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.
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.