SOUTH WINDSOR, CT-RCN Capital, a specialty lender here, has closed on a $25 million revolving credit facility with BofI Federal Bank. RCN is a private lender, assisting real estate investors and developers in the purchase and renovation of non-owner occupied residential and commercial properties.
Since its founding in 2010, RCN has issued more than $70 million of loans. With demand continuing to increase for RCN's loan products, the company has begun efforts to raise external capital to meet its customers' needs. Says Jeff Tesch, managing director, “It was time for us to seek debt capital to grow our business. BofI was a natural fit as it has a strong national reputation to provide warehouse and term facilities for real estate private lenders. We look forward to a long and productive relationship with BofI Federal Bank.”
Adds Taylor Osborn, director of sales at BofI, “BofI Federal Bank has identified the real estate private lending industry as one that is currently underserved by the banking industry. We believe our reliable and responsive service to private real estate lenders such as RCN Capital will help to meet expanding loan demand across the US.”
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