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
