A South Windsor-based residential real estate investment lender, RCN Capital LLC, announced that it has closed on a $28.5 million investment-grade corporate note issuance.
RCN said proceeds from the transaction will “provide growth capital to fund new originations.”
RCN provides loans to real estate investors for ground-up construction, fix-and-flips, and rental properties.
The capital raise is part of RCN’s efforts to grow in the private lending space.
“RCN Capital continues to experience tremendous growth, and this additional capital will further empower us to support the opportunities of real estate investors throughout the country,” said Jeffrey Tesch, co-founder and CEO of RCN. “We’re excited to see how this growth capital will enhance what we can do for our partners moving forward.”
Justin Parker, CFO of RCN, said the raise will improve the company’s ability to deliver products and services in an “otherwise volatile marketplace.”
RCN has originated over $8.2 billion and funded over 37,000 business-purpose loans nationwide since it was founded in 2010.
In addition to its headquarters in South Windsor, RCN has offices in Charlotte, North Carolina, and Los Angeles.
The company was co-founded by Don Vaccaro, who stepped down as CEO in 2019.