Frequently Asked Questions
About RCN Capital
What are the standard terms at RCN Capital?
RCN Capital’s terms vary by loan program. Here is a basic breakdown of RCN’s most popular programs:
Short-Term Bridge
- Term: 12 Month & 18 Month Loans
- Loan Amount: $50k – $10M
- Minimum Property Value:
$75k for 1-4 Family Properties
$50k per unit for 5+ Unit Multis - Rates: Starting at 10.24%
- LTV for Purchase: Up to 75% of the As-Is Value
- LTV for Refinance: Up to 65% of the As-Is Value
- LTV for Cash-Out: Up to 60% of the As-Is Value
- Property Types: Residential 1-4 Units; Condos; Townhomes; 5+ Unit Apartments; Mixed-Use Properties
- Occupancy: Non-Owner Occupied
- Minimum FICO: 620
After Repair Value (ARV) Loan Program
- Term: 12 Months
- Loan Amount: $50k – $7.5M
- Minimum Property Value: $50k
- Rates: Starting at 10.24%
- LTV: Up to 70% of After Repair Value
- LTC (Loan-to-Cost): Up to 85% of Purchase Price, Up to 100% of Rehab Costs
- FICO: 620 Minimum Credit Score
- Property Types: Residential 1-4 Units; Condos; Townhomes; 5+ Unit Apartments; Mixed-Use Properties
- Occupancy: Non-Owner Occupied
- Termination Fee: 1% After Month 9
- No Pre-Pay Penalty
- Experience Not Required but Does Affect Pricing & Leverage
Long-Term Rental Loan Program
- Term: 30 Years
- Loan Amount: $55k to $2M
- Minimum Property Value: $100k
- Rates: Starting at 6.99%
- LTV for Purchase: The Lesser of up to 80% of As-Is Value or up to 80% Loan-to-Cost
- LTV for Refinance: Up to 80%
- LTV for Cash-Out: Up to 75%
- Property Types: Residential 1-4 Units; Condos; Townhomes; Planned Unit Development (PUD)
- Pre-Pay Penalty: Prepays Adjustable Up to 5 Years
- Minimum FICO: 680
Long-Term Rental Multi-Family Loan Program
- Term: 30 Years
- Loan Amount: $100k to $2M
- Rates: Starting at 7.15%
- LTV for Purchase: The Lesser of up to 67.5% of As-Is Value or up to 67.5% Loan-to-Cost
- LTV for Refinance: Up to 67.5%
- LTV for Cash-Out: Up to 65%
- Property Types: Non-Owner Occupied Multi-Family Real Estate; 5+ Unit Apartments; Maximum 9 Units
- Pre-Pay Penalty: Prepays Adjustable Up to 5 Years
- Minimum FICO: 680
New Construction Loan Program
- Term: 12 – 24 Months
- Loan Amount: $100k to $2M
- Rates: Starting at 10.99%
- LTV for Purchase: Up to 80% of Initial Advance; Up to 90% Total Loan-to-Cost
- LTV for Refinance: Up to 75% of Initial Advance; up to 90% Total Loan-to-Cost
- Property Types: Non-Owner Occupied Single-Family Properties; Condos; Townhomes
- Pre-Pay Penalty: N/A
- Minimum FICO: 650
RCN Capital Contact Information
Who do I contact for general inquiries at RCN Capital?
If you are a current RCN Capital client, please contact your loan officer directly with any questions.
If you are a new client, you can contact RCN Capital by phone through our general number: 860-432-5858 or by email: Info@RCNCapital.com.
Who do I contact for servicing inquiries?
Elite Commercial Servicing is RCN Capital’s loan servicing provider.
For any loan servicing inquiries, please contact Elite Commercial Servicing:
P \ (877) 417-1331
For Draw Requests: Draws@elitecommercialservicing.com
For Pay Off Letters: Demands@elitecommercialservicing.com
For Billing Statements & General Questions: Servicing@elitecommercialservicing.com
For Modifications & Past Due Accounts: Collections@elitecommercialservicing.com
RCN Capital's Loan Programs
What are the standard terms at RCN Capital?
RCN Capital’s terms vary by loan program. Here is a basic breakdown of RCN’s most popular programs:
Short-Term Bridge
- Term: 12 Month & 18 Month Loans
- Loan Amount: $50k – $10M
- Minimum Property Value:
$75k for 1-4 Family Properties
$50k per unit for 5+ Unit Multis - Rates: Starting at 10.24%
- LTV for Purchase: Up to 75% of the As-Is Value
- LTV for Refinance: Up to 65% of the As-Is Value
- LTV for Cash-Out: Up to 60% of the As-Is Value
- Property Types: Residential 1-4 Units; Condos; Townhomes; 5+ Unit Apartments; Mixed-Use Properties
- Occupancy: Non-Owner Occupied
- Minimum FICO: 620
After Repair Value (ARV) Loan Program
- Term: 12 Months
- Loan Amount: $50k – $7.5M
- Minimum Property Value: $50k
- Rates: Starting at 10.24%
- LTV: Up to 70% of After Repair Value
- LTC (Loan-to-Cost): Up to 85% of Purchase Price, Up to 100% of Rehab Costs
- FICO: 620 Minimum Credit Score
- Property Types: Residential 1-4 Units; Condos; Townhomes; 5+ Unit Apartments; Mixed-Use Properties
- Occupancy: Non-Owner Occupied
- Termination Fee: 1% After Month 9
- No Pre-Pay Penalty
- Experience Not Required but Does Affect Pricing & Leverage
Long-Term Rental Loan Program
- Term: 30 Years
- Loan Amount: $55k to $2M
- Minimum Property Value: $100k
- Rates: Starting at 6.99%
- LTV for Purchase: The Lesser of up to 80% of As-Is Value or up to 80% Loan-to-Cost
- LTV for Refinance: Up to 80%
- LTV for Cash-Out: Up to 75%
- Property Types: Residential 1-4 Units; Condos; Townhomes; Planned Unit Development (PUD)
- Pre-Pay Penalty: Prepays Adjustable Up to 5 Years
- Minimum FICO: 680
Long-Term Rental Multi-Family Loan Program
- Term: 30 Years
- Loan Amount: $100k to $2M
- Rates: Starting at 7.15%
- LTV for Purchase: The Lesser of up to 67.5% of As-Is Value or up to 67.5% Loan-to-Cost
- LTV for Refinance: Up to 67.5%
- LTV for Cash-Out: Up to 65%
- Property Types: Non-Owner Occupied Multi-Family Real Estate; 5+ Unit Apartments; Maximum 9 Units
- Pre-Pay Penalty: Prepays Adjustable Up to 5 Years
- Minimum FICO: 680
New Construction Loan Program
- Term: 12 – 24 Months
- Loan Amount: $100k to $2M
- Rates: Starting at 10.99%
- LTV for Purchase: Up to 80% of Initial Advance; Up to 90% Total Loan-to-Cost
- LTV for Refinance: Up to 75% of Initial Advance; up to 90% Total Loan-to-Cost
- Property Types: Non-Owner Occupied Single-Family Properties; Condos; Townhomes
- Pre-Pay Penalty: N/A
- Minimum FICO: 650
How do you determine the loan amount?
RCN Capital is an asset-based lender and loan amounts are based on the value of the real estate asset that is being pledged as collateral. Max loan-to-value varies by loan program. Please refer to the “Loan Programs” tab of RCN’s website for more details.
What states do you lend in?
What type of documentation is required for the loan application?
Do you have a minimum FICO score?
Are there any upfront fees or costs?
Do you charge interest on the full amount of an ARV loan?
Do you have a prepayment penalty?
What can I use as collateral for my loan?
Do you fund the rehab costs?
What is RCN's maximum LTV (Loan-to-Value) based on ARV (After Repaired Value)?
Can I use RCN to buy my home?
RCN Capital's Loan Process
What type of documentation is required for the loan application?
RCN requires basic documentation to underwrite the borrower and the property. This includes an application; authorization to run a credit report and background check; copies of bank statements (proof of funds); property appraisal; copies of leases, if appropriate; renovation estimates; and documentation on the business entity.
Broker Referral Program
Do you pay referral or finder's fees?
RCN Capital will gladly compensate you for a referral that results in a closed loan, pursuant to local rules and regulations. It is up to you to determine whether you are legally able to accept a referral fee.
How do I sign up for RCN Capital's Broker Program?
As a broker, how do I get paid?
Industry Terms
What is a hard money loan?
Hard money loans are a specific type of asset-based loan that is typically secured by real estate. At RCN Capital, loans are backed by non-owner occupied residential real estate or small balance commercial real estate. In some cases, multiple non-owner occupied properties are cross-collateralized in order to secure the needed loan amount.