RCN Capital in South Windsor, CT

I was told the same thing as the other guy who posted on here. I was told 2 points and then it got jacked up to 5.5 when I received the HUD. They added in a random $1000 fee for "attorney fees". They ordered the appraisal late which then caused us to have to extend the closing and I was fined by HUD $375 to do this. Then I also find out that the loan was not even completed for the original closing date to begin with! Originally the appraisal was supposed to be $475 then the next day it jumped to $650. Docs they sent were incomplete or missing, they would say they were sent but no one ever received them. A "quick" 10 day close ended up taking 35 days. By the end there were at least 6 different people that we had to deal with over there. That is absurd! Each one would do different things and the more hands you have in the pot, the more mistakes are made. They do not communicate very well with anyone. They requested the same documents I sent them in the beginning twice. They drug their feet and I almost lost the deal with HUD and would of been out of 2500 bucks because of their lackadaisical attitude. I would never EVER use these guys again!!!

This is a real, legitimate review of RCN Capital. I am not being paid or compensated for this review and I want you to read everything I have to say about RCN and the loan process. First - I am an investor/contractor who flips homes in New York. I purchase homes in the 300,000-400,000 range and sell them for 550,000 - 700,000. In the past, I used Hard Money lenders who provided me with up to 65% of the purchase price of the house, with 2 points up front and 12% annual interest, paid monthly. I had to come up with the remaining cash for the purchase and rehab of the properties. This was done by bringing on additional investors who ate into 25-50% of my profit. I found RCN Capital through a Google search. There is a lot of garbage out there on Google and I initially thought this company would be a scam. The website seemed too easy to navigate, and it's easy to create a fake online presence. The bad reviews on Google actually made me trust the company, because they actually lent out money, regardless of the difficult process. Here is how the process went for me: I call RCN Capital and started talking to someone who transferred me to Matt Ferrigno, a "Senior Loan Officer". I spoke to Matt for around 45 minutes while he walked me through the whole loan process and the possible expenses. He told me they will lend up to 80% of the purchase price and proposed rehab. He said they typically charge 2.75 points up front, plus their legal fees and appraisal fees. He threw out some estimates, but after reading the reviews, I knew they would end up higher. Matt emailed me a list of necessary documents, and I went to work sending everything to him. 2 years tax returns, 2 months of bank statements, my LLC operating agreement, a personal financial statement, my photo ID, purchase contract, and an authorization for them to charge me for the appraisal. THREE DAYS LATER I had the conditional commitment letter. That was an unbelievable quick turnaround. I closed on the property 30 days later. The delay was not RCN, it was the seller of the property dragging their feet. The company provided me with a loan of 65% of the appraised value of the property after the renovation I was doing. This is SO much more money than ANY Hard Money lender would give me on a property. RCN has a holdback of the renovations that you plan on doing to the property. For example, I purchased a property for $330,000. I planned on doing a $40,000 renovation. The house appraised for less than I expected, so RCN only agreed to lend me $290,000. The 2.75% loan fee remained the same, the appraisal fee was $650 and the Legal fee was $2,500. The rates were higher because people charge more in New York. RCN had no control over the costs, they use an outside vendor. At closing, RCN funded the deal with $242,025. They held back $40,000 for the renovation and the 2.75% loan fee. I completed the work on the house in 3 stages and RCN sent me wire transfers in 3 amounts up to the $40,000 renovation. My total out of pocket cash after this was only $90,000 compared to if I used a Hard Money lender I would have had to come up with $150,000 in cash! A few months later, I came across another deal on a house and contacted Matt Ferrigno. After sending him some additional documents and proof of funds, I was approved for a loan on the second property. The process went just as smooth and the fees were exactly the same - absolutely no surprises the second time. At the end of the day, there are many factors to consider. It costs money to borrow money! RCN Capital may cost more than hard money but they lend you more and won't break your knees if you don't pay. Of course they are more expense than a traditional mortgage! If you can purchase a property with a mortgage from a big bank, don't waste your time with RCN. If you need a loan that is not based on your income, and you plan on flipping the property within 12 months, then RCN is a solid bet! My numbers may not be 100% correct in this review, but accurately depict the process!

I've worked with Jeff and Chris since 2015 and they have delivered hands-down the best service, creative options and out of the box thinking within the hard money industry. They have repeated gone above and beyond for our firm and our clients.

Thinking of working with RCN? Solid choice - they are reliable & professional from start to close, which is why they see a lot of repeat business. Chris Dorin, Kim and the rest of their tight-knit team have been taking care of me for years now with courtesy & responsiveness. Check them out.

It's been a true pleasure working with RCN Capital. I've completed over 6 successful transactions within 4 months with RCN. I will continue to do business with RCN and strongly encourage others to do so as well.