Closed! $7.8MM Fix to Rent RI Hard Money Loan

Fix to rent Hard Money Loan Newport RI

Newport RI Fix to Rent RI Hard Money Loan CLOSED!

I’m highlighting this deal as a prime example of why investors choose us to fund their deals. This contiguous mix of Newport, RI real estate is actually a fix to rent play! Our 90% loan consisted of purchase and renovation financing for:

a) 7 unit mixed use building (6 resi & funeral home) that will be converted back to a single family home.

b) a carriage house that will be converted to a rentable standalone single family house

c) a two family that will be converted back to a single family with a detached garage with au pair suite above.

d) a buildable lot

The borrower will rent all the components separately to vacationers. The main house alone will rent for $100,000 a month between June and September. The aggregate rents will yield a double digit cash on cash return upon stabilization. We were able to value each component individually on an after repair value basis in order to support our loan.