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Multifamily & Apartment Financing in Rhode Island

Commercial Loan Direct (CLD) provides apartment loans in Rhode Island. Current apartment loan rates in Rhode Island range from 4.93% to 12.95%, depending on the loan program.

Rhode Island Apartment Loan Rates

Loan Types Rates LTV Loan Amount
Fannie Mae 5.66% - 6.46% 80% $700,000+
Freddie Mac 5.96% - 9.43% 80% $1,000,000+
FHA 4.84% - 6.19% 83.3% $5,000,000+
Conduit / CMBS 5.81% - 7.74% 75% $2,000,000+
Insurance 5.31% - 8.59% 75% $5,000,000+
USDA 6.2% - 8.95% 85% $1,000,000+
Bridge 5.95% - 12.95% 80% $1,500,000+
Construction 5.7% - 8.95% 83.3% $1,000,000+
Conventional 4.93% - 8.95% 80.0% $1,000,000+

For more in-depth multifamily interest rates, please visit our Apartment Loan Rates page.

Note: The commercial mortgage rates displayed in this website should be used as a guideline and do not represent a commitment to lend. Commercial Loan Direct and CLD Financial, LLC are not liable for any commercial mortgage interest rate or data entry errors that might affect the displayed commercial loan rates. Commercial loan rates may change at any time and without notice.

Additional Multifamily Types

Additional Multifamily Mortgages

Locations Served in Rhode Island

We are proud to be serving the state of Rhode Island. Here are our commercial loan statistics for this state.

Rhode Island Cities and Towns Served

19

Multifamily Commercial Loans in Rhode Island (Summary)

Multifamily financing in Rhode Island applies to residential properties with five or more units and is underwritten primarily based on the property’s income performance. Lenders evaluate net operating income (NOI), debt service coverage ratio (DSCR), occupancy history, borrower experience, and the strength of the local rental market.

Common Multifamily Loan Options

  • Agency loans (Fannie Mae and Freddie Mac): Best suited for stabilized properties with strong occupancy and consistent operating history. These loans typically offer long terms, amortizations up to 30 years, and competitive rates.
  • Bank and credit union financing: Regional and local lenders are active throughout Rhode Island and may offer flexible terms, particularly for smaller apartment properties or experienced investors.
  • Bridge loans: Short-term financing used for value-add projects, lease-up situations, or property repositioning, with the expectation of refinancing into permanent debt once stabilized.
  • CMBS or debt fund loans: Often used for larger loan amounts or more complex transactions, providing flexible structures but sometimes with stricter prepayment provisions.
  • Construction and rehabilitation financing: Used for new development or significant renovations, typically requiring borrower experience, strong financials, and a clear exit strategy.

Key Underwriting Factors

  • Cash flow and DSCR: Lenders focus on stable income sufficient to cover debt obligations.
  • Occupancy and collections: Historical performance and market-supported rents are critical.
  • Borrower strength: Net worth, liquidity, and multifamily experience influence loan approval and terms.
  • Property condition: Deferred maintenance or capital needs may reduce loan proceeds or require repair escrows.
  • Market fundamentals: Local employment, population trends, housing supply, and submarket demand.

Typical Uses for Multifamily Financing

  • Acquisition: Purchase stabilized or transitional apartment properties.
  • Refinance: Replace existing debt, lower borrowing costs, or access equity through cash-out.
  • Value-add improvements: Fund unit upgrades, operational efficiencies, or repositioning strategies.
  • Ground-up development: Finance new construction with a plan to refinance after stabilization.

Market-Specific Considerations in Rhode Island

Rhode Island’s multifamily market is influenced by its limited land availability and proximity to larger metropolitan areas such as Boston. Strong rental demand in cities like Providence and Warwick supports long-term occupancy, but lenders carefully evaluate local economic drivers, property taxes, insurance costs, and the condition of older housing stock. Conservative underwriting and realistic expense projections are especially important for approval.

How to Improve Loan Approval and Terms

  • Provide complete documentation: Current rent roll, trailing 12-month operating statements, and a capital improvement plan if applicable.
  • Support projections with market data: Justify rent increases and occupancy assumptions with local comparables.
  • Maintain strong liquidity: Lenders prefer borrowers with adequate post-closing reserves.
  • Align financing with the business plan: Bridge loans for transitional assets, long-term agency or bank loans for stabilized properties.

Lending Cities

Commercial loan direct provides services in the following Rhode Island cities. Please note we may be able to provide services in other cities as well by request. Rates are dependent on the market in your locale, feel free to use the provided Rhode Island economic reports to get a better understanding of your market.

  • Ashaway
  • Barrington
  • Bradford
  • Bristol
  • Bristol County
  • Central Falls
  • Charlestown
  • Chepachet
  • Coventry
  • Cranston
  • Cumberland
  • Cumberland Hill
  • East Greenwich
  • East Providence
  • Exeter
  • Foster
  • Greenville
  • Harrisville
  • Hope Valley
  • Hopkinton
  • Jamestown
  • Johnston
  • Kent County
  • Kingston
  • Lincoln
  • Melville
  • Middletown
  • Narragansett
  • Narragansett Pier
  • New Shoreham
  • Newport
  • Newport County
  • Newport East
  • North Kingstown
  • North Providence
  • North Scituate
  • North Smithfield
  • Pascoag
  • Pawtucket
  • Portsmouth
  • Providence
  • Providence County
  • Smithfield
  • South Kingstown
  • Tiverton
  • Valley Falls
  • Wakefield-Peacedale
  • Warren
  • Warwick
  • Washington County
  • West Greenwich
  • West Warwick
  • Westerly
  • Woonsocket

Commercial Loan FAQs in Rhode Island

Multifamily interest rates in Rhode Island vary based on loan type, property type, loan-to-value, debt service coverage ratio, borrower strength, and market conditions. They range from approximately 4.93% to 12.95%.

Borrowers in Rhode Island can access Conventional, CMBS/Conduit, Insurance, FHA/HUD, USDA, Bridge, Construction, and SBA financing based on property type, leverage, and occupancy.

Multifamily loan rates in Rhode Island depend on loan type, property cash flow, debt service coverage ratio, loan-to-value, borrower strength, and market conditions.

Yes. Owner-occupied financing is available in Rhode Island, including Conventional, Insurance, SBA, USDA, and selected agency programs when eligibility requirements are met.

Yes. Refinance options in Rhode Island include rate-and-term and cash-out structures, subject to underwriting, property performance, and lender program guidelines.

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Fernando and Leanne are Amazing

Fernando and Leanne are amazing. I had many small businesses that need refinancing over the years. I have met many Brokers and there is always a catch. ALWAYS!… Use them! Once you do you will work with them forever

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If you searching for a great experience Commercial Loan Direct is the place. Leanne took care of me and honestly had the greatest experience. She handled all of my needs in a smooth and timely manner listened and addressed any concerns I had about the process and was very patient. I can be quite a handful at times and Leanne was so professional and kind hearted. I'd 100% recommend this company. Thank you again.

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We were in unfamiliar territory when it came to refinancing. Commercial Loan Direct streamlined the whole process for us. Leann connected us with lenders that were the right fit for us. The money and time we saved was so worth it. I highly recommend them

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