RCN Capital
Lender: RCN CAPITAL
Patriot Pacific Broker ID:
LPC: N/A
On LoanSifter: N
Website: www.rcncapital.com
NMLS: #1045656
Account Rep Name: MIKE CARROZZELLA
Account Rep Email: [email protected]
Account Rep Tel 1: 860.432.1986
Account Rep Tel 2: 860.604.3179
Lock Cutoff: lock duration is good for 15 days once all necessary docs have been received (appraisal, lease, purchase contract, HOI, tax cert)
Loss Payee:
For our 30yr loans it is below:
Mortgagee Clause
Fay Servicing LLC
ISAOA/ ATIMA
PO Box 7047
Troy, MI 48007-7047
For 12 month bridge loans:
Mortgagee Clause
RCN Capital, LLC, ISAOA ATIMA
c/o Elite Commercial Servicing
PO Box 15126
Richmond, VA 23227-0526
FHA Lender ID: N/A
VA Lender ID: N/A
Offer USDA Loans: N
Correspondent? N
Details: Secure File Submission https://rcncapitalllc.sharefile.com/share/getinfo/r02cf87f3d0c24781aa9a0c4a6dfe4247
Marketing materials for MLOs https://rcncapital.com/document-library/ White Labeled with Patriot Pacific and your MLO contact here https://app.box.com/s/2t036dqzcnyoepeopu62a5kusldsxem9
Schedule a call with AE https://calendly.com/mcarrozzella/15min
Daily Updates:
Training Info: Set up your LLC quickly for Investing https://rcncapital.com/taxhive/
Useful Contacts:
Loan Officer – Mike Carrozzella – (860) 432-1986 – [email protected]
Lead Development Specialist – Austin Pallone – (860) 783-4174 – [email protected]
Broker Account Manager – Kristina Pfau – (860) 327-5792 –[email protected]
Notes/Bullet points:
Loan Programs https://rcncapital.com/loan-programs/
Program Specialties:
RCN Capital provides investors with the funds to purchase, purchase & renovate, or refinance non-owner occupied residential and commercial properties. We provide funding to real estate investors, commercial contractors, and small business owners.
Fix and Flip
New Construction
Short-Term Bridge
Long-Term Rental
Multi Family
Fix & Flip guidelines:
Obtain Financing For:
Up to 85% of Purchase Price +
Up to 100% of Renovation Costs;
Not to Exceed 70% of the ARV
https://rcncapital.com/fix-and-flip/
Updated product summary below:
(These terms are subject to change due to market volatility)
After Repair Value Loan Criteria
Collateral: Non-Owner Occupied 1-4 Family Real Estate; Condos; Townhomes: 5+ Unit Apartments; Mixed-Use Properties
Loan Amount:
$50k – $2M (above $3M check with RCN) for 1-4 Family, Condos, & Townhomes
$250k – $3M for Multi-Family (5+)/Mixed-Use
Term: 12 months (6-Month Extension Available)
LTV:
Purchase (assumes experienced, but first timers welcome):
Light Rehab: Up to 85% of Purchase Price + 100% of Renovation Costs; Not to Exceed 70% of the ARV, loan capped at 90% total loan to cost (purchase + rehab)
Moderate Rehab: Up to 85% of Purchase Price + 100% of Renovation Costs; Not to Exceed 70% of the ARV, loan capped at 90% total loan to cost (purchase + rehab)
Heavy Rehab: Up to 75% of Purchase Price + 100% of Renovation Costs; Not to Exceed 60% of the ARV
Refinance: Up to 75% As-Is + 100% of Renovation Costs; Not to Exceed 60% of the ARV
Cash-Out: Up to 70% As-Is + 100% of Renovation Costs; Not to Exceed 55% of the ARV
Rates: Starting at 10.49%
Credit Score: 620 minimum, Scores below 660 will require 6 months reserves
Long-Term Rental Loan Criteria
Collateral: Non-owner Occupied 1-4 Family Residential Properties; Condos; Townhomes; Portfolios, and short term rentals
Term: 30 Years
Amortization Options: 30-Year Fixed; Interest only, and ARMs
Loan Amount: $65K-$1.5M
LTV for 1-4 unit properties:
Purchase: Up to 75% of purchase price (720+ score)
Refinance: Up to 75% of the As Is Value (720+ score)
Cash-Out: Up to 70% of the As Is Value (720+ score)
Purchase: Up to 80% of purchase price (740+ score)
Refinance: Up to 80% of the As Is Value (740+ score)
Cash-Out: Up to 75% of the As Is Value (740+ score)
Rate: Starting at 6.49% for 1-4 family properties
Credit Score: 680 minimum
Prepayment Penalty: 0-5 years, shorter prepay periods will have higher rates
Minimum DSCR of 1.10, if credit less than 720, minimum DSCR of 1.20
Long term Rental for Multi-family properties
Collateral: 5-9 unit buildings
Term: 30 years
Amortization Options: Hybrid ARM 5/1, 7/1, or 10/1; 30-Year Fixed; 5, 7, or 10 year Interest-Only
Loan Amount: $250,000-$2M
LTV:
Purchase: Up to 67.5% of purchase price (720+ score with experience)
Refinance: Up to 67.5% of the As Is Value (720+ score with experience)
Cash-Out: Up to 65% of the As Is Value (720+ score with experience)
Rate: As low as 7.25 %
Credit score: 680 Minimum
Prepayment Penalty: 3-5 years, shorter prepay periods will have higher rates
Minimum DSCR: 1.20
Ground Up Construction
Collateral: Non-Owner Occupied 1-4 Family Real Estate; Condos; Townhomes; Apartment buildings.
$100K-$2M loan sizes
Term – 12, 18, or 24 months
Initial advance up to 75% of as is value
Max loan amount up to 75% of the ARV or 90% LTC
Minimum property value $150K (based on ARV)
Minimum Credit score 650
Rates as low as 10.99%
Portfolios
Each property must meet the 100k minimum
The title policy needs to be able to tie all properties together, if they can’t then we have to break up the portfolio into multiple loans.
This sometimes occurs when people are trying to do a portfolio loan on properties in multiple states
If a loan is for a portfolio, the legal fee should be $995 for the first property, and $195 for each additional property
