Another Hard Money Loan in RI – Ocean front Little Compton!
Loan Type: Bridge Loan
Location: Little Compton, RI / Tiverton, RI
Loan Amount: $1,780,000
We made a single private loan on two great single family homes in Rhode Island. We cross collateralized an ocean front house in Little Compton, which allowed the borrower to acquire an equestrian estate in Tiverton with very little money down. The borrower planned to use the sale proceeds from Little Compton to pay for Tiverton, but the Tiverton seller wouldn’t wait. Therefore, our short term bridge loan not only allowed the borrower to buy Tiverton, but also provided time to sell Little Compton.