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Bridge Loan Financing in Rhode Island (RI)

Buy your next home before you sell your current one. AFC's bridge loans in Rhode Island let you tap your equity and make a strong, non-contingent offer — without waiting for your sale to close. Serving Providence, Warwick, Cranston, Newport, and all of Rhode Island, from the same team that writes bridge loans in Connecticut.

Buy Your Next Home First — Here’s How

A bridge loan unlocks the equity in your current home so you can buy your next one before you sell. You get your buying power now, move once, and pay the loan off when your current home sells — up to 12 months later.

  • Make an offer with no home-sale contingency
  • Pay the loan off when your current home sells — on your timeline
  • We underwrite and close in-house — decisions in days, not weeks

No obligation and no credit pull to see your options.

Take The Next Step!

No SSN · No hard credit pull · ~2 minutes · NMLS #2801

Prefer to talk? Call (475) 330-3261

Sixty seconds on how it works

First, who is actually funding your loan. Then the one question everyone asks.

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And the one question everyone asks:

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Buy Your Next Home Without Waiting to Sell

No obligation. No credit pull. We’ll confirm eligibility and explain next steps.

Secure Your
Next Home

Up To 12 Months To Sell Your Current Home

Refinance or Payoff The Bridge Loan

Here's What Our Clients Are Saying!

AFC Mortgage Group team with bridge loan clients at the closing table in the Monroe CT officeAFC Home Finance Advisors meeting with a bridge loan client at the AFC officeAFC bridge loan clients celebrating a closing with the AFC teamAFC Mortgage Group advisors helping a Connecticut family buy before they sell

What Is a Bridge Loan?

A bridge loan is short-term financing that lets you buy your next home before you've sold your current one. AFC lends against the equity in your existing home — up to 80% of its value — so you can make a strong, non-contingent offer, move on your timeline, and sell your old home without the pressure of a deadline. Because we lend our own money in-house, you get fast answers and can close in as few as 7 business days.

Once your current home sells — you have up to 12 months, with no prepayment penalty — you simply pay off the bridge loan. No double mortgages hanging over you, no rushed sale, and no losing your dream home because your offer had a sale contingency.

What a bridge loan actually costs — every line

We’d rather you see the whole number here than on a Loan Estimate three days before closing. Here is every line on a $400,000 Rhode Island bridge, paid off when the old home sells four months later.

LineWhat it isOn a $400,000 bridge (illustrative)
Flat feeAttorney, processing and closing on our side. One flat number, not a percentage of the loan.$3,200
Origination2.5% of the loan amount, charged at closing. This and the flat fee are the only AFC charges.$10,000
InterestAccrues daily while the old home is listed — no monthly payment. Paid when the old home sells. At an illustrative 12% (1% per month) and a 4-month sale:~$16,000
Wire feeSending your funds to the closing table.$50
AppraisalThird-party, on the home being pledged.~$500–700
RecordingPaid to the city or town to record the lien.~$100–300
Prepayment penaltyNone. Sell in month 2, pay interest for month 2.$0
Monthly payment while listedNothing is due until the old home sells.$0
All-in on this exampleEverything above, settled at closing and at payoff.~$30,000

Illustration only. The 12% rate is an example — your rate depends on the loan, the property and your file. Interest accrues for the days the loan is outstanding and is paid at payoff. Third-party costs are estimates. This is not an APR quote; see the representative example in the disclosures at the bottom of this page.

  • How it pays off: the old home sells, the bridge is paid at that closing, and you’re left with one normal mortgage on the new home.
  • What you need: a home in Rhode Island with some equity (you don’t need a mountain — most of our borrowers still have a mortgage on it), credit that qualifies for the new mortgage, and a plan to list.
  • What you don’t need: to sell first, to write a contingent offer, or to move twice.

Real bridge loans, real exits

  • 85+ bridge loans funded · 57 paid off in full
  • Fairfield County, CT: $112K bridge on a $580K purchase, paid off in 16 days
  • Watertown, MA: $825K bridge, in and out in two months

Why Choose an AFC Bridge Loan?

Buy Before You Sell

Make an offer on your next home without waiting for your current one to sell.

Non-Contingent Offers

Compete like a cash buyer — sellers take you seriously when your offer isn't contingent on a sale.

Up to 80% CLTV

Access up to 80% of your current home's value to fund your down payment and more.

Close in as Few as 7 Business Days

We lend our own money in-house, so you move fast when speed wins the deal.

Up to 1 Year to Sell

Sell your current home on your timeline, then pay off the bridge — no rush, no fire sale.

One Local Team

From bridge to permanent financing, AFC handles it all in-house — a real person, always.

No Pre-Payment Penalty

Pay it off the day your home sells — even if that's just a month later. You only pay interest for the time you actually use the loan. No penalties, ever.

Is a Bridge Loan Right for You?

Move-Up Buyers

Trading up to a bigger home but need your current equity to make it happen.

Competitive Markets

Need a non-contingent offer to win in a tight, fast-moving market.

Timing Mismatches

You found the perfect home before your current one is sold.

Equity-Rich Owners

You have significant equity in your current home to leverage.

Downsizers

Buying your next chapter before listing the family home.

No Double Moves

Skip renting in between and avoid moving twice.

But what if my current home doesn’t sell?

The #1 worry for every move-up buyer — here’s the honest answer.

You get up to 12 months.

Most Rhode Island homes priced right sell in weeks. But you’re not on the clock — you get up to a full year to sell, never a fire sale.

You only pay short-term interest.

No two mortgages for years. Interest on the bridge accrues over the short window between buying and selling — nothing out of pocket while it’s open.

If it runs long, we work the plan with you.

If your sale takes longer, your AFC team — including the Approval Team on your loan — walks your options through with you. A real person, every step.

The bigger risk isn’t a slow sale — it’s losing the home you love to a cash buyer with a contingent offer.

Bridge Loan — Frequently Asked Questions

What can I use a bridge loan for?
More than just buying before you sell. Clients use AFC's bridge loans to make a strong, non-contingent offer on their next home, to move and transact before their current home sells, to preserve cash they need for a renovation or investment, or to buy out a co-owner so they can keep a property. If your next move is backed by real estate, we can usually structure it.
Do I have to sell my current home first?
No — that's the whole point of a bridge. You buy, move, and transact first, then sell your current home on your own timeline within the term, instead of being forced into a rushed or contingent deal.
Do you lend your own money? How fast can you close?
Yes. AFC lends its own capital on bridge loans — we're not waiting on an outside bank to approve and fund. That's why we can close in as few as 7 business days and move on your schedule, not a lender's.
How long is the term, and is there a prepayment penalty?
The term runs up to 12 months — plenty of room to sell or transact without pressure. And there's no prepayment penalty: you can pay us back in as little as a week, and the less time you hold the loan, the less it costs.
What is the bridge loan secured against?
Real estate — typically the equity in your current home, the new property, or both, depending on how we structure the deal. We'll walk you through exactly what the lien looks like for your situation before you commit.
What does a bridge loan cost?
A 2.5% origination fee, 1% per month interest that accrues rather than being paid monthly, and a flat $3,200 in attorney and processing fees, plus a $50 wire fee. Nothing comes out of pocket while the loan is outstanding — it's all settled when you pay us back. The faster you pay it off, the less it costs.
Is the interest charged only while the loan is outstanding?
Yes. Interest accrues monthly and stops the moment you pay us back — usually when your current home sells, or any time you settle within the term. Nothing is due monthly out of pocket.
How much can I borrow?
It depends on how the loan is structured and the equity available in your current home and the new one. We size the bridge to your specific deal and confirm your number during approval.
What will I actually walk away with?
Before you move forward, we build the full math with you: what you'll net when your current home sells, minus your payoffs and the cost of the bridge — so you know exactly where you land. No surprises at the table.
Will this affect my credit?
It's a single credit pull, and a hard inquiry typically moves your score only a few points — temporary, and it recovers.
What's the first step?
A quick application with income, asset, and credit documentation so our team can confirm your number and issue your approval. From there, we move fast.
Do you write bridge loans in Providence and the rest of Rhode Island?
Yes — AFC lends across all of Rhode Island, including Providence, Warwick, Cranston, and Newport. We fund bridge loans with our own capital, so RI closings move on our timeline, not a bank's.
What if my current home doesn’t sell right away?
You have up to 12 months. Most Rhode Island homes priced right sell in weeks — but if yours takes longer, interest simply keeps accruing, nothing is due monthly, and we work the plan with you. We walk through the month-by-month cost before you commit.
Can I afford to carry the bridge?
You’re not buying two homes — you’re borrowing briefly against equity you already own (up to 80% CLTV). We show the exact carrying cost up front; for most clients it’s a short overlap, not years.
Is a bridge loan risky?
It’s secured by equity you already have, on a short timeline, with a clear exit — your home sale. The bigger risk for most move-up buyers is losing the home they love to a cash buyer because their offer had a sale contingency.

Bridge Loan Financing Across Rhode Island

AFC Mortgage Group originates bridge loans across Rhode Island, including Providence, Warwick, Newport, and surrounding communities. Whether you need to buy before you sell or want to make a non-contingent cash offer, you can apply for a bridge loan, get an answer in days, and close in as few as 7 business days. Because we lend in-house, you get a fast bridge loan decision without waiting on an outside bank.

Buying or selling across state lines? We also write bridge loans in Connecticut, Massachusetts, New Hampshire, Vermont and New Jersey. And if your goal is the strongest possible offer, our Cash Offer Program turns your equity into a cash-backed, non-contingent offer.

Ready to Buy Before You Sell?

See your bridge loan options in about 2 minutes. No SSN required to start. A real person picks up the phone — always. Selling in Connecticut instead? See our bridge loans in Connecticut page.

See What You Qualify For

Bridge Loan Disclosures — AFC Mortgage Group, LLC

AFC Mortgage Group, LLC offers short-term bridge loans secured by a recorded lien on real estate (your current home, the new property, or both). These are secured real-estate loans — not unsecured personal or consumer loans.

No Prepayment Penalty & No Minimum Interest

There is no prepayment penalty and no minimum interest. Interest is charged only for the time your loan is actually outstanding — pay it off early and you only pay interest for the days you used the money.

Representative Example

A bridge loan of $250,000 with a 12-month term: interest accrues at 1% per month (12% annually) and is paid at payoff rather than monthly; a 2.5% origination fee ($6,250) plus approximately $3,250 in attorney, processing, and wire fees are charged at closing. Held the full 12 months, that equals an Annual Percentage Rate (APR) of approximately 14.7% — total interest of $30,000 and total cost of credit of approximately $39,500, plus repayment of the $250,000 principal at maturity (balloon). Because there is no prepayment penalty or minimum interest, paying off earlier costs less — e.g., a payoff at 6 months accrues roughly $15,000 in interest instead of $30,000.

Most bridge loans are paid off within a few months: on the same $250,000 loan paid off at 3 months, total interest is approximately $7,500, for a total cost of credit of roughly $17,000 (the $6,250 origination and $3,250 in fees are unchanged) — less than half the full-term figure. The approximately 14.7% APR above is calculated on the required 12-month basis; your actual cost depends on how long the loan remains outstanding.

Terms at a Glance

AFC Mortgage Group, LLC — licensed mortgage lender. NMLS #2801, licensed in RI, Equal Housing Opportunity. Rates, terms, and fees are examples only and vary by loan size, LTV, credit, and market conditions. Not a commitment to lend; all loans subject to credit and collateral approval.