RCN CapitalReviews of rcncapital.com

Don't use this group. It's never a smooth outcome at the end. Terms change and the back tracking you have to do with a borrower is embarrassing.

Worked with Peter and Joshua. They were nice. But this is the second time working with RCN you can’t rely on what they tell you because they change everything they say. And they do nothing but delay. Unfortunate.

Stay away from this company they don't communicate 3 months into the loan after harassing the appraiser for all kinds of extra paperwork and having me pay $150 extra for a rush appraisal taken 3 weeks then questioning him if its correct I would rate lower then making me get Insurance that was not need and harassing my insurance agent then sending me a commitment Letter with no terms no closing date no response when called just a horrible experience then backing out on Friday afternoon at 5 pm when my attorney couldn't answer any questions about the loan or deed work asking my attorney them question on the same issue this went on for 3 months PS. The broker was great the lender was HORRIBLE EXPERIENCE

The title company RCN used added $2300 in broker fees AFTER I signed the closing documents. They all seemed very confused about how this happened and why I should be upset about it. I ended up feeling taken advantage of and manipulated. Won’t be doing business with them again.

I've done refinancing a dozen of times. Here is my experience with RCN. This is the first time I dealt with RCN. RCN offered the lowest rate of all lenders I've contacted. However, RCN refused to lock the rate or provide a proper term sheet. RCN said "the rate is unlikely to change" and "the rate will only change if your [portfolio] appraisals will be off [from estimates I provided]". Since the US Fed was going to start raising the rates (it was January 2022), I thought it might be too good to be true and pressed for locking the rate, but RCN refused and - after reading not-totally-awful RCN reviews online - I figured let's give RCN a try given the RCN's multiple assurances. Another lender (LendingOne) I contacted did give me a proper term sheet and locked the rate. After finishing (and paying) for the portfolio appraisals (appraisal values came in close to the guestimates I initially provided) and all other paperwork, RCN said "the rates did go up" nearly 0.5%. Update 3/2/2022: RCN Capital CFO read this review and had our appraisal fees reimbursed. There was one more issue I did not mention - but I do now, after Googling California law. RCN Capital said we must obtain for each portfolio property for the entire amount of the loan, not just for the replacement cost (a fraction of the entire loan). We contacted about 5 insurance companies (Farmers, private) - they all refused. RCN eventually agreed to make an exception just for us. Later I found that it is illegal in California (our state) to "over-insure" real property mortgage loans, see California Civil Code section 2955.5 and California Insurance Code § 2051.5.

This company has to be the WORST! It took 5, yes, FIVE months of sending EVERYTHING they requested over and over, hiring a lawyer to send them requested documents, bank statements for 7 months, paid $640.00 for appraisal...only to be told after 4 months in that the loan officer no longer works there. Oddly after assigned a new one, the old one was cc’d on the emails. I got a call that due to credit and the fact that I didn’t live in the town where the rehab would be done, they denied the loan. This was the biggest DISASTER you could EVER WASTE time on. I was told every other day that the loan would close in a few days. LIARS!!!

I would stay far away from this company. Last week, I signed up to do a cash out refinance loan. Everything was going great until I sent my file to underwriting. The CEO of the company reviewed my file and decided to cancel because of the location of the property? Prior to me submitting my file, I asked about this specific location (with emails to prove it) and received the green-light that the loan stipulations would remain the same. They decided to cancel at the last minute without giving me any explanation. You've been warned!

If you are looking for no communication, always on vacation, slow as can be responses or no responses, then you have come to the right lender. Having been in the real estate industry for years I have never seen anything like it. What a shame!