FOR IMMEDIATE RELEASE
Contact: Saverio Mancini
Cashman + Katz
RCN Capital Awarded Mortgage Banker License in Arizona
National, direct private lender expands to one of the hottest real estate markets
SOUTH WINDSOR, Conn. (February 23, 2016) – RCN Capital, a nationwide direct private lender, announced today that it has been awarded a Mortgage Banker License in the State of Arizona. As a licensed Arizona Mortgage Banker under the state’s Department of Financial Institutions, RCN Capital has expanded its national footprint further by entering one of the nation’s hottest residential and commercial real estate markets. Mortgage brokers in Arizona will now have access to creative funding solutions through RCN’s unique private lending resources, yielding more profitable returns on real estate transactions. While these distinct scenarios may have typically fallen outside traditional bank lending, RCN’s solutions are leading to greater success despite the rules and regulations of Dodd-Frank.
“We’re thrilled at this latest development from the West Coast,” said Jeffrey Tesch, Managing Director of RCN Capital. “Coupled with our earlier announcement last month from California, 2016 is shaping up to be a very good year for RCN. We are on a trajectory for continued success, especially as the economy continues to improve, and Arizona plays a significant role in our growth strategy.”
As a direct, private lender, RCN Capital’s 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 an Arizona Mortgage Banker by the Department of Financial Institutions – Arizona Mortgage Banker License BK-0932325.