As the demand for commercial construction loans increases, so too do the efforts of one leading commercial lender to hire from within while recruiting new talent
This article was produced in partnership with RCN Capital.
Karen Surca of Mortgage Professional America sat down with Christopher Dorin, vice president of sales with RCN Capital to discuss the rapid growth of RCN Capital and its pressing need to meet hiring objectives as demand for commercial loans is on the increase.
The commercial construction lending climate is experiencing a golden age. Across the country, rental investment opportunities are in high demand. There also remains a distinct housing shortage across the board coupled with a large upswing in investor interest for different commercial lending opportunities.
RCN Capital is capitalizing on this market demand by offering competitive lending products. Beyond offering the investor the best possible lending solutions, RCN Capital is looking for successful ways to meet investor interest.
Keenly aware that the hiring potential from within the organization has the potential to hit a ceiling, RCN Capital is gearing its recruiting efforts to meet anticipated demand for the upcoming fiscal year.
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Turning its attention to outside recruitment initiatives, RCN Capital is playing on its proven strength as a leading commercial lender to attract new outside talent to join its ranks.
Meeting the demands of rapid growth
Mirroring the robust commercial lending sector, RCN Capital has also experienced unprecedented growth since its commercial beginnings in 2010. The business has expanded rapidly over the last decade with impressive year-over-year profit increases.
“We were founded as a direct result of the 2008 mortgage collapse. Our owner recognized the opportunity in the marketplace in 2010. RCN Capital started out by doing loans in Connecticut and slowly we started adding state by state. Since I came on board in 2014 the company has expanded to roughly 175 employees across the board,” Christopher Dorin, vice president of sales with RCN Capital described.
“We have seen rapid organizational growth as the industry continues to grow. There is a huge appetite for investor commercial loans, and we have seen a standardization of the industry itself. It (non-QM commercial loans) has become a real lending model,” Dorin added.
RCN Capital has experienced high growth volume based on the unique approach that it has taken from its grassroots origins. The company provides core lending products that tap into the needs of the commercial investor including the much-loved Fix and Flip product and the increasingly popular 30-year Rental program.
“Our 30-year Rental product is strictly for rental investors. We offer very competitive fixed rates that are currently as low as 3.75% which is not far off the rates offered by bank lenders,” Dorin stated.
A huge part of the success that RCN Capital has enjoyed has also stemmed from its core philosophy as a commercial lender.
“We believe in repeat business. Every customer we have is viewed as a repeat customer and many times over a repeat customer. We can really develop their business and we can give them options for additional strategies. Our goal is to provide professional courtesy and camaraderie that gets built over time through the conversations that we have with our valued customer base,” Dorin highlighted.
The numbers reflect the growth that RCN has experienced over the last 10 years as it keeps up with the high demand of the investment commercial lending sector. From an annual origination of $175 million in the first years of the business to over $1 billion in origination for 2021, RCN projects profit numbers rising for the next fiscal year.
“We anticipate that the range of volume will be close to $2 billion for next year. This only increases the need that we have to have enough people in place to cover this amount of volume,” Dorin pointed out.
“We have to get these new employees on board to help,” Dorin added.
Hiring to fit the lending model
With numbers skyrocketing, RCN Capital is taking a two-tiered hiring approach. The company is turning to its talented staff that it has fostered as well as turning to outside hires to fill any gaps with internal upward movement.
Dorin explained that by choosing not to outsource key roles such as legal, underwriting, and sales, the team still retains its family business approach. With any outside recruitment, time is given to help new employees adapt to the company culture and ease into their respective roles with RCN Capital.
Recognizing the highly competitive job market with a lot of employers currently looking to hire, RCN Capital has also adopted a very structured hiring approach.
“We have an excellent HR team that is actively looking for new candidates. We are also putting up job postings on our website as well as attending job fairs and going to college campuses to recruit graduates. We are constantly looking for those outside sources,” Dorin stated.
By nurturing the talent that exists within RCN Capital and keeping its eyes on outside talent to fill current vacancies, RCN Capital is well-positioned to take on the heightened demands of the non-QM commercial lending market.
“We fit the employee to the right position. There is a position here for all different kinds of mindsets and personalities,” Dorin reflected.
“A lot of employees that we have hired have had no previous experience in the mortgage industry. Some of our top loan officers did not come from a mortgage background. We see a future employee's skill set and determine if that skill set can manage our pipeline of loans,” Dorin further elaborated.
Thinking outside the box, encouraging new talent regardless of a potential employee’s previous career focus, and working closely with valued investors, RCN is poised to take on the red-hot commercial lending space moving into the new year.
As Dorin characterized it, “We want to hit staffing levels for 2022 that are going to be appropriate for the volume that we anticipate. We will continue to offer a personal experience for our investor customers and the right investment products with the right people in place,” Dorin concluded.
Chris Dorin, VP of Sales, works with brokers and borrowers to manage loans through origination and underwriting processes. Chris’s focus is to develop long-lasting relationships with RCN clients and maintain a prosperous partnership for all sides. Chris has over 10 years of experience within the finance industry, working for banks, credit unions, and insurance companies. His primary experience has been in the areas of lending, underwriting, and sales, which are all put to use at RCN Capital. Chris is a graduate of Bryant College (Now University) in Smithfield, RI, with a B.A. in Finance