Bridge lenders
Ready Capital
Ready Capital Corporation (NYSE: RC) is a commercial mortgage REIT and real estate finance company that acquires, originates, manages and finances commercial real estate loans and real estate-related securities, and also lends to small businesses. Its commercial real estate platform covers the asset lifecycle with construction, bridge-to-stabilization, fixed-to-stabilization and agency financing.
On the real estate side the company originates commercial bridge loans, multifamily bridge loans, note-on-note financing, affordable multifamily loans and Freddie Mac Small Balance Loans. Ground-up financing for multifamily, build-to-rent and industrial projects runs from $20MM to $50MM, with larger amounts considered, and a construction-to-bridge product combines the construction and bridge loans into one loan with one set of documents and a lower blended cost of capital. A dedicated construction originations and asset management team handles draw administration.
On the small business side, Ready Capital is a non-bank SBA Preferred Lender ranked in the top 1% of all 7(a) lenders. It says it is the #1 non-bank and #4 overall SBA 7(a) lender and one of only 16 non-bank SBA 7(a) licence holders in the country, and it also lends through the USDA OneRD Initiative, including Business and Industry (B&I) and Rural Energy for America Program (REAP) loans.
The company was established in 2011, employs 450 professionals nationwide and reports more than $35 billion of originations since inception, with eleven acquisitions completed since 2014 including four public company mergers. It is externally managed by Waterfall Asset Management, founded in 2005. Its head office is at 1251 Avenue of the Americas in New York, with offices in Berkeley Heights NJ, Newport Beach CA, Fort Lauderdale FL and Scottsdale AZ plus satellite locations; lending runs through licensed entities including ReadyCap Commercial, LLC and ReadyCap Lending, LLC. Rates, minimum loan sizes outside construction, and eligible markets are not published, so confirm them with the relationship manager for your region.
Best for
Sponsors needing construction, bridge, bridge-to-agency or small-balance multifamily debt, and small businesses seeking SBA 7(a) or USDA financing from a non-bank lender. Ground-up loans start around $20MM.
What they do
- Commercial bridge loans
- Multifamily bridge loans
- Construction and construction-to-bridge loans
- Bridge-to-agency financing
- Freddie Mac Small Balance Loans
- Affordable multifamily loans
- Note-on-note financing
- SBA 7(a) loans
- USDA Business and Industry (B&I) loans
- Rural Energy for America Program (REAP) loans
Details
| Attribute | Value |
|---|---|
| Ownership | Public |
| Team size | 201-500 employees |
| Other offices | Berkeley Heights, NJ, Newport Beach, CA, Fort Lauderdale, FL, Scottsdale, AZ |
| Licenses | Arizona Mortgage Banker License #BK-1039019, California DFPI Financing Law License #603K032, North Dakota Money Broker License #MB103343, South Dakota Mortgage Lender License #1182232.ML, Arizona Commercial Mortgage Banker License #CBK-0930164, Iowa Mortgage Banker License #MBK-2014-0053, Oregon Mortgage Lender License #ML-5305, Vermont Lender License #6680, SBA Preferred Lender (non-bank) |
What stands out
- Established in 2011, employs 450 professionals nationwide and reports more than $35 billion of originations since inception.
- Says it is the #1 non-bank and #4 overall SBA 7(a) lender, and one of only 16 non-bank SBA 7(a) licence holders in the country.
- Ground-up financing for multifamily, build-to-rent and industrial runs $20MM to $50MM, with larger amounts considered.
- Externally managed by Waterfall Asset Management, founded in 2005, which invests across asset-based finance sectors.
- Has completed eleven acquisitions since 2014, including four public company mergers.