Big Closer in Small Balance: John Drennan
12/01/2016
By Amy Kauffman

Irving, Texas – December 1, 2016 – ReadyCap Commercial, LLC (“ReadyCap”), a national non-bank commercial real estate lender, today announced the recent funding of 7 loans totaling $19 million by John Drennan, VP CRE Lending. Three loans originated under the Freddie Mac SBL Program, a multifamily offering serving multifamily, affordable housing and mixed-use multifamily owners across the country. ReadyCap is one of the original Seller/Servicers with Freddie Mac’s program and continues to grow its pipeline and partners through precision and seamless execution.

What Keeps Brokers & Borrowers Coming Back? ReadyCap’s ability to lend with various products – Freddie Mac SBL or ReadyCap’s Core Products. Drennan also finds well located real estate, with a story, here are two examples:

  • $7.3 Conventional Multifamily Cash-Out Refinance (Michigan Portfolio)
  • Closed in less than 30 days (29 to be exact)
  • Well located, multi-family properties in good condition
  • Borrower needed a ‘bridge to perm’ – broker and borrower’s plan to exit RCC mini-perm loan into Freddie SBL loan when properties are ‘seasoned’ $6.3M Conventional Office Cash-Out Refinance (Greenwich, CT)
  • Bank said “No”, ReadyCap said “Yes”

Drennan Download:

  • With ReadyCap since 2013
  • Top Producer in 2015
  • 2016 Fundings to Date (mid-November)=  $100MM + o 2016 Freddie Mac SBL = ~$50M

NYC Metro
Email: John.Drennan@readycapcommercial.com
Mobile: 917-545-5125

About ReadyCap Commercial, LLC
ReadyCap Commercial, headquartered in Irving, Texas, is a nonbank, portfolio lender offering financing for small balance commercial investment, multifamily, bridge and SBA 7(a) loan programs nationwide. ReadyCap and its affiliates have offices in Orange County, California; Dallas, Texas; Charlotte, North Carolina; Austin, Texas; Atlanta, Georgia; Washington, D.C.; New Providence, New Jersey and New York City, New York. Available financing for conventional commercial real estate and multifamily loans ranges from $750,000 to $10 million. Bridge financing is available up to $25 million and is offered through Ready Capital Structured Finance, a wholly owned division of ReadyCap. Founded in 2012, ReadyCap is a wholly owned indirect subsidiary of Sutherland Partners, L.P., the general partner of which is Sutherland Asset Management Corporation (“Sutherland”). Sutherland, a REIT, is a publicly traded real estate finance company that acquires, originates, manages and finances commercial real estate loans, and to a lesser extent, asset-backed securities where the underlying pool of assets consists primarily of commercial real estate loans and other real estate-related investments (NYSE:SLD).