All Forum Posts by: Elizabeth Zieman

As a follow-up on RCN Capital reviews, I am in rehab progress with RCN.  Without going into great detail, they have been a continual disappointment.  I won't be using them again.  Their terms change on a dime, and often contradict their own distributed documents.  In this particular project, they have only agreed to finance 50% of the construction amount.  Now, as I am ready for my first draw, and we are about 12% complete, they tell me they are only disbursing funds at the BACK 50% of the project, leaving me to suddenly and unpreparedly fund the FRONT 50% out of??  my grocery money? or maybe my kid's next tuition payment?? Their own documents state that they reimburse for work completed and for materials on site, but that is clearly an outright lie.  Which to me, constitutes fraud.  FIND ANOTHER LENDER.

Alicia Mahase welcome! Plenty of women investors on this site and if you are big 4 (I used to be in corporate real estate w PwC) you certainly haven't ever let your gender hold you back!

Mike Parelli I'm an architect and investor in Ridgefield. I do my own structural engineering and I'm licensed. If you still need help, contact me.

Thad Miller did you end up getting funding from RCN?

Benjamin Shaw cuz I'm such a good neighbor! http://www.sde.ct.gov/sde/LIB/sde/PDF/dgm/report1/cpse2006/appndxa.pdf

Benjamin Shaw absolutely! Anytime! My husband is a civil engineer, so we'd all have a lot to talk about. My son is currently a freshman Mechanical and Aerospace eng major at RPI (he has zero interest in real estate lol)...wondered if you were from Albany area.

Benjamin Shaw I'm in Ridgefield and I'm always "driving" around northern Fairfield county. Although I don't own anything in New Fairfield, I consider it an opportunity market. Families who want good schools, but can't afford Ridgefield and further south, like the town. The schools have a DRG C (google it! You should/must know a town's DRG grouping!) so it's a good market. Good luck! And let me know if you want a team member on a project.

Angela Thornton did you ever get remaining money from RCN?

I'm going to post since the title of the thread IS RCN Capital Reviews. I've just received a Commitment Letter from them after a long and painful due diligence bait-and-switch process. My loan officer seems like a good guy, but they have changed their terms many times and at this point I have ZERO trust in them. Long story short, I would've been better off using conventional financing and figuring rehab monies some other way. And I am not encouraged by post saying they are not receiving their rehab draws.

Arthur Kraamwinkel Be strong! It's the beginning of the season here in New England and there are sure to be other buyers. Don't let those buyers jerk you around.