too. Whether you're pursuing a full-scale rehab or a straightforward purchase, our Rhode Island bridge loan program flexes to fit your plan.
When investing in Rhode Island real estate, adaptability is key. Our program lets you shift strategies—whether flipping for fast profits or refinancing for long-term gains—without being locked into rigid loan terms.
- Sell for Profit (Fix and Flip)
Planning to revamp and resell for a strong profit? Our Rhode Island bridge loan terms are built to keep you nimble, so you can maximize returns without the burden of restrictive financing.
- Rent and Refinance (BRRRR Method)
Aiming to create long-term wealth through rental properties? Purchase, renovate, rent, and refinance into a DSCR (Debt Service Coverage Ratio) loan—all while keeping your cash flow healthy and your Rhode Island rental portfolio growing strong.
Who Benefits from Rhode Island Bridge Loans?
Whether you're stepping into your first investment project or you're a seasoned Rhode Island property investor, our bridge loans are crafted with you in mind:
- Fix and Flip Investors (“Flippers”)
Ready to buy, renovate, and resell homes across Rhode Island? Gain fast, reliable funding to keep your projects moving forward without delays.
- BRRRR Method Investors (Buy, Rehab, Rent, Refinance, Repeat)
Want to steadily expand your rental holdings in Providence, Warwick, Cranston, or beyond? Our Fix and Rent bundle offers a bridge loan for purchase and rehab, paired with a discounted DSCR loan to refinance afterward.
Many successful Rhode Island investors smartly blend flipping and holding strategies—flipping one property while holding another as a rental. We encourage this flexible mindset to help you capture more opportunities while managing risk efficiently.
Rhode Island Bridge Loan Program Guidelines
Here’s a detailed breakdown of the lending criteria tailored for Rhode Island investors:
| Criteria | Guideline |
|---|---|
| Loan Amount (Min-Max) | $25,000 – $2,000,000 |
| After Repair Value (ARV) | Minimum $100,000 |
| Experience Requirement | None required |
| Minimum Credit Score | 680 |
| Borrowing Entity | LLC or Corporation (no personal loans) |
| Initial Advance | Up to 90% of purchase price |
| Construction Holdback | Up to 100% of rehab budget |
| Loan-To-ARV (LTARV) | Maximum 75% |
| Interest Rate | Instant quote available |
| Origination Fee | 1.5 to 2 points |
| Loan Term | 12 to 24 months |
| Prepayment Penalty | None |
| Structure | Interest-only with balloon payment |
| Recourse | Full recourse (51% of borrowing entity must guarantee) |
| Exit Strategy (Sale) | Minimum 30% projected ROI |
| Exit Strategy (Refinance) | Minimum 1.1 DSCR after repairs |
| Valuation Method | Appraisal report or in-house valuation |
| Minimum Property Size | Single family: 700+ SQFT, 2-4 unit: 500+ SQFT per unit, Condo: 500+ SQFT |
| Max Acreage | 5 acres |
| Interest Accrual | Under $100K: full loan amount ("Full Boat"); $100K and above: as disbursed |
| Advanced Draws | Subject to lender discretion |
| Minimum Down Payment | $10,000 |
Project Eligibility
At OfferMarket, our mission is to empower Rhode Island real estate investors to build sustainable, lasting wealth. That's why we focus not just on financing deals—but on partnering with you to manage risk thoughtfully and effectively.
Out of all the bridge loans we've originated, less than 0.5% have ended in foreclosure—a testament to our commitment to responsible lending and your success.
It’s important to recognize that projects involving heavy or extensive renovations carry a higher risk profile. Larger rehabs often mean longer timelines, bigger budgets, and more exposure to shifts in the real estate market—especially in a small but competitive state like Rhode Island.
At OfferMarket, we’re more than just your lender. We're your risk manager, advisor, and long-term partner. Setting clear expectations and carefully aligning on project viability helps us protect your business and investments across the Ocean State.
Initial Advance
The initial advance—the portion of your Rhode Island bridge loan that covers the purchase price—is determined based on a few important factors:
How many investment properties you’ve owned in the past 24 months
How many similar rehab projects you’ve successfully completed in the last 5 years
Minimum credit score of 680 (though 720+ is preferred)
Licensed professionals like Realtors, General Contractors, and Professional Engineers may qualify for better terms
If the agreed purchase price is higher than the appraised As-Is value, the loan will be based on the lower appraised figure.
Your projected exit strategy also influences the advance:
For flips, you’ll need a projected gross margin of at least 30% and a minimum $15,000 profit.
For rent-and-refinance projects, your post-repair DSCR must meet or exceed 1.1.
Properties located in more rural areas of Rhode Island, such as Exeter or Foster, may come with slightly reduced leverage requirements and require a higher experience tier.
Experience-Based Tiers
| Tier | Verifiable Experience |
|---|---|
| 1 | 0 completed projects |
| 2 | 1 to 2 completed projects |
| 3 | 3 to 4 completed projects |
| 4 | 5 to 9 completed projects |
| 5 | 10+ completed projects |
Initial Advance by Experience Tier
| Tier | Initial Advance (% of Purchase Price) |
|---|---|
| 1 | 80% (up to 85% with excellent credit/liquidity) |
| 2 | 85% |
| 3 | 85% |
| 4 | 90% |
| 5 | 90% |
Adjustments to Initial Advance
| Scenario | Adjustment |
|---|---|
| Credit score less than 720 | -5% |
| Full gut rehab | -5% |
| New market (first project in the area) | -5% |
| Licensed Realtor | up to +5% |
| Licensed General Contractor | up to +10% |
| Licensed Professional Engineer | up to +10% |
| Rural property | -20% (requires 3+ experience) |
Rehab Scope Classification
| Rehab Scope | Definition |
|---|---|
| Light | Rehab budget is less than 25% of the purchase price |
| Moderate | Rehab budget is between 25% and 49.99% of the purchase price |
| Heavy | Rehab budget is between 50% and 99.99% of the purchase price |
| Extensive | Rehab budget is 100%+ of the purchase price—typically involving additions, expansions, ADUs, or situations where the rehab budget surpasses the purchase price (“lopsided deals”) |
Note: A "lopsided deal" often appears in Rhode Island's historic neighborhoods, where homes may require major investments compared to their modest initial purchase price.
Rehab Scope Eligibility
| Tier | Experience | Light | Moderate | Heavy | Extensive |
|---|---|---|---|---|---|
| 1 | 0 | Eligible | Ineligible | Ineligible | Ineligible |
| 2 | 1–2 | Eligible | Eligible | Eligible | Ineligible |
| 3 | 3–4 | Eligible | Eligible | Eligible | Eligible |
| 4 | 5–9 | Eligible | Eligible | Eligible | Eligible |
| 5 | 10+ | Eligible | Eligible | Eligible | Eligible |
Pro Tip: For newer Rhode Island investors, focusing on light to moderate rehab projects is a smart move. Projects in cities like Warwick, Cranston, and Pawtucket are often completed faster and offer more predictable returns.
LTARV Limits
| Tier | Experience | Light | Moderate | Heavy | Extensive |
|---|---|---|---|---|---|
| 1 | 0 | 70% | Ineligible | Ineligible | Ineligible |
| 2 | 1–2 | 70% | 70% | 70% | Ineligible |
| 3 | 3–4 | 75% | 75% | 75% | 70% |
| 4 | 5–9 | 75% | 75% | 75% | 70% |
| 5 | 10+ | 75% | 75% | 75% | 70% |
LTFC Limits
| Tier | Experience | Light | Moderate | Heavy | Extensive |
|---|---|---|---|---|---|
| 1 | 0 | N/A | Ineligible | Ineligible | Ineligible |
| 2 | 1–2 | N/A | N/A | N/A | Ineligible |
| 3 | 3–4 | N/A | N/A | N/A | 85% |
| 4 | 5–9 | N/A | N/A | N/A | 90% |
| 5 | 10+ | N/A | N/A | N/A | 90% |
For those tackling more ambitious extensive rehabs in Rhode Island’s older neighborhoods, experience really matters. Our limits ensure you have a safe capital structure.
Example: No Experience
| Criteria | Details |
|---|---|
| Purchase Price | $100,000 |
| Experience Tier | 1 (0 completed projects) |
| Credit Score | 695 |
| Rehab Budget | $24,000 |
| ARV | $150,000 |
| Initial Advance | $75,000 (75% of purchase price) |
| Construction Holdback | $24,000 |
| Total Loan Amount | $99,000 |
| LTARV | 66% |
| LTFC | 79.8% |
| Interest Accrual | Full boat |
Example: No Experience, Excellent Credit
| Criteria | Details |
|---|---|
| Purchase Price | $100,000 |
| Experience Tier | 1 (0 completed projects) |
| Credit Score | 750 |
| Rehab Budget | $24,000 |
| ARV | $150,000 |
| Initial Advance | $80,000 (80% of purchase price) |
| Construction Holdback | $24,000 |
| Total Loan Amount | $104,000 |
| LTARV | 69.33% |
| LTFC | 83.9% |
| Interest Accrual | As disbursed |
Example: 5 Completed Projects
| Criteria | Details |
|---|---|
| Purchase Price | $100,000 |
| Experience Tier | 4 (5 completed projects) |
| Credit Score | 750 |
| Rehab Budget | $20,000 |
| ARV | $150,000 |
| Initial Advance | $90,000 (90% of purchase price) |
| Construction Holdback | $20,000 |
| Total Loan Amount | $110,000 |
| LTARV | 73.33% |
| LTFC | 91.67% |
| Interest Accrual | As disbursed |
Refinance Using As Is Value Instead of Cost Basis for Initial Advance
At OfferMarket, our standard underwriting method in Rhode Island is based on your total cost basis — meaning your purchase price plus any renovation expenses to date. This approach ensures you maintain meaningful equity and safeguards your project’s financial health.
However, when refinancing in cases where the property’s As Is value significantly exceeds your investment, we may allow loan leverage based on that higher value. To qualify:
The Rhode Island property must be habitable (C4 condition or better)
The property must have been seasoned for at least 3 years
The payoff lender cannot be a bridge or construction lender (no default rates or fees)
Borrower must have a minimum 680 credit score
Borrower must be at least Tier 3 (3–4 completed projects minimum)
Strong local comps must support the As Is valuation
Supporting context (e.g., property was rented for several years and is now being repositioned) must be provided
Transactions Involving Wholesalers, Price Run-Ups
Real estate investors across Rhode Island often work with wholesalers or encounter deals involving assignment fees or price markups. OfferMarket’s Rhode Island Bridge Loan Program accommodates these transactions, ensuring you can structure financing properly even when a wholesaler is involved.
If your deal involves a wholesaler:
Assignment fees or markups up to 20% over the original seller’s price are financeable.
Amounts exceeding 20% must be paid out-of-pocket.
Example:
| Item | Amount |
|---|---|
| A-B Contract (Seller to Wholesaler) | $100,000 |
| B-C Contract (Wholesaler to You) | $125,000 |
| As Is Value | $125,000 |
| Eligible Value Basis | $120,000 (20% markup cap) |
If the markup exceeds 20%, only the allowable portion will count toward your loan basis.
Wholesaler Transaction Guidelines
For Rhode Island deals involving wholesalers, we require:
Complete chain of contracts (both A-B and B-C agreements)
Wholesaler’s operating agreement
Certification of arm’s length transaction (no close personal/business ties)
Property must not be actively listed on MLS at the time of contract assignment if assignment fee is being financed
No financing of finder’s fees or unregistered referral fees
Construction Holdback
For Rhode Island bridge loans, the construction holdback is the loan portion reserved for renovation costs. Funds are reimbursed via a simple, app-based draw request process.
If you prefer to self-fund renovations or the property doesn’t require work, you're free to waive the holdback entirely. Many Rhode Island investors opt out of the holdback for properties already in strong condition.
Note: For loans over $100,000, interest is charged only as funds are disbursed ("As Disbursed"). For smaller loans under $100,000, full interest accrues from the start ("Full Boat").
Draw Processing Guidelines
| Criteria | Guideline |
|---|---|
| Minimum Draw Amount | None |
| Maximum Draw Amount | 100% of remaining holdback |
| Minimum Number of Draws | 0 |
| Maximum Number of Draws | Unlimited |
| Materials Delivered But Not Installed | 50% reimbursement with proof |
| Draw Inspection | App-based (photo submission) |
| Draw Turnaround Time | 0–2 business days |
| Draw Fee | $270 per draw |
| Wire Fee | $30 per wire |
Our quick app-based inspections make it easy for Rhode Island investors to stay on schedule.
Appraisal and In-House Valuation
Every Rhode Island bridge loan requires a valuation. Depending on the project, this may be satisfied by a third-party appraisal or an in-house valuation.
In-House Valuation Eligibility
| Criteria | Requirement |
|---|---|
| Property Type | Single family, duplex, triplex, quadplex |
| Experience Tier | Tier 4+ (5+ completed projects) |
| Credit Score | 720+ |
| Rural Property | Not eligible |
| New Market Entry | Not eligible |
| LTARV | 70% maximum |
OfferMarket may still require a full appraisal if underwriting deems it necessary—even when these criteria are met.
Exterior Appraisal Guidelines
In certain Rhode Island investment scenarios, an exterior-only appraisal is acceptable, such as:
REO (bank-owned) sales
Foreclosure auctions
Sheriff’s sales
Online property auctions
Bankruptcy-related sales
Exterior appraisals must be dated within 120 days of closing (or recertified if between 120–179 days).
Interior Appraisal Guidelines
For traditional Rhode Island purchases and refinances not falling into the above categories, a full interior appraisal will be required.
| Property Type | Appraisal Forms |
|---|---|
| Single Family | 1004 + 1007 ARV including As Is value |
| 2–4 Unit Multifamily | 1025 + 216 ARV including As Is value |
| Condominium | 1073 + 1007 ARV including As Is value |
Appraisal Transfer
Already completed an appraisal outside of OfferMarket for your Rhode Island property?
It may qualify for transfer if:
It was ordered through an approved AMC (Appraisal Management Company)
It was completed within the last 180 days at the time of closing
If older than 120 days but under 180, it must be recertified
You provide a full transfer package, including:
Signed transfer letter (certifying compliance with Appraiser Independence Requirements — AIR)
PDF and XML versions of the appraisal report
Paid appraisal invoice
Scenario: Stabilized Bridge Loan
For Rhode Island investment properties that are already in good condition—with no deferred maintenance—you may qualify for a Stabilized Bridge Loan.
This allows you to borrow against the current As Is value without needing a rehab budget.
Ideal for properties ready to rent or list immediately across cities like Providence, Newport, or Warwick.
| Criteria | Guideline |
|---|---|
| LTV (Maximum) | Tier 1: 70%, Tier 2: 70%, Tier 3–5: 75% |
| LTFC (Maximum) | Tier 1–2: 80%, Tier 3–5: 90% |
| Appraisal Condition Rating | C1, C2, C3, or C4 |
| Loan Term (Maximum) | 12 months |
Note: Stabilized bridge loans are perfect for Rhode Island projects that don’t need rehab — just short-term financing to bridge to the next phase.
Key Loan Details
| Criteria | Details |
|---|---|
| Loan Amount Range | $25,000 – $2,000,000* |
| Units per Property | 1–4 units |
| Eligible Property Types | Non-owner occupied residential (SFR, multifamily 2–4 units, condos, townhomes, PUDs) |
| Minimum Property Size | Single Family: 700+ SQFT; Condo and 2–4 Unit: 500+ SQFT per unit |
| Maximum Acreage | 5 acres |
| Loan to Cost (LTC) | Up to 90% purchase, 100% rehab |
| Loan to ARV (LTARV) | Up to 75% |
| Minimum Down Payment | $10,000 for purchases under $100K |
| Loan Term | 12 months standard; 18–24 months available for certain projects |
| Extensions | Up to 50% of original term |
| Points (Origination Fee) | 1.5 to 2 points ($2,000 minimum) |
| Prepayment Penalty | None |
| Occupancy | Non-owner occupied only (business purpose) |
| Transaction Types | Purchase or refinance |
| Geographic Coverage | All U.S. states except AK, AZ, HI, MN, ND, NV, OR, SD, UT, VT |
| Amortization | Interest-only with balloon payment |
| Interest Accrual Method | Full Boat (<$100K) or As Disbursed (≥$100K) |
Extensions
While Rhode Island bridge loans are designed for 12–24 months, sometimes unexpected project delays happen. If needed, OfferMarket allows for extensions up to 50% of the original loan term.
| Initial Loan Term | Maximum Extension |
|---|---|
| 12 months | 6 months |
| 18 months | 9 months |
| 24 months | 12 months |
Extensions should be viewed as a backup plan, not a primary strategy, due to additional costs.
Extension Terms and Fees
| Extension Term | Fee |
|---|---|
| 3 months (1st request) | 1% of loan amount |
| 3 months (2nd request) | 1.5% of loan amount |
| 6 months (1st request) | 2.5% of loan amount |
Extension fees are added to your final payoff statement.
Extension Prerequisites
Before an extension can be granted for your Rhode Island bridge loan, you must:
Maintain an active builder’s risk insurance policy covering the extended period
Meet any additional requirements set forth by OfferMarket
Ineligible Property Types
OfferMarket’s Rhode Island Bridge Loan Program focuses exclusively on non-owner occupied 1–4 unit residential properties.
The following are not eligible:
Mixed-use properties
Multifamily buildings with 5+ units
Condotels (condo hotels)
Co-ops
Mobile or manufactured homes
Commercial properties (retail, office, etc.)
Cabins or log homes
Properties with oil/gas leases
Operating farms or orchards
Vacation or seasonal rentals
Unique/luxury homes
Properties with unpaved/dirt road access
Bridge Loan Insurance Guidelines
Safeguarding your Rhode Island investment property is critical.
OfferMarket requires that every project funded under the Rhode Island Bridge Loan Program carries the appropriate insurance coverage. This protects against property damage, liability risks, and loss.
This coverage is typically referred to as Builders Risk Insurance or Fix and Flip Insurance—designed for properties under renovation or vacant.
Coverages and Limits
| Coverage Type | Limit | Required |
|---|---|---|
| Dwelling | Replacement cost or full loan amount (zero coinsurance) | Yes |
| Liability | $1M per occurrence / $2M annual aggregate | Yes |
| Builders Risk | Included in policy | Yes |
| Flood | Greater of $250,000 or loan balance | Only if located in FEMA flood zone |
Coverage Details
| Item | Requirement |
|---|---|
| AM Best Rating | A- VIII or better |
| Policy Type | Special Form |
| Deductible | $1,000 to $5,000 |
| Lender’s Designation | OfferMarket listed as Mortgagee and Additional Insured |
| Exclusions | No exclusions for windstorm, hail, or named storms |
| Cancellation Notice | 30-day minimum notice to OfferMarket |
💡 Pro Tip for Rhode Island Investors:
As soon as you take ownership, install locks, smoke detectors, and security cameras to help protect your property and remain compliant with your insurance policy.
Frequently Asked Questions
Where does OfferMarket provide bridge loan funding?
OfferMarket proudly funds real estate investors across most of the United States—including right here in Rhode Island.
In a few states that require special licensing, OfferMarket acts as a rate-shopping service by referring loans to licensed capital providers.
States Covered (including Rhode Island):
Alabama
California
Connecticut
Delaware
Florida
Georgia
Indiana
Iowa
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Mississippi
Missouri
Montana
Nebraska
New Hampshire
New Jersey
New Mexico
New York
North Carolina
Ohio
Oklahoma
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming
(States marked with * like AZ, MN, NV, ND, OR, SD, UT, VT involve rate-shopping service.)
Can I have multiple bridge loans at the same time?
Absolutely. Many OfferMarket clients in Rhode Island operate multiple bridge loans simultaneously as they manage several projects.
We always prioritize your financial safety and may recommend pacing if liquidity or project volume becomes a concern.
Are bridge loans considered commercial loans?
Yes.
Rhode Island bridge loans are commercial, business-purpose loans issued to an LLC or Corporation—not to an individual personally.
What is the minimum loan amount?
The minimum loan size for a Rhode Island bridge loan is $25,000.
What types of properties qualify?
Eligible Rhode Island properties include:
Single-family homes
Townhomes
2–4 unit multifamily buildings
Warrantable condominiums
Planned Unit Developments (PUDs)
Not eligible:
Mixed-use properties
Large multifamily (5+ units)
Commercial real estate (retail, industrial, etc.)
How is Loan-To-Value (LTV) calculated?
For Rhode Island bridge loans:
LTV (or LTARV) is based on the lower of:
Purchase price, or
As Is property value (appraisal or valuation)
LTARV Formula:
(Initial Advance + Construction Holdback) ÷ ARV
What are the credit score requirements?
| Credit Requirement | Details |
|---|---|
| Minimum Credit Score | 680 |
| Case-by-case review | 660–679 with compensating factors |
| Evaluated Parties | All members of borrowing entity who guarantee the loan |
Do I Need Prior Experience to Qualify?
No, prior real estate investing experience is not required to qualify for a Rhode Island bridge loan with OfferMarket.
However:
Having a strong track record can unlock better leverage terms, larger loan amounts, and more flexibility.
| Experience Requirement | Details |
|---|---|
| Required Experience | Not mandatory |
| Benefit of Experience | Better leverage and faster approvals |
| Experience Evaluation | Based on completed, verifiable rehab projects where you were financially responsible |
Does Wholesaling Experience Count?
If you have worked as a wholesaler — assigning contracts but not taking ownership of properties — this does not count toward experience tiers for bridge loan qualification in Rhode Island.
What Documentation Is Required?
OfferMarket makes the document process simple through a secure "Loan File" system.
Purchase Transaction Requirements
| Loan File Section | Details |
|---|---|
| Purchase Contract | Fully executed (signed by buyer and seller) |
| Credit Report | Soft pull tri-merge for each guarantor |
| Background Report | Required for each guarantor |
| Track Record | Documented for each guarantor |
| ID Verification | Government-issued ID (driver's license, passport, Green Card) |
| Borrowing Entity Documents | Articles of Organization/Incorporation, Operating Agreement/Bylaws, Certificate of Good Standing, W-9 |
| Scope of Work | Rehab budget needed for ARV |
| Appraisal | Ordered through OfferMarket’s approved AMC network |
| Bank Statements | Two most recent statements from personal or business accounts |
| Letter of Explanation (if needed) | For large deposits, late payments, or background items |
Refinance Transaction Requirements
| Loan File Section | Details |
|---|---|
| Settlement Statement | Fully executed |
| Credit Report | Soft pull tri-merge |
| Background Report | Required |
| Track Record | Required |
| ID Verification | Required |
| Borrowing Entity Documents | Articles of Organization/Incorporation, Operating Agreement/Bylaws, Certificate of Good Standing, W-9 |
| Sunk Costs Documentation | List of expenses paid to date |
| Scope of Work | Rehab budget if applicable |
| Appraisal | Ordered through OfferMarket’s AMC |
| Bank Statements | Two most recent statements |
| Letter of Explanation (if needed) | For underwriting clarifications |
Are There Special Requirements for Bridge Loans Over $1 Million?
Yes. For Rhode Island bridge loans exceeding $1,000,000, additional requirements apply:
| Criteria | Requirement |
|---|---|
| Experience | Minimum Tier 3 (3+ completed projects) |
| Market Liquidity | At least 3 comparable sales within a 2-mile radius sold in the past 6 months |
| Credit Score | 680 minimum, with 5+ active trade lines and 24-month history |
| Rural Areas | Not eligible if CFPB, USDA, or appraisal classifies as rural |
| Track Record | Required for all guarantors |
Glossary of Key Terms
| Term | Definition |
|---|---|
| ADU | Accessory Dwelling Unit — a secondary self-contained living space on a single-family lot |
| Arms-length | Buyer and seller have no special relationship ensuring fair pricing |
| Non Arms-length | Buyer and seller have a personal, financial, or business tie |
| Initial Advance | Funds wired at closing covering part or all of the purchase price |
| Construction Holdback | Loan funds reserved for renovations, disbursed via draws |
| Interest Reserves | Prepaid or accrued interest held to ensure payments are made |
| LOE | Letter of Explanation for underwriting exceptions |
| LTC | Loan to Cost — ratio of loan amount to project’s total cost |
| LTFC | Loan to Full Cost — ratio of loan amount to (purchase + rehab) |
| LTV | Loan to Value — ratio of loan amount to current property value |
| LTARV | Loan to After-Repair Value — ratio of loan amount to expected ARV |
| As Disbursed Interest | Interest only charged on distributed loan amounts |
| Full Boat Interest | Interest charged on the entire loan amount from day one |
| Lopsided Deal | Rehab costs exceed purchase price significantly |
| GC Agreement | Contract with a licensed General Contractor |
| DSCR | Debt Service Coverage Ratio — rent divided by total monthly debt payment |
Get Your Instant Bridge Loan Quote
At OfferMarket Capital LLC, we take pride in helping Rhode Island real estate investors grow their portfolios, boost their returns, and build sustainable wealth.
Specializing in bridge loans and DSCR loans for 1–4 unit investment properties, we make financing fast, simple, and reliable—so you can stay laser-focused on sourcing great deals and delivering successful projects.
Thousands of real estate investors across Rhode Island and nationwide benefit from OfferMarket’s streamlined service every month.
When you join OfferMarket, you also gain free access to:
💰 Flexible private lending solutions
☂️ Insurance rate comparisons to protect your investments
🏚️ Exclusive off-market deals
💡 Market insights and data-driven investment strategies
Thousands of real estate investors get value from OfferMarket every month. Membership is entirely free and includes the following benefits:
💰 Private lending ☂️ Insurance rate shopping 🏚️ Off market properties 💡 Market insights
