FOR IMMEDIATE RELEASE
Contact: Saverio Mancini
Cashman + Katz
RCN Capital Awarded Finance Lending License in California
National direct private lender expands operations to one of the nation’s hottest real estate markets
SOUTH WINDSOR, Conn. (January 18, 2016) – RCN Capital, a nationwide direct private lender, announced today that it has been awarded a Finance Lending License in the State of California. As a licensed California Finance Lender under the state’s Department of Business Oversight, RCN Capital has expanded its national footprint to one of the nation’s hottest residential and commercial real estate investment markets. Mortgage brokers in California will now have access to more creative funding solutions through RCN’s unique private lending resources, which yield more profitable returns on real estate transactions. And while these distinct scenarios may have typically fallen outside traditional bank lending, RCN’s solutions lead to greater success despite the new rules and regulations of Dodd-Frank.
“This is an exciting time for RCN Capital,” said Jeffrey Tesch, Managing Director of RCN Capital. “We are on a trajectory for continued growth in the market, especially as the economy continues to improve. We’re thrilled to be in The Golden State where the future looks bright for experienced real estate investors. Our products are considered best-in-class with affordable rates, quick turnaround and convenient access.”
As a direct, private lender, RCN Capital takes a common sense approach to underwriting, with all approvals made in-house. It is dedicated to providing a quick response to time-sensitive loans, offering speed unmatched by conventional lenders; closing loans in as few as 10 business days. Through bridge or gap funding options by RCN Capital, an investor can start the process of applying for a conventional mortgage, get short-term financing from RCN to close quickly, and then refinance conventionally. This would prevent investors from losing out on particular deals because of timing issues.
Since its inception in 2010, RCN has underwritten more than 1,500 loans and overseen more than $300 million in originations. Its programs have revitalized communities across the country through the purchase and rehabilitation of single family, multi-family, and commercial properties. Each project has created and supported new jobs while injecting money into local businesses that supply the necessary materials and services. RCN’s renovation funding has also increased home values and decreased vacancies, further revitalizing communities on a nationwide scale.
About RCN Capital
RCN Capital® is a national, direct private lender. Established in 2010, RCN provides short-term commercial loans ranging from $50k to $2.5M+ to fund the purchase of non-owner occupied residential and commercial properties, provide bridge loans, and provide real estate-backed lines of credit. RCN lends to experienced real estate investors, commercial contractors and small business owners throughout the country. RCN Capital, LLC is licensed as a California Finance Lender under Department of Business Oversight license number 60DBO-46258.