Fix and flip loans in Rhode Island, funded in 48 hours.

Yes. PML funds fix and flip loans in all 50 states, with active flipper books in Providence, Warwick, Cranston, and Pawtucket. Single-family, duplex, triplex, and fourplex properties. Loan size from $100,000 to $5,000,000 per asset, with cross-collateralized facility lines available for sponsors running three or more concurrent Rhode Island projects. No state-line carve-outs on pricing or leverage; a Providence County flip prices off the same rate sheet as a Kent County flip.

Rhode Island does not require a separate state lender license for business-purpose loans on 1 to 4 unit non-owner-occupied investment property held by an entity. PML originates Rhode Island fix and flip loans under that posture, with closings handled through the customary Rhode Island closing process. Loans are not consumer mortgages; they cannot be used for a primary or secondary residence. The borrower is always an LLC, LP, or corporation, never a natural person.

The bulk of Rhode Island fix and flip activity in our book lands in a $295,000 to $525,000 ARV band, with loans typically between $236,000 and $425,000 on a single asset. Providence and Warwick skew toward the lower half of that band on entry-level cosmetic flips; the East Side of Providence stretch to $925,000 plus on full-gut projects. We will write a Rhode Island loan as small as $100,000 and as large as $5,000,000.

Rhode Island is an attorney-closing state. A licensed Rhode Island real estate attorney handles the closing in coordination with a title insurance underwriter; no escrow agent in the western-state sense. PML works with closing-attorney panels in every major Rhode Island metro and routes the deed of trust and closing protection letter accordingly. A clean Rhode Island file regularly closes 6 to 9 business days from term-sheet acceptance.

Rhode Island imposes a real estate conveyance tax at $2.30 per $500 of consideration on transfers over $100 (paid by the seller). PML’s quote on the HUD reflects the actual Rhode Island tax and recording schedule for the subject county; there are no lender markups on third-party closing costs.

Northern Rhode Island winters slow exterior trade work (roofing, siding, concrete) from late November through March, but they do not slow our draw cadence. Inspector clears within one business day, wire goes out within 48 hours, year-round. Plan rehab budgets with a 2 to 4 week seasonal cushion on cold-weather exterior scopes.

Rhode Island is a non-judicial foreclosure state operating under power of sale. A defaulted business-purpose loan can move from notice to trustee sale in roughly 60 to 90 days. As a sponsor this should never matter; as an underwriting input it is one reason our Rhode Island loans price cleanly off the national rate sheet.

The Providence County e-recording system normally posts a deed and deed of trust the same business day they are submitted. Other major Rhode Island metros (Warwick, Cranston and Pawtucket) run similarly fast on e-recording. PML wires loan proceeds the day of close; the lien recording happens in parallel.

Yes. Rhode Island trustee sales typically happen on a posted weekly or monthly schedule at the county courthouse. PML issues a binding term sheet within four business hours of a property submission, which is sufficient for most Rhode Island non-judicial auctions and most online foreclosure platforms. Clean title and a binding term sheet can move from winning bid to wire in 7 to 10 calendar days.

Yes. PML can close into a newly-formed Rhode Island LLC even if you took the property under contract in your personal name. The closing party handles the deed transfer at closing — the property moves from your personal name into the new entity simultaneous with the loan funding, with the standard Rhode Island transfer-tax treatment applied at close. We do not lend to natural persons; the borrower is always an entity. We can help structure the entity if you do not yet have one in place.