Echo Funding in Rhode Island | Swift Deal Funding
Echo Funding in Rhode Island
Echo funding fronts your end buyer’s down payment at the closing table and is repaid directly from the seller’s proceeds — in a wholesale deal, from your assignment fee. The buyer brings less cash, the deal closes, and we’re repaid the moment the closing attorney disburses. In Rhode Island’s Providence-anchored market, funded down payments typically run $15,000 to $60,000, with capacity to $10 million. The fee is a flat 2.5% of what we fund, nothing upfront.
What shapes Echo in Rhode Island is that closings are attorney-conducted. A licensed Rhode Island attorney holds the file and controls disbursement, which means your assignment fee and our funded down payment both pass through their escrow. That single point of control makes the repayment mechanics clean — and gives you a built-in professional to review your assignment and disclosure language as part of the closing.
How Echo closes in Rhode Island
Rhode Island is a wet-funding, attorney-close state. Our funded down payment must be in the attorney’s escrow before recording, sitting alongside your assignment fee. When the deal records, the attorney disburses to the seller, releases your fee, and repays our funded amount plus the 2.5% from those proceeds — same session, no post-closing wire. We require the assignment contract to show a fee large enough to cover the funded down payment plus our fee, and we confirm the repayment arrangement with the attorney’s office before approving.
Echo example deal in Rhode Island
| Item | Amount |
|---|---|
| End-buyer purchase price | $300,000 |
| Wholesaler assignment fee | $32,000 |
| Down payment funded by Echo | $22,000 |
| Echo fee (2.5%) | $550 |
| Repaid to us at close (from assignment fee) | $22,550 |
| Wholesaler net | $9,450 |
The end buyer brings far less cash to the attorney’s table; your assignment fee covers our funding plus the fee, and the remainder is your net.
Pricing
Flat 2.5% of the funded down payment. No application, origination, or upfront fees — collected through the closing statement.
What you’ll need
- Executed purchase contract
- Executed assignment contract showing your assignment fee
- Assignment fee at least equal to the funded down payment plus the 2.5% fee
- Rhode Island closing attorney ready to disburse with Echo repayment included
- Equitable-interest disclosure to the seller consistent with RI practice
A typical Rhode Island Echo scenario
A Providence wholesaler has a $32,000 assignment fee and an end buyer who is $22,000 short on the down payment. We fund the $22,000; the closing attorney holds it alongside the fee. At the attorney’s table the seller is paid, our $22,550 is repaid from the fee, and the wholesaler nets $9,450 — while the end buyer closes a deal that would otherwise have stalled on the cash to close.
Apply
Submit your purchase and assignment contracts online. We verify the fee covers the funded amount before approving. Standard turnaround is about 48 hours.
Frequently Asked Questions
Who coordinates the Echo repayment in a Rhode Island closing? +
A licensed Rhode Island attorney does. Rhode Island is an attorney-close state, so the closing attorney holds the file, disburses to the seller, releases your assignment fee, and repays our funded down payment plus 2.5% from those proceeds. We need the assignment contract to show a fee large enough to cover the funded amount plus our fee, and the attorney prepared to repay off the closing statement. We confirm that with the attorney's office before approving.
How does Rhode Island's wet-funding rule affect Echo? +
Wet funding means our funded down payment must be in the attorney's escrow before recording, alongside your assignment fee. That makes repayment clean: when the deal records, the closing attorney disburses to the seller, releases your fee, and repays our funded amount plus 2.5% from those proceeds in the same session. There's no separate post-closing wire to chase — everything settles at the attorney's table on closing day.
Do Rhode Island assignment rules affect an Echo deal? +
Rhode Island isn't among the states with a dedicated wholesaler-licensing statute, so the general expectation for assignments is that you disclose your equitable interest to the seller. Echo finances the buyer's down payment and is repaid from your assignment fee; it doesn't change your disclosure practice. Because a Rhode Island attorney runs the closing, it's straightforward to have them review your assignment and disclosure language as part of the file.
Apply for Echo Funding in Rhode Island
Submit your application online — same-day decisions for complete files before 2 PM Eastern.