Fix-and-flip lender expects another strong year despite market challenges
RCN Capital is celebrating a new origination milestone.
The Connecticut-based private lender has announced funding over 20,000 loans since its inception in 2010. RCN credits the achievement to its commitment to providing the investor community with funding options despite ongoing turbulence in the real estate industry.
“Our core mission has been to provide financing to investors who are renovating distressed housing to put back into the marketplace for families to call home,” said RCN Capital CEO Jeffrey Tesch. “This is truly a tremendous moment in the company’s history as we reflect on what we have been able to accomplish over the years and what we have been able to give back.”
Even with market headwinds, the company projects $1.7 billion in new originations this year.
“RCN’s continued success is a testament to the hard work and dedication of our employees, the trust and support of our clients, and the strong partnerships we have formed over the years,” Tesch said. “We are so grateful and look forward to continuing to make an impact in the private lending industry in 2023 and beyond.”
RCN provides commercial loans for the purchase or refinance of non-owner-occupied residential properties. The company specializes in new construction financing, short-term fix & flip, bridge financing, and long-term rental financing for real estate investors.
Want to make your inbox flourish with mortgage-focused news content? Get exclusive interviews, breaking news, industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
