Loading Additional Profile Sections...
RCN Capital® is a nationwide, direct private lender. Established in 2010, we provide short-term and long-term hard money loans to real estate investors. As a direct private lender, RCN Capital takes a common sense approach to underwriting, with all approvals made in-house, and we are dedicated to providing a quick response to time-sensitive loans. We offer speed unmatched by conventional lenders and can close in as few as 10 business days. Here is an overview of our loan programs:
Fix & Flip ARV Program
RCN Capital’s After Repair Value program offers financing for up to 85% of the purchase price + up to 100% of the renovation costs, not to exceed 75% of the after repair value. Prior real estate investing experience is preferred but this program is available to first time investors. This program has interest rates starting at 7.99%.
$75K to $2.5M | 12 Months | 600 minimum FICO
Fix & Flip Exposure Line of Credit
RCN Capital offers an exposure line with streamlined approval for the After-Repair Value Loan Program with guaranteed leverage and fixed rates. This product is available to investors with a portfolio of 10 or more flips per year. This program has interest rates starting at 7.99%.
$1M to $10M | 12 Month Revolving Investment Periods | Up to 90% loan-to-cost, up to 80% of as-is value, not to exceed 75% of ARV | 660 minimum FICO
RCN Capital’s Buy-to-Rent loan program offers a 24-month term, with a 12-month extension available, ensuring that our customers have rental property financing that goes the distance. This program has interest rates starting at 7.99%. (An extension fee applies)
$50K to $2.5M | 24 Months, extension available | Purchase up to 75% loan-to-cost, Refinance up to 70% of as-is value, Cash Out up to 65% of as-is value | 660 minimum FICO | 1.25 Rent Coverage Ratio
Long-Term Rental Loans
RCN Capital is committing to your future investments with our Long-Term Rental loan program. This program offers a 30 year term and rates starting at 5.99% to ensure that our customers have true long-term financing options.
$75K to $1M | 30 Years | Purchase up to 80% loan-to-cost, Refinance up to 75% of as-is value, Cash Out up to 70% of as-is value | 660 minimum FICO | PDTI up to 75% and 85%, based on property value
RCN Capital offers short-term bridge financing options for real estate investors for a multitude of non-owner occupied properties. Cross-collateralization options are available. A six-month extension is available for our 18-month bridge loan (a 2% fee will apply). This program has interest rates starting at 7.99%.
$50K to $2.5M+ | 12 to 18 months | LTV up to 85% of purchase price, Refinance up to 70%, Cash Out up to 65% | 600 minimum FICO
$50,000 to $2,500,000
5.99% to 12%
2% to 10%
12 months to 360 months
- Investment Acquisition
- Investment Refinance
- Improve Subject Property
- Use Equity to Invest in Another Property
- Tenant Occupied 100%
Property Geographic Area DetailsWe tend to lend in urban and suburban areas only.
Property Types and Loan Types
- Residential Property
- Commercial Property
- 2-4 Units Residential
- Single Family Residence
- Private Money
- Hard Money
- Commercial Bridge
- Residential Bridge
- Residential Fix and Flip
- Residential Rehab and Rent
- Residential Long-Term Rental
Specialty Loan Types
- Residential Long-Term Rental
- Line of Credit Portfolio of Properties
Max LTC on Purchase Price85.00%
Borrower Must Have Property Under Contractno
Will Provide Proof of Funds Letteryes
Will Consider Lending on Purchase from Auctionyes
Allowed Source of Borrower’s Equity
- Own Cash
Rehab Value Add Loan
Minimum Number of Value-Add Projects Completed by Borrower0
Will Provide Funds for Renovation Costsyes
Max LTC for Renovation Costs100.00%
Interest Charged for Renovation CostsOnly on Funds Drawn
Typical Number of Days for Funds Draw5
Details and Requirements
Typical Closing Time (Days)14
Fastest Closing Time (Days)7
- Interest Only
- Interest Reserve
Payment Structure DetailsThere are no prepayment penalties on our fix and flip programs. Only on 18 month bridge, Buy to Rent, and Long Term Rental.
Pre Payment Penalty
yesThere are no prepayments on our fix and flip programs. Our programs longer than 18 months do have prepayment penalties. -For our 18 month bridge, there is a prepayment penalty before month 9. -For our 24-36 month Buy to Rent Program, there is a prepayment penalty before month 6 -For our 30 year Long Term Rental Program, there is a step down prepayment penalty: • If the loan is paid off before the end of year 1, there is a 3% prepayment penalty on the unpaid loan balance. • If the loan is paid off before the end of year 2, there is a 2% prepayment penalty on the unpaid loan balance. • If the loan is paid off before the end of year 3, there is a 1% prepayment penalty on the unpaid loan balance.
Will lend to a foreign national
yesWe will lend to foreign nationals at reduced LTV.
Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgageno
Will Consider Collateralizing Multiple Properties in One Loanno
Will Consider Equity Joint Venture
Borrower Entity Types Considered
- Limited Partnership
- Credit Report
- Tax Returns
- Bank Statements
- Loan Application
Personal Guaranty (Recourse) RequiredAlways
Credit Check Requiredyes
Minimum Credit Score Required600
Credit Check DescriptionOur 12 month bridge, 18 month bridge, and ARV program all have minimum credit scores of 600+. Our Buy to Rent and Long Term Rental have minimum credit scores of 660+.
Appraisal Required for Residential PropertyAlways Before Funding
Appraisal Required for Commercial PropertyAlways Before Funding
Broker Price Opinion (BPO) Accepted for Residential PropertyNever
Broker Price Opinion (BPO) Accepted for Commercial PropertyNever
$0 to $0
$995 legal fee due at closing on all loans
Credit Report Fee
$25 is charged for RCN to pull a credit report
Our Buy to Rent Program has an extension fee for months 25-36 of 1%.
Cost of ordering an appraisal. If there is renovation, it will be an appraisal of both as-is and after repair value. Usually in the range of $600-1500, buy may be higher, especially for larger multi-family or mixed use properties
Renovation Construction Draw Fee
$200 inspection fee per draw request. This amount is NOT paid out of pocket; it is taken out of the renovation budget.
Fees which are mandatory for all new borrower clients
- Appraisal Fee
- Renovation or Construction Funds Draw Fee
Fees which are charged upfront prior to loan closing
- Appraisal Fee
- Credit Report Fee
Fees which are paid to a third party company
- Appraisal Fee
- Credit Report Fee
RCN Capital, LLC is licensed as a California Finance Lender under Department of Business Oversight license number 60DBO-46258. Arizona Mortgage Banker License BK-0932325. Oregon Mortgage Lending License: ML-5571. NMLS Company ID: 1045656.
RCN Capital® is a nationwide, direct private lender. Established in 2010, we provide short-term and long-term hard money loans ranging from $50K to $2.5M+ to fund the purchase of non-owner occupied residential and commercial properties, provide bridge loans, and finance real estate-backed lines of credit. RCN Capital lends to real estate investors, commercial contractors, developers and small business owners throughout the country, regardless of level of experience. As a direct private lender, RCN Capital takes a common sense approach to underwriting, with all approvals made in-house, and we are dedicated to providing a quick response to time-sensitive loans. We offer speed unmatched by conventional lenders and can close in as few as 10 business days.
NMLS ID 1045656, CFL 60DBO-46258, Arizona BK-0932325, Oregon ML-5571
- American Association of Private Lenders - Lender Member
- Asian Real Estate Association of America - Strategic Partner
- National Association of Mortgage Brokers - Member
Office Locations75 Gerber Road East, South Windsor, Connecticut, 06074
Primary Capital Source
- Own Funds
Loan Structure for Majority of Loans
- Own Balance Sheet
Percentage of company’s lending business focused on private mortgage
Percentage of Loans Secured by Commercial Property
Percentage of Loans Secured by Residential Property
Percentage of Residential Property Loans Which are Fix and Flip
Percentage of Residential Property Loans Which are Buy and Hold
Percentage of Residential Property Loans Which are Owner-Occupied
Percentage of Loans Secured by Land
Percentage of Loans Secured by a Business (not real estate)
Total Number of Loans Funded to Date
Total Loan Volume Funded to Date
2017 Number of Loans Funded
2017 Loan Volume Funded
Senior Business Development Coordinator
Stephen Ballard, Business Development Coordinator, specializes in building and maintaining customer relationships, finding and expanding business partnerships, and educating potential clients on RCN Capital’s diverse product line. Joining the company in the summer of 2017, Stephen’s mission is to expand RCN’s saturation in local and national markets. Stephen graduated from the University of Connecticut Business School, with a degree in Finance.
Residential Fix and Flip