What kinds of real estate deals will you consider?
We lend on various property types - office, retail, multifamily, mixed use, industrial, mini-storage, raw land, residential lots, commercial land, rehabilitation and new construction. We are a commercial lender only and do not lend on owner-occupied residential property.
How quickly can you close a deal?
Generally, we can commit and close as quickly as 10 days from application. In some cases we can fund loans in as little as 48 hours.
Does RPC broker loans to third-party lenders?
No, RPC is a direct lender. We use our own funds to close, enabling you to complete your deal as quickly as possible.
What is your lending limit?
Generally our loans range between $100,000 and $1,000,000. Larger loans up to $2,000,000 will be considered on a case-by-case basis.
Do you require personal guaranties on loans?
All loans require a personal guaranty from the principals involved in the transaction.
Will you lend on collateral other than real estate?
No. We only fund loans secured by real estate.
Will you do a second lien?
While our primary lending is on first liens, we can structure second liens as well.
What is the typical loan term?
We generally offer loan terms of 12 months, but will look at each deal and structure the loan around its needs. The longest loan term we offer is 18 months.
What are your interest rates?
Our rates are from 14% to 16%, depending on the deal and its evaluated risks, such as property type and loan to value.
Why are your rates higher than rates from banks?
Banks have restrictive lending requirements and take longer to approve and close a loan. Since we are not a bank, we have more flexible lending guidelines and can often move more quickly to fund the loan. We also take a broader view of risk assessment and asset valuation.
Are there any other fees involved in closing the deal?
The other fees involved in the closing of the loan are for third party fees such as title, survey, broker, appraisal, environmental, and legal. In addition to the third party fees we charge commitment and due diligence fees up to 3% of the loan.
Who orders title, survey, appraisal?
Typically the borrower orders the title and survey. If the borrower already has an appraisal, a review of the appraisal will be done to determine if it meets RPC's guidelines. If the borrower does not have an appraisal, RPC will order the appraisal at the borrower's expense through one of RPC's approved appraisers.
What about problem situations such as bankruptcy, foreclosure, bank workouts, and tax issues?
Often we can structure a loan around a borrower's unusual financial circumstances. Since we are not a bank, we are not bound by strict banking guidelines and can structure each loan to fit the situation.