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

Buy-to-Rent Loans
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

Bridge Financing
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

Loan Amounts

$50,000 to $2,500,000

Interest Rates

5.99% to 12%

Max Loan-To-Value

75.00%

Max Loan-To-Cost

85.00%

Origination Fees

2% to 10%

Loan Terms

12 months to 360 months

Lien Position

  • 1st

Loan Purpose

  • Investment Acquisition
  • Investment Refinance
  • Improve Subject Property
  • Use Equity to Invest in Another Property

Property Occupancy

  • Vacant
  • Tenant Occupied 100%

Property Geographic Area Details

We tend to lend in urban and suburban areas only.

Property Types and Loan Types

Collateral Types

  • Residential Property
  • Commercial Property

Property Types

  • 2-4 Units Residential
  • Condominium
  • Mixed-Use
  • Multifamily
  • Single Family Residence

Loan Types

  • 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

Purchase Loan

Max LTC on Purchase Price

85.00%

Borrower Must Have Property Under Contract

no

Will Provide Proof of Funds Letter

yes

Will Consider Lending on Purchase from Auction

yes

Allowed Source of Borrower’s Equity

  • Own Cash
  • Partner

Rehab Value Add Loan

Experience Required

no

Minimum Number of Value-Add Projects Completed by Borrower

0

Will Provide Funds for Renovation Costs

yes

Max LTC for Renovation Costs

100.00%

Interest Charged for Renovation Costs

Only on Funds Drawn

Typical Number of Days for Funds Draw

5

Details and Requirements

Typical Closing Time (Days)

14

Fastest Closing Time (Days)

7

Works With

  • Brokers
  • Borrowers

Payment Structure

  • Interest Only
  • Amortized
  • Interest Reserve

Payment Structure Details

There 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

yes

There 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

yes

We will lend to foreign nationals at reduced LTV.

Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage

no

Will Consider Collateralizing Multiple Properties in One Loan

no

Will Consider Equity Joint Venture

no

Borrower Entity Types Considered

  • LLC
  • Limited Partnership
  • Trust
  • Corporation

Documentation Required

  • Credit Report
  • Tax Returns
  • Bank Statements
  • Loan Application

Personal Guaranty (Recourse) Required

Always

Credit Check Required

yes

Minimum Credit Score Required

600

Credit Check Description

Our 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 Property

Always Before Funding

Appraisal Required for Commercial Property

Always Before Funding

Broker Price Opinion (BPO) Accepted for Residential Property

Never

Broker Price Opinion (BPO) Accepted for Commercial Property

Never

Fees

Deposit Required

$0 to $0

Legal Fee

$995 legal fee due at closing on all loans

Credit Report Fee

$25 is charged for RCN to pull a credit report

Extension Fee

Our Buy to Rent Program has an extension fee for months 25-36 of 1%.

Appraisal Fee

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

  • Deposit
  • Appraisal Fee
  • Renovation or Construction Funds Draw Fee

Fees which are charged upfront prior to loan closing

  • Deposit
  • Appraisal Fee
  • Credit Report Fee

Fees which are paid to a third party company

  • Appraisal Fee
  • Credit Report Fee

Legal Disclaimer

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.

Licence

NMLS ID 1045656, CFL 60DBO-46258, Arizona BK-0932325, Oregon ML-5571

Established

2010

Associations

  • American Association of Private Lenders - Lender Member
  • Asian Real Estate Association of America - Strategic Partner
  • National Association of Mortgage Brokers - Member

Office Locations

75 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

95%

Percentage of Loans Secured by Commercial Property

5%

Percentage of Loans Secured by Residential Property

95%

Percentage of Residential Property Loans Which are Fix and Flip

90%

Percentage of Residential Property Loans Which are Buy and Hold

10%

Percentage of Residential Property Loans Which are Owner-Occupied

0%

Percentage of Loans Secured by Land

0%

Percentage of Loans Secured by a Business (not real estate)

0%

Total Number of Loans Funded to Date

3000

Total Loan Volume Funded to Date

$650,000,000

2017 Number of Loans Funded

800

2017 Loan Volume Funded

$170,000,000

Stephen Ballard

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.

Loan Request

This information is about yourself, not the subject property.

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If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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how will the loan be paid off?

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