TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1175308
50 | M R EP O RT SPECIAL ADVERTISING SECTION: BEST IN ORIGINATION GUIDE RCN CAPITAL KEY PERSONNEL Jeffrey Tesch CEO Deborah Ordille VP of Lending Erica LaCentra Director of Marketing STAFFING Number of Employees: 82 CONTACT INFORMATION 75 Gerber Road E., Suite 102, South Windsor, CT 06074 860.432.5858 RCNCapital.com COMPANY DESCRIPTION RCN Capital (RCN) is a national, direct, private lender. Established in 2010, the company provides short-term and long-term commercial loans for the purchase of nonowner-occupied residential and commercial properties, financing of renovation projects, and bridge funding. RCN lends to experienced real estate professionals and investors throughout the country. It provides quick responses to time-sensitive loans, often with the ability to close in as few as 10 business days. The company values referrals and its brokers are protected. COMPANY HISTORY RCN Capital, LLC, was established in 2010 to provide time-sensitive bridge financing to real estate investors to fund the purchase of nonowner- occupied residential and commercial properties. Formed towards the end of the recession, RCN benefited from a turbulent housing market in which many real estate investors saw great opportunity. A lack of liquidity in the credit markets and increased regulation of the banking industry has restricted conventional financing as an option for investors in fast-moving and competitive real estate markets. As the nation's premier direct private lender, RCN helps fill this void. GEOGRAPHICAL COVERAGE: Nationwide (excluding North Dakota, South Dakota, Vermont, Nevada, Oregon, Minnesota, and Alaska) BUSINESS LINES, SERVICES, AND PRODUCTS RCN Capital offers short-term fix-and-flip financing. The company's After-Repair Value program provides funding for both the purchase and renovation of nonowner-occupied single-family and multifamily properties. RCN provides up to 90% of the purchase price plus 100% of the renovation costs as long as the value doesn't exceed 75% of the after-repair value. RCN also offers a 30-year fixed-rate long-term program for investors that are looking to buy and hold investment properties. KEY FEATURES As a direct lender, all of RCN's loans are underwritten and approved in-house, assuring that they can close quickly, often in as few as 10 business days. The company's nationwide scope allows it to work with investors throughout the country and in cases where real estate professionals are looking to invest in multiple states, RCN's process is identical regardless of where the property is located. KEY MILESTONES • In May 2019, RCN hit $1 billion in originations since inception • National Mortgage Professional's Top Mortgage Employer Award from 2015–2019 • Pitbull Conference Rehab Lender of the Year in 2017 • National Alliance of Commercial Loan Brokers Best Broker Program in 2018 ADDING VALUE RCN offers tech solutions for its customers and has invested in its employees so that from intake to post-closing, RCN's clients receive the highest level of customer service. RCN also retains complete control of the rehab process so that its customers are interacting with members of the company's servicing team and are maintaining one-on-one communication from the initial draw request through the pay-off. COMPETITIVE ADVANTAGE RCN Capital's loan programs and rates set it apart from competitors. Because of its size, RCN has the ability to be more competitive than most other private lenders. The company also prides itself on personalized service with one-on-one contact with a loan officer. This ensures brokers and borrowers receive personalized attention that many tech-centric private lenders don't offer. EXPERT INITIATIVES RCN Capital is the leading nationwide private lender for real estate investments. RCN specializes in short- term fix & flip lending as well as long-term rental financing for nonowner-occupied one-four family properties, five-plus unit apartments, and mixed- use properties. As a lender that has operated in the space for over a decade, RCN has expertise in the areas of renovation project financing and funding for buy and hold investments. TESTIMONIAL "Awesome company to work with. Done about 10 deals with RCN. Will continue to do ALL my deals with them." – Engelbert R.