Stack Funding in Rhode Island | Swift Deal Funding
Stack (Morby Method) Funding in Rhode Island
Stack funding handles the creative-finance gap: a seller agrees to carry back a note covering the buyer’s down payment, but the closing attorney still needs actual cash in the transaction to close. Stack supplies that money at the table, and the recorded seller-carry note repays our funds plus a flat 2.5% fee. In Rhode Island’s Providence-centered market, funded amounts typically run $30,000 to $100,000, with capacity to $10 million.
What makes Rhode Island distinct is that a licensed attorney conducts the closing. That attorney records the deed and your seller-carry second-position note, and controls disbursement — so the recording sequence that Stack depends on sits with one accountable professional. For a creative-finance deal with a recorded carry-back, that single point of control is a real benefit.
How Stack closes in Rhode Island
Rhode Island is a wet-funding, attorney-close state. Our cash must be in the attorney’s escrow before anything records. On closing day the attorney records the deed, records your seller-carry note in second position, and disburses to the seller; our recorded note then repays our funds plus the 2.5% — usually the same business day. Because the money is escrowed in advance and one Rhode Island attorney controls the order, the repayment clears cleanly. We confirm with the attorney’s office beforehand that the carry-back will record exactly as your contract specifies.
Pricing
Flat 2.5% of the funded amount. No upfront fees — collected through the closing statement.
| Funded Amount | Fee | Example |
|---|---|---|
| $50,000 | 2.5% | $1,250 |
| $100,000 | 2.5% | $2,500 |
| $500,000 | 2.5% | $12,500 |
| Up to $10,000,000 | 2.5% | $250,000 |
What you’ll need
- Executed purchase contract with seller-financing terms
- Seller carry-back large enough to cover the required down payment plus closing costs
- Rhode Island closing attorney prepared to record the second-position note immediately after closing
- Written confirmation from the attorney that the note will record as agreed
A typical Rhode Island Stack scenario
A Providence investor structures an owner-finance acquisition where the seller carries back $50,000 — covering the down payment and closing costs on a $280,000 two-family. The financing still requires that $50,000 to hit the deal to close. We fund it. The closing attorney records the deed and the seller-carry note in second position, then repays our $50,000 plus the $1,250 fee from the recorded note, same day. The investor acquires the property with no personal cash at the table, and the seller’s note clears our repayment.
Apply
Submit your purchase contract and seller-financing terms online. We coordinate the carry-back recording directly with your closing attorney.
Frequently Asked Questions
Who records the seller-carry note in a Rhode Island Stack deal? +
Your Rhode Island closing attorney does. As an attorney-close state, RI runs the closing through a licensed attorney who records the deed, records your seller-carry note in second position, and manages disbursement. We require written confirmation from the attorney's office that the carry-back will record exactly as your contract specifies. Having one attorney control the recording sequence makes the same-day repayment of our funds clean and predictable.
How does Rhode Island's wet-funding rule work with Stack? +
Wet funding means our cash must be in the attorney's escrow before recording. On closing day the attorney records the deed, records your seller-carry note in second position, and disburses; our recorded note then repays our funds plus the flat 2.5%, typically the same business day. Because the money is already escrowed and one attorney controls the sequence, there's no waiting on a post-closing transfer to clear our repayment.
What Rhode Island deals fit Stack funding? +
Stack fits Providence-area subject-to and owner-finance acquisitions where the seller carries a note covering the buyer's down payment, but the closing attorney still needs real money in the deal to close. Given RI's higher Northeast price points, carry-backs of $30,000 to $100,000 are common. Stack supplies that amount at the table, and the recorded second note repays us plus 2.5%, so you acquire with no personal cash committed at closing.
Apply for Stack Funding in Rhode Island
Submit your application online — same-day decisions for complete files before 2 PM Eastern.