RCN Capital Reviews

[Brenda Hedges]

I'm working on a first flip deal in Vermont. I have a single family residence under contract for well below the assessed value. I had applied at my local bank but was turned down because my ratios of debt to income are off. So I did a search of the hard money lenders on BP and contacted RCN Capital in CT. I applied 2 days ago and did get an email from a loan officer asking me to sign documents giving access to my tax returns but have not been contacted regarding the process or when I might hear from them. Has anyone else done any transactions with them? Any reviews of their services?

There aren't many hard money lenders willing to work in Vermont. It would be great if these folks are legit. Many thanks!

[Angela Thornton]

I just did one with RCN. Found them thought a broker who was recommended to me and my business partner. They financed us for a fix and flip based on the ARV but they charged us points up front and only finance 70%. They pay in draw and an inspector has to come out before each draw and charges $200 per visit. The draws have been small which has slowed progress. We are about 80% done with the project and they refused to give us any more draws and won't return our phone calls. They still owe us about $54,000 as part of the loan. STAY AWAY FROM RCN!!! We are now scrambling to find funds/partner to get this project done so we can sell it and recoup what we've invested and hopefully make a profit. It's been a nightmare!