Daily News: January 3, 2014

BofI Federal Provides RCN Capital Revolver

RCN Capital, a South Windsor, CT-based specialty lender, 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 using its own capital

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.”

RCN serves local communities by providing funds that facilitate the purchase and rehabilitation of distressed residential and commercial properties.