RCN Capital, a nationwide direct private lender, announced that Don Vaccaro will be stepping down as CEO. Vaccaro will be leaving his current role effective June 30, 2019.
Jeffrey Tesch, RCN Capital's current Managing Director, will be stepping in as Vaccaro's successor. Tesch, who has been with RCN Capital since its founding in 2010, led efforts to develop the company into a national brand within the private lending industry with a focus on superior customer service and transparent loan products for a diverse customer base.
"It is truly a privilege to have been named the Chief Executive Officer of RCN Capital. I want to thank all of my employees that have contributed to the company's success and have made RCN what it is today," Tesch said. "I look forward to continuing to lead the company's growth efforts through our partnerships and strategic relationships. Under my leadership, RCN Capital will continue to take great pride in setting the highest ethical standards in the private lending industry and moving our space forward as a whole."
The Connecticut-based company has begun the process of assembling a Board of Directors with extensive experience in real estate finance. The Board will provide additional oversight to assist with RCN Capital's continuing growth initiatives.
Since its inception in 2010, RCN Capital has underwritten more than 4,600 loans and overseen more than $1 billion in originations throughout the United States. In 2018, RCN Capital reported record growth by originating 1,077 loans for a total of $262 million.