There are a myriad of Rhode Island Hard Money Lenders out there, and they really run the wide range that you could imagine. There are the private lenders. These folks are typically able to fund capitalization requirements all on their own, all on their own financial wherewithal. There are a number of reasons why these lenders want to get into this sort of business.

First one is that doing these deals aren’t really capital intensive; the greatest input is really the legal legwork that needs to be done, and the due diligence that will have to be done on the real estate. The due diligence can easily outweigh the profit potential. Take an instance in which a gas station is offered up as collateral for the hard money arrangement. The private individual lender is going to have to have his own third party evaluators come in and do their analysis; he’s not going to want to trust environmental reports held by the borrower; those could easily be tainted, and is especially likely if the borrower has a number of liens on the gas station. But the borrower may deem the collateral worthy and qualified, especially if the station’s making a lot of money, if it’s net positive more often than not. It’s just the environmental issue will get in the way.

Private and individual Rhode Island Hard Money Lenders are as independent as you can get, and as such, these lenders will really run the gamut in terms of how quickly they’ll be able to turn an inquiry for capital goes. The lender may have a small staff at his disposal and may be able to get the legwork done faster than other Rhode Island Hard Money Lenders, perhaps even faster than commercial financial shop hard money lenders in Rhode Island can. It’s hard to say though, what’s universal about these private individuals, except for the fact that, of course, real estate is a part of every Rhode Island hard money arrangement that they pitch to the borrower in need of capital. In more cases than not, the individual will be able to get the work done necessary to okay a loan agreement in about a month. Other factors that can tie this process up are messy deeds, vague ownership, in which names don’t quite match (which is often the case with folks that use the American English version of their name interchangeably, e.g. Joe and Jose, or Joseph). Either way, the lender will be able to get these hard money rehab loans completed.