PRF Loan Process

With PRF, there are no hidden fees, no secret agendas, and no hassles. Our loan process – and the home repairs that follow – transparent and easy to understand.


But if there are ever any questions, our team is here with you every step of the way to answer your questions and guide you through the loan and repair process. Just call (401) 272-2760.

A Breakdown of the Loan Process

  1. Call (401) 272-2760 to begin the process.
  2. Schedule a site visit with one of PRF’s expert construction project managers.
  3. PRF provides you with a FREE cost estimate to review.
  4. Work with the PRF team to prioritize work needed (wants vs. needs) and create the loan (preview the application here).
  5. Sign loan documents.
  6. The PRF Project Management team will prepare specs and a scope of work, solicit bids and create a suggested course of action.
  7. Homeowner selects their preferred contractor to move forward.
  8. Begin work on your project.

Changes During the Process

When working with older homes, there are times when surprises pop up once work begins. If while working, the project manager and/or construction crew find that additional work may be needed to complete the job, the contractor will request a “change order”. A change order must be okayed by the property owner and PRF staff prior to work beginning.


There are times when this means additional funds are needed. It is the homeowner’s

responsibility to request additional loan funds from PRF or to provide the additional funding needed to complete work. If this situation arises, your PRF project manager will communicate next steps and options with you.

Additional Funds for a Project 

At times, a historic home may need more than $50,000 in repairs and the PRF would not be the only source of funds. If that were to occur, the PRF team may choose to assume oversight and review of the entire project to promote coordination, quality control and sufficient funding so the project makes it to completion. In the rare instances where this occurs, the property owner (or other funder) will be required to pay their portion of the project first and the Revolving Fund will contribute its loan funds to the project last.

Your Loan After Completion

PRF doesn’t just lend you funds, complete construction and leave you. Instead, PRF remains with you through the entire life of the loan. If you ever have trouble making a payment or need to adjust the terms to make them more affordable, just call or reach out.

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