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BofI Federal Bank Provides $25MM Revolver to RCN Capital

January 03, 2014, 07:59 AM
Filed Under: Lender Finance

RCN Capital, LLC (RCN), a South Windsor, CT based specialty lender, has closed on a $25 million revolving credit facility with BofI Federal Bank (BofI). 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 using its own capital. With demand continuing to increase for RCN's loan products, the company has begun efforts to raise external capital to meet its customers’ needs. Jeff Tesch, Managing Director of RCN said, “It was time for us to seek debt capital to grow our business. BofI was a natural fit as they have 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.”

Taylor Osborn, Director of Sales at BofI Federal Bank, added, “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.”

BofI Federal Bank is a nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. With approximately $3.3 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners.

RCN, which also does business under the name Rehab Cash Now, helps create win/win scenarios for local communities by providing funds that facilitate the purchase and rehabilitation of distressed residential and commercial properties, leading to a boost in local property values while utilizing local labor and businesses.

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