EMD Funding in Rhode Island | Swift Deal Funding
EMD Funding in Rhode Island
EMD funding places the earnest money on a deal so a Rhode Island wholesaler can lock up a property without committing personal cash. We send the deposit — typically $5,000 to $25,000 — directly to the closing attorney handling the transaction, usually within 24 hours of a complete application and confirmation. The deposit must be refundable under the contract’s inspection or due-diligence terms, so your exposure is the funding fee, not the money itself.
In Rhode Island’s tight, Providence-centered market, the ability to put up a credible deposit quickly matters, and EMD funding lets you do it without tying up working capital between deals. Because the state runs closings through attorneys, your earnest money lands in a lawyer’s escrow — a clean, accountable place for it to sit until closing.
How EMD funding closes in Rhode Island
Rhode Island is an attorney-close, wet-funding state, so the earnest money is held in a Rhode Island attorney’s escrow or client trust account rather than by a title company alone. On approval we wire the deposit straight into that escrow, never to you, held under the contract terms. If you proceed to closing, the EMD credits toward the purchase. If you cancel inside your contingency window, the attorney returns our funds and you owe only the funding fee.
We need a real attorney contact at application: the Rhode Island closing attorney or firm, the contact name, and written confirmation that the deposit is refundable per contract.
Pricing
Two options on every EMD, your choice:
| Option | Upfront | At Close | Best for |
|---|---|---|---|
| A | 5% of EMD (min $500) | 20% of EMD | High close-through rates |
| B | 10% of EMD (min $1,000) | 0% | Predictable per-deal cost (most popular) |
A $12,000 EMD under Option B costs $1,200 total, paid once, nothing at closing.
What you’ll need
- Executed purchase contract with refundable EMD language
- Rhode Island closing attorney / firm contact
- Written confirmation from the attorney that the EMD is refundable per the contract
- Government ID
No credit check, no income verification, no tax returns. Direct lender.
A typical Rhode Island EMD scenario
A Providence wholesaler needs a $10,000 earnest deposit to secure a two-family contract and wants to keep cash free for the next deal. They submit a contract tying the EMD to a 10-day inspection period before 11 AM Eastern, with their closing attorney’s details. We wire $10,000 into the attorney’s escrow that day. They market and assign the deal; at the attorney’s table the EMD credits through. Under Option B they paid a single $1,000 fee and never touched their reserves.
Apply
Submit your contract and the Rhode Island closing attorney’s contact online — usually under ten minutes. Same-day wire is possible for complete files in before 11 AM Eastern. We coordinate the deposit directly with the attorney’s office.
Frequently Asked Questions
Who holds the earnest money on a Rhode Island deal? +
Because Rhode Island is an attorney-close state, your earnest money is typically held in a Rhode Island attorney's escrow or client trust account rather than by a title company alone. We wire the deposit directly into that attorney's escrow within about 24 hours of a complete file — never to you. The contract must make the EMD refundable under the inspection or due-diligence period, and we need written confirmation from the attorney's office that those refund terms are recognized.
What happens to my EMD if a Rhode Island deal cancels? +
If you cancel within your contract's contingency window, the closing attorney returns the refundable earnest money to us and you owe only the funding fee — never the deposit itself. That's exactly why we require contract language tying the EMD to your inspection or due-diligence rights, plus written confirmation from the attorney holding it. As long as you stay inside your contingencies, the deposit is fully protected.
How fast can you fund an EMD in Rhode Island? +
We wire the earnest money to your Rhode Island closing attorney within about 24 hours of a complete application and confirmation from their office. For files submitted before 11 AM Eastern with the contract and attorney contact in hand, same-day wiring is possible. Rhode Island's small, well-connected attorney community usually means quick confirmation that the deposit is refundable, which keeps the turnaround tight.
Apply for EMD Funding in Rhode Island
Submit your application online — same-day decisions for complete files before 2 PM Eastern.