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Rhode Island SSBCI Loans Participations
Our participation is typically subordinated in the event of default, which lowers the bank or credit union's exposure.
Designed to reach Rhode Island businesses that may not qualify under conventional underwriting alone.
The lender keeps the primary relationship, deposits, and treasury services.
Each loan offers a Community Reinvestment Act credit opportunity for the lender.
$100,000 to $3,000,000.
Minimum 10% down payment.
Cannot exceed $20 million between the bank or lender amount and RI Capital.
Typically subordinated to the bank or lender in the event of default.
50%, with most loans expected to fall in the 25% to 40% range.
Any business purpose, including purchase or refinancing of owner-occupied commercial real estate, leasehold improvements, and equipment loans (stand-alone or with a real estate transaction).
Passive real estate and owner cash-out or dividends.
25 years.
Competitively priced and mutually determined by RI Capital and the bank or lender.
1% of the participated amount. Total fees (including bank or lender) not to exceed 3%. Borrower is responsible for all closing costs.
Typically all owners of 20% or more of the business must provide a personal guaranty.
The bank or lender provides an approved credit memorandum for our underwriting and documents the closing. A standardized SSBCI participation agreement is used.
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For Borrowers:
For Lenders:
The borrower applies for a commercial loan through a participating Rhode Island bank or credit union.
The lender provides an approved credit memorandum for our underwriting.
A standardized SSBCI participation agreement is used. Pricing is mutually determined.
The lender documents the closing and funds alongside RI Capital's participation.
