Private Lending Flashcards
What does RCN Capital do?
RCN is a loan servicing company. We provide loans on non- owner occupied property,
w/ both short and long term options
What rates do our programs start at?
Long Term - 3.49 30 years Fix & Flip - 7.49 12 month Bridge - 7.49 12 months Buy to Rent - 7.49 12 month with 24 month possible extension New Construction - 8.25 18 months
What states do you lend in?
most states in the U.S. with the exception of Alaska, Nevada, North Dakota, South Dakota, Minnesota and Vermont.
How long does it take to close a loan?
As little as 10 days
Will you lend on land?
No
Will you lend on new construction?
Yes
Will you match or beat other lenders rates?
It depends, we always try to but it is on a case by case basis. it is always something we can look into
What is your longest loan term?
11 years, RCN was established in 2010
How long have you been in business?
11 years, RCN was established in 2010
Where do you have offices?
Main office is in South Windsor, CT and an office in Charlotte, NC. We also have remote workers in places such as California and Texas
Will you add closing costs back at the end of the deal?
No, closing costs are added upfront @ closing of loan
Is there a prepayment penalty?
Only for buy to rent and long term
What about if the client has gone through a recent bankruptcy or short sale?
No, we do not lend to people who went through this
Do you do 100% financing?
No
Do you pull a personal credit check or a credit check on the business?
personal
Do you offer non-recourse loans?
No
How does your process work? (For either borrower or broker)
While appraisals are being submitted, we gather all necessary paperwork. Appraisals are then looked over by our team, followed by a voting by our credit committee. Then moves to our closing committee
How many points do you charge?
Broker deal depends, borrower deal is typically 2. Loan amounts over 750K, experienced borrowers would decrease points
Are you a wholesale or retail lender?
both
As a broker, how many points can I charge my client when working with RCN?
up to as many points as rcn is charging
